3 ms·

If 4 fail and one grows by 10X you will have 10K. It seems that your goal should be turning 5K into 10K over 5 years which seems doable. Since the amount of mon

by pg_bot 8y ago

If 4 fail and one grows by 10X you will have 10K. It seems that your goal should be turning 5K into 10K over 5 years which seems doable. Since the amount of money you're dealing with is fairly small, I would suggest putting your energy into a single project instead of multiple ideas. Splitting your focus seems like a mistake when dealing with so little capital. Start a side hustle if you want or spend it on teaching yourself a skill that will translate into a higher income. Investing in yourself is generally the best thing you can do with that kind of money. If you work 40 hours a week, 50 weeks of the year for five years that equals 10,000 hours. So if you can learn a skill that increases your hourly wage by $1 you will have met your goal. If you are looking to begin saving for retirement, put it in a Vanguard total stock market etf and let it sit for 50 years.

ratsimihah 8y ago
Hello! Thanks for the answer, I liked how you approached the problem. The issue is that I cannot focus on a single project. > If you work 40 hours a week, 50 weeks of the year for five years that equals 10,000 hours. So if you can learn a skill that increases your hourly wage by $1 you will have met your goal. I have a steady 9-6 job as a React Native developer, where I keep learning and growing and can apply my knowledge to front-end React as well > or spend it on teaching yourself a skill that will translate into a higher income. I've just invested in a yoga teacher training and started teaching yoga classes, so some of my time goes there > Start a side hustle if you want I'm building http://music.hatharaja.com http://music.hatharaja.com and http://spotifyxgenius.now.sh http://spotifyxgenius.now.sh in my spare time, making yoga websites for my friends (for free), and building a model to recognize yoga poses. > Since the amount of money you're dealing with is fairly small, I would suggest putting your energy into a single project instead of multiple ideas. I really want to start learning about 3d modelling and product design (inspired by https://www.instagram.com/dobu.haishen/ https://www.instagram.com/dobu.haishen/ https://www.instagram.com/blankwilliamnyc/ https://www.instagram.com/blankwilliamnyc/) I'm also learning machine learning. The Snowball book about Warren Buffet also advises focussing on one thing, which I wish I could do. Anyway, my point is that my time is already diversely invested, which is why I am also looking at some more passive forms of investment. People have been suggesting ETFs as "safe" long-term investments, which I'm looking into. Maybe I can use 50% of my investment capital to build some products after I've learnt 3d modelling and then invest the rest in ETFs.

by pg_bot 8y ago

ratsimihah 8y ago

Hello! Thanks for the answer, I liked how you approached the problem. The issue is that I cannot focus on a single project. > If you work 40 hours a week, 50 weeks of the year for five years that equals 10,000 hours. So if you can learn a skill that increases your hourly wage by $1 you will have met your goal. I have a steady 9-6 job as a React Native developer, where I keep learning and growing and can apply my knowledge to front-end React as well > or spend it on teaching yourself a skill that will translate into a higher income. I've just invested in a yoga teacher training and started teaching yoga classes, so some of my time goes there > Start a side hustle if you want I'm building http://music.hatharaja.com http://music.hatharaja.com and http://spotifyxgenius.now.sh http://spotifyxgenius.now.sh in my spare time, making yoga websites for my friends (for free), and building a model to recognize yoga poses. > Since the amount of money you're dealing with is fairly small, I would suggest putting your energy into a single project instead of multiple ideas. I really want to start learning about 3d modelling and product design (inspired by https://www.instagram.com/dobu.haishen/ https://www.instagram.com/dobu.haishen/ https://www.instagram.com/blankwilliamnyc/ https://www.instagram.com/blankwilliamnyc/) I'm also learning machine learning. The Snowball book about Warren Buffet also advises focussing on one thing, which I wish I could do. Anyway, my point is that my time is already diversely invested, which is why I am also looking at some more passive forms of investment. People have been suggesting ETFs as "safe" long-term investments, which I'm looking into. Maybe I can use 50% of my investment capital to build some products after I've learnt 3d modelling and then invest the rest in ETFs.