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  #1  
Old 11-06-2009, 04:45 PM
SuperiorPower
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Default If.......

If you had say, $100,000 cash, what would you do with it?

Invest it in a business (or upgrade the one you have)?

Or would you pay off your house?


What if you had $1,000,000??????

And this is based on your current status and tomorrow you had this amount in your bank?


I have been thinking about what I would buy for my business with $100,000. Better building, install a mower lift, bring in one or two lines of equipment.

And then QUIT MY FULL TIME JOB!!!!! lol

What would you do?
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  #2  
Old 11-06-2009, 05:29 PM
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Quote:
Originally Posted by SuperiorPower View Post
If you had say, $100,000 cash, what would you do with it?

Invest it in a business (or upgrade the one you have)?

Or would you pay off your house?


What if you had $1,000,000??????

And this is based on your current status and tomorrow you had this amount in your bank?


I have been thinking about what I would buy for my business with $100,000. Better building, install a mower lift, bring in one or two lines of equipment.

And then QUIT MY FULL TIME JOB!!!!! lol

What would you do?
1. 6 months expenses to cover bills if by chance have no income $7,000.00
2. Closeout on my house $9,200.00
3. 24 x 30 storage building $11,000.00
4. John Deere 749 with tiller, box blade, mulcher, stump grinder, etc. $20,000.00
$100,000.00 - $47,200 = $52,800.00

$25,000.00 set aside for any special opportunities that may come along.

Leaves $27,800.00

Balance on assorted inventory and equipment.

Steve
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Old 11-06-2009, 05:41 PM
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Do I need to say it?


LOL
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Old 11-06-2009, 06:22 PM
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Quote:
Originally Posted by SuperiorPower View Post
If you had say, $100,000 cash, what would you do with it?


What would you do?
Money should not be the issue or the amount, is what you are doing working and turning a reasonable profit. Numbers and amounts are just that, will the investment generate the cash flow to make it worth while.

If for example in excavation I see an excavator for $100,000, does it fit what I do, can it do things better than what I have, can it generate more cash per hour than the equipment I use, in my case I know the answer is no, I would take the $100,000 and invest in three excavators that fit my target market, now do I have the business to support it, in my case, not yet, I could support two additional units in this size range, do I have operators to run them I am condifent with etc.

Its a bit of an open question, can you be more specific?
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Old 11-06-2009, 10:16 PM
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$100,000,000

1. Big arse truck, like hugeeee!

2. All my crew will dress in combat gear LMFAO, look like henchmen.

3. Have a secret underground lair which I will install a super computer who can answer all my questions and greet me every time, "Good morning Scott, what shall I work on today?" SEND ALL THE TROOPS OUT TO MOW SOME LAWNS... I'd call *her/the interactive computer* BREEZE... LMFAO

"BREEZE, FIND OUT ALL THOSE INTERESTED IN LAWN SERVICE. I WANT A 1000 mile perimeter search!"

Breeze will say, "Yes master Scott"

sooooo worth the money, so so worth it, and you know it!
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Old 11-07-2009, 09:08 AM
SuperiorPower
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Nothing specific. I was just making a general statement.

And I totally agree that its not about buying a $100,000 machine unless there is a use for it. I think I would have to agree that you have to buy what is "right" for you at this particular time. With me, I have wondered if I would be better off to pay off my debts (they total about $100,000) and then take my income and have it to go forward that way I know I don't have the mortgage to worry about. I don't have more than just the typical expenses: utilities, etc...

If it were only to be spent on a business I would start out with redoing the building I have which I think would run about $20,000 to get it to the specs I would want to be able to work at all temps (insulation, concrete floor, bathroom (not sure if it would be a public bathroom), certain pertinent tools, and then place the rest in a fund for ordering parts, products, and for reserve fund.
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Old 11-07-2009, 11:06 AM
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Quote:
With me, I have wondered if I would be better off to pay off my debts (they total about $100,000) and then take my income and have it to go forward that way I know I don't have the mortgage to worry about.
This is such a great topic because it deals with money management.

Money management is something that I think drives a lot of people crazy. We are talking about big figures here but what if it were simply $1,000. If you were to give some of your friends or family $1,000 each, how many of them would be able to just bank it and hold on to it?

I think most would find that it was burning a hole in their pocket and they would need to spend it as soon as possible. Why though? Why do we get this immediate urge to go and spend as soon as we have a few dollars saved up? And to buy what with it?

I am intrigued by this topic. Every once in a while I will watch some of those money management shows and people will call in with similar questions.

I think there are a bunch of issues that have to be considered, like the interest on the debt and the interest you can make with your money.

What I like seeing is when people can take a certain amount of money and put it in the bank, in a cd or some sort of relatively secure investment and get comfortable with the fact they have money. Where they can get over that initial spasm to spend it somewhere. Then once you have some saved, a unique phenomenon may over take you. You just might find you want to save more. The it becomes a game, how much can I save.

So if I had $100,000 in debt and I came into another $100,000. I think I would bank it and get used to it being there and try to save more. I would pay my debt off slowly over time. It would help keep me in check with my spending.

If I paid it all off at once, I might think, ok what can I now buy? What can I get that is bigger, better, faster. I might not even think of why I need to replace it other than just because I have no debt at the moment.

What's your take on this?
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Old 11-07-2009, 11:40 AM
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Steve that is very true. I think I would have to pay off at least half of my debt just to get the interest knocked down. If nothing else I think I would double my monthly payments to eliminate the debt quicker. That is just a thought. I think I would do well to place at least $20,000 out of a $100,000 into a secure savings account. This would last me a while at my current cost of living, though should I need it for medical expenses, we all know this would not last long....
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Old 11-07-2009, 02:36 PM
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Quote:
Originally Posted by SuperiorPower View Post
Nothing specific. I was just making a general statement.

And I totally agree that its not about buying a $100,000 machine unless there is a use for it. I think I would have to agree that you have to buy what is "right" for you at this particular time. With me, I have wondered if I would be better off to pay off my debts (they total about $100,000) and then take my income and have it to go forward that way I know I don't have the mortgage to worry about. I don't have more than just the typical expenses: utilities, etc...

If it were only to be spent on a business I would start out with redoing the building I have which I think would run about $20,000 to get it to the specs I would want to be able to work at all temps (insulation, concrete floor, bathroom (not sure if it would be a public bathroom), certain pertinent tools, and then place the rest in a fund for ordering parts, products, and for reserve fund.
My suggestion is you have $100,000 cash, 1/3 towards debt, 1/3 savings and 1/3 expansion, this way everything wins and you have 30 grand for a rainy day.
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  #10  
Old 11-07-2009, 02:59 PM
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Don't get me wrong. I currently do not have a $100,000 to spend. Not even $1,000!!!! lol But doing it in thirds does sound like a good idea.
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