Pick an area you know and enjoy and figure out what kind of niche business you can start that complements your interests and where you can come up with a Unique Selling Proposition.Once you do, open a business serving the niche. Given you level of resources I suggest that you look to the internet as a solution to your problem. The advantages are low cost of entry and a world wide market, but you have to have something unique to offer and you will have to learn how to develop quality traffic on your website. It will probably take you a year to come up your idea, a year to get your website up and running well and a year or two to build to a reasonable level of sales. After that your business should continue to grow each year and, hopefully, by the end of ten year you will be able to retire.Good luckJerry-the-bookkeeperHope this helpsJerry-the-bookkeeper
It depends on what you mean by retire . How much do you need every year? If you need somewhere in the range of $500-$1000 or so per year, then you should have no problem starting now with only 10K.Most people, however, need more than $500/year when they retire. And with only 5-10 years, you 10K now is not going to grow all that much.A very good return on that 10K would be about 8-10%/year, which would turn your 10K into about 15K in 5-10 years. You MIGHT be able to average 8-10% per year in the stock market, but this is by no means guaranteed. Probably not, in fact.An absolutely safe return would be in the 3-4% range that treasury s and on-line CD s are currently paying. With treasury s you won t lose any money, but you also won t have very much after 5-10 years.If you want to hit it big and have 100-200K in ten years, I d suggest either Las Vegas or your local race track. If those are not attractive options, you re going to need more starting money.
Stocks are going to be the most likely way to go in the short term. I recommend some good mutual funds or a well diverified portfolio of stock for the long hauls. For fast money, go with the ones who are on the rise and sell when they stall or you think they are going to tank. Day trading in not a garenteed winning method unless you are a broker.Think about how wide spread the recent crash was-do not put all your stock in one company.
you cant is the simple answer. Think how much money you need to live on. Say you need 50,000 per year. So, how much money do you need to have invested at say 7% to earn 50,000? So, you need at least 700,000 to spin off the 50,000. But wait, you need to think of inflation and you investments must grow to compensate for that as well. I m retired and believe me, you will need alot more money than you think. I hope this gives you a place to start. Now, don t be discouraged, start saving now and you can make it. I retired at 45, very unusual for most. I earned a lot of cash, and invested it wisely.
Stocks. That is the only way to increase your worth. Stick with companies that provide necessities such as Kellogg s. Everyone buys cereal. Hormel and Kraft food are two others I like
