If you had $50,000 & were unemployed what would you do?

I quit my high paying job a couple weeks ago (best decision, trust me). I am not going to work for another corporation but I do have $50k saved up and no CC debt, although I do have a mortgage in which I have very little equity built up.

What would you do?

I'd take a couple week vacation and then start looking for a job.

Do you have good business sense? Well, If I were you and I had 50K and good credit. I would look into going into business for myself.

Either invest in something that will make you more money quickly, such as a new liquor store or strip club.... Not saying you have to start one. But, if you know someone who needs financing, invest and get double or even tripple your money.

I wouldn't use my personal money as capital, I would take out a small business loan or personal unsecured loan, say like 5-10k. That's normally how much someone needs for something like that. In about 3 months, you will probably make tripple that. Pay the bank back and keep investing...

Or...

I would get a business loan and buy into a franchise. Do your research though. I wouldn't start a resturant or nothing like that. I would start something like a retail dollar store or uniform store. Something you can eaisly buy into for like 20K to take part of the Franchise, it will probably take about 40-80k to get the business running. So, you may need about 80-100k to get it started.

But, with the right business sense you can make your money work for you. Keep you 50k, don't use it as capital, get a loan and you can prove that you have assets.

But, I would start with stable, quick money first, something produces more money within a 3-6 month time frame and then going into something larger. You will have more capital saved.

You can always flip houses. It is a buyers market! You don't have to use your capital for that neither. That's quick money, only if you buy real estate where people are able to purchase. Just because real estate is cheap, if there are no jobs in the area you will not have any buyers in the area.

Good luck...

Seriously look at going back to work, with only having 50,000 saved up that is nowhere near enough to retire on especially if you have a mortgage yet.

Conserve your cash and find a job.

Go read _RichDad, PoorDad_ and you tell me :)
buy and hold, do not buy and flip.

beyond that you still have some working years ahead of you, just sounds like you need to figure out WHAT it is you want to do. Not all businesses are corporations, you might be a good candidate for consultancy or freelance work, non-profits might be the place. I would recommend _Zen and the Art of Making a Living_ its good for researching less traditional career paths.

Considering you will need 1.2 million dollars to retire above the poverty line (including gvt benefits), I would seriously consider going back to work.

60% of all small business end up in bankruptcy in less than one year. Go to work for a good company that will give you health insurance and a 401K plan that matches part of your salary.
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9 January 2009 | cameltoepants.com | edit