Requesting advice

Slayerjerman · Aug 2005

My wife and I just recently came into some money.
Some of which is being used to pay off *ALL* of our current debt. (bye bye student loans and car payments).

I also recently took a step back in regards to employment after DS2 shipped. (I no longer am employed at GPG but still work in the industry.)

So, I am now thinking towards the furture now and what I/We should do. I have 2 very great oppertunities to decide and want some grounded and objective opinions.

1) Purchase of a home:
Pros: Place of our own, equity
Cons: Unstable employment, morgage

2) Starting a buiness:
Pros: Be the boss, good job, possibly steady employment
Cons: Huge loss risk, INSANE amounts of work

Ive done TONS of reading, research and thinking on both subjects and I am trying to be very informed before really pursuing either.

Thoughts?

adam · Aug 2005

Can I ask how much money? Or what range its in? That'll depend on the house vs. business.

Do you need a house right now? And is starting a business where your heart lies?

Toomas · Aug 2005

If its a lot then invest it through some foundations, where i live you can get 10% per year if you are lucky but also its possible to lose it so dont put all of your cash to same place.

Starting a business is bad idea unless you have TONS of cash/investors or awesome business plan, small businesses tend to sink in current financial climate.

poopinmymouth · Aug 2005

I think this is waaaaay to personal and subjective a decision to let any of us sway your decision. Each of us would probably make different decisions were we put in the same position.

Cheers to making the right one!

Foehammer · Aug 2005

well look at it this way, if you start your business, you'll have a reason to get a house because you'll be more likely to stay put in one city. and GRATZ!!! (school loans are a bitch)

JKMakowka · Aug 2005

Before starting a business, really think about if you are qualified to do the 'business side' of business, or better put are you willing to invest most of your time into financial and legal stuff.

Same goes for the house... really think about if you are ready to *really* settle down in one place

Anyways, can't really help you decide, since it is ultimatly up to your own preference, but I would probably go for the business side of things (settling down *scares* me

)

AstroZombie · Aug 2005

Congrats on getting out of debt, that has to be a good feeling.

Real estate is almost always a good investment. If you buy a home you will be building equity instead of throwing your money away on rent every month.

Running your own business sounds nice but realistically the majority of businesses fail in the first year or two.

My .02¢

TNSLB · Aug 2005

I would get a referal to a financial advisor and start talking with them.

cholden · Aug 2005

congrats slayerman.
My producer recently had a similar situation. He bought a new house, started his own business and his wife had a baby. It's a lot of hard work, but they are really happy and things are going great. Maybe it's the right time to make your moves. If your confident in it, make your steps.

notman · Aug 2005

Personally, if the opportunity is there, I suggest starting a business. But only after carefully researching it and making sure it would be the right move. Sometimes there are more costs than it would seem at first. Plus make sure you'll have enough to live on while you are first getting things rolling.

I wish I had the chance to start something earlier when I could afford more risks. Now I have the family and house, and it's much harder to break away and start a business.

The home is an excellent investment, but I would definitely wait until you have something for an income rolling in again. The house will continue to suck money, a little at a time and will tend to keep you from gaining enough to start a business later (not that it couldn't be done).

Slayerjerman · Aug 2005

Im not asking for votes to sway me either direction.
I appreciate the feedback and thoughts.

Notman - that was my thoughts too, a family/house drains the funds, so thats less money to save towards an investment.

I have a buisness plan in the works and am going to pursue professional finicial advice fairly soon as well. For the type of buisness(es) I have in mind I feel confident in running. I wouldnt attempt it otherwise.

I just need to beable to make some educated decisions.

pogonip · Aug 2005

My ex-wives family are all a bunch of Rich fuddies but I did get some advice from her grandpa who was a multi millionaire. He told me if I ever had the chance to go into buisness for myself. He told me that I could work 3 jobs and never make the kind of money you can make owning your own buisness no matter how hard I worked . You just have to be smart about what kind of buisness to go into . If I had a decent amount of money to invest into a buisness I would deffinatly do it . With the money you make from your buisness you can buy a home say 3-5 years from now and have the security of your own buisness . You pointed out that you would have to do a lot of hard work but you work in games your used to that .

I was reaing a very suprising and very informative blog last week about hosting . I was suprised about the owner of the company admiting how profitable it was . He pretty much admited how ridicules it was profit vs overhead ... Here is a link to the blog look for the entry called " Web hosting is easy " http://blog.dreamhost.com/ Of course if you have enough money you could always start a game company

aesir · Aug 2005

Dont do either. Bussinesses are high risk and lots of work like you said. You have unstable employment, so dont put down money for a house either.

Invest the cash. Use it when the time is right. Just because you suddenly came into a lot of money doesnt mean you have to spend it as soon as possible...

Mishra · Aug 2005

buy however much money you have in wholesale skittles, and put it in a swimming pool or something and charge 10 dollars admission

oXYnary · Aug 2005

Slayer, if you start a business. I work for peanuts..

Rick Stirling · Aug 2005

Lottery tickets.

Or like was said, go to an independant financial advisor. someone who's job it is to help you. Dont ask a bunch of random people on the internet.

Or if you do want to take my advice, send half to me and spend the rest on coke and hookers.

JO420 · Aug 2005

go to Vegas and put it all on black

Slayerjerman · Aug 2005

Have an appointment with an advisor in the morning...

Thanks guys.

HonkyPunch · Aug 2005

If by "came into" you mean "robbed a bank" I reccomend going into hiding.

ScoobyDoofus · Aug 2005

[ QUOTE ]
go to Vegas and put it all on black

[/ QUOTE ]

by "black" he means my wallet. It's black!

KDR_11k · Aug 2005

Nono, you see, there's this huge transfer of money from a nigerian businessman he is awaiting.

Requesting advice

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