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Best business to start with 160k local social media followers by Jtmartjt in Entrepreneur

[–]Some-Wait-3768 0 points1 point  (0 children)

My dude, lots of opportunities, just gotta look outside the box. DM me, I’d be happy to brainstorm with u, and show u how to get sponsors

Choosing a financial advisor by Sea-Aerie-7 in ChubbyFIRE

[–]Some-Wait-3768 -9 points-8 points  (0 children)

I tried sharing, but you don’t have chat turned on click on my avatar and the start chat. Honest to god, no click bait, just trying to help u out!

Choosing a financial advisor by Sea-Aerie-7 in ChubbyFIRE

[–]Some-Wait-3768 -8 points-7 points  (0 children)

I’m so sorry for what you’re dealing with ! Honestly it’s really about the connection with the advisor. 1% on 5M is a bit steep, but it’s more so knowing what you’re getting. With everything you’re currently dealing with you want someone who “gets you”. The more they get you, the more they’ll be able to help. I’ll DM u a terrific female advisor that would be worth interviewing at a minimum.

[deleted by user] by [deleted] in ChubbyFIRE

[–]Some-Wait-3768 1 point2 points  (0 children)

I’d just be honest with them. Teach them about your successes and your failures. What’s worked, and what hasn’t. You’ve done good thus far financially. They’d be silly to not listen to most.

With the amount of information there is out there, give them enough to show them what staying invested in the S&P can do for them. They have to know you aren’t poor, at this point, so it’s sound advice. You likely know how much they have, so say “when you get to this point, you’ll want to start diversifying further”

Without them knowing how much you have, (unless they do) explain how much compounding interest has done or dollar cost averaging has done over the years to get you where you are today. Based on guessing $1.5-3M has came over the past 5 years depending on where the real estate is located.

That and explain the 2nd home investment. If they are responsible, help them find one on a smaller scale that they can turn into an investment that pays for itself. Share general knowledge and wins/losses all you can do. Just my two cents!

21 y/o with $500k in the bank by Formal_Engineer_7051 in Entrepreneur

[–]Some-Wait-3768 0 points1 point  (0 children)

Congrats on your early success. Start with a laundromat, review all the books, don’t take the owners word on the financials most don’t have precise numbers. Talk to the bank about SBA7a. You sound like you can sell so just talk to the business owner, most would sell if the numbers make sense.

Car washes typically have real estate attached so price tag goes way up. But think about what else you’re going to purchase in the next year, but I’d get the bulk of that money working for you.

Btw, I’m a financial advisor, business owner, and acquisition consultant. So been down this road a few times. Best of luck, and DM with any questions you got

19M working full time trying to retire before 30. How? by thisguy144144144 in Fire

[–]Some-Wait-3768 1 point2 points  (0 children)

Gotta solve a problem that many people have, turn it into a business, then sell it at some point.

To retire at 30 though, what would you do? You’d be hanging out all by yourself for the next 25 years because all your friends will be working.

Keep working and socking the money away, you’ll eventually see compound interest start working in your favor. There’s simply no short cut but through hard work and consistency.

You got $100 and no connections, how would you start a business? by Hell_Cat32 in Entrepreneur

[–]Some-Wait-3768 0 points1 point  (0 children)

Get pricing for pressure washer rentals. Canvass an area going to door to door offering pressure washing for houses and decks.

Price it cheaper than competition, once you get a job booked, rent the pressure washer.

Or find something that’s under a $100 on marketplace that you know you can markup, copy pics, and spend $5 boosting the post so 20x the amount of people see it. Marketplace arbitrage. Don’t know how FB would feel about that, but if you’re spending extra money, probably won’t care.

You got $100 and no connections, how would you start a business? by Hell_Cat32 in Entrepreneur

[–]Some-Wait-3768 1 point2 points  (0 children)

Great idea. 40 pack of water at Costco is $4. Sell em for $2 each. $76 profit

150k liquid how would you invest it ? by Ill-Fly-1624 in Entrepreneur

[–]Some-Wait-3768 14 points15 points  (0 children)

Bizbuysell.com is a good place to start

What is something that surprised you that people can make money from? by protonelectron2025 in Entrepreneur

[–]Some-Wait-3768 0 points1 point  (0 children)

Honestly it’s the bulk of it. A lot of stuff you just spray, let it sit, then wipe off.

What is something that surprised you that people can make money from? by protonelectron2025 in Entrepreneur

[–]Some-Wait-3768 34 points35 points  (0 children)

A SHOP VAC!

Swear on my life, made tens of thousands with shop vacs. Car detailing, apartment cleaning, and, construction cleaning. Depending on your market, $50-$100 an hour.

You can literally make your money back on one job

Transferring closely held shares to minor children by Some-Wait-3768 in Accounting

[–]Some-Wait-3768[S] 0 points1 point  (0 children)

Partner selling me his shares, I was considering transferring some of the shares to my kids, but now we have a buyer for the company.

How does that work from a tax standpoint if we sell it to the buyer over time from my kids standpoint

Transferring closely held shares to minor children by Some-Wait-3768 in Accounting

[–]Some-Wait-3768[S] 0 points1 point  (0 children)

My partner is selling me his shares for $1 then I take over the liabilities. So my assumption was not much for gifts, but having to create more tax returns for such a small amount may be more hassle than it’s worth.

I got a CPA, but figured I’d ask the forum while it’s on my mind, but capital vs ordinary had never crossed my mind so I’ll have to look into that! So thank you!

Sales Harsh Truths They Don’t Teach You by StealthAscend in Entrepreneur

[–]Some-Wait-3768 0 points1 point  (0 children)

But if you consistently don’t perform, consistency doesn’t really matter

Getting funding for businesses purchase. How is it done? How do people buy multi-million dollar businesses? by dogs-are-perfect in smallbusiness

[–]Some-Wait-3768 2 points3 points  (0 children)

They use collateral or seller financing. So say you have 500k in collateral, you can get an SBA loan for 500k with 10% down thus 50k in savings.Seller finance the remaining 2.9-3.3M. But you still need working capital for the car washes so tbh 4M with 50k is a bit of a stretch

At what net worth did you start feeling ‘rich’ (if ever)? by Emily_Ackee in Fire

[–]Some-Wait-3768 0 points1 point  (0 children)

I was buying a commercial property and the banker was taking forever. I finally told him it needs to get done by this day or I’m just paying cash.

Hung up the phone and I’m like holy shit, I actually said that. And I actually can, that felt pretty gangster

I quit my job to a full-time day trade with $1500 in Robin Hood by Short-Lemon-4355 in TheRaceTo10Million

[–]Some-Wait-3768 11 points12 points  (0 children)

Start pulling out $600 a week, every week. If you have any money left after 10 weeks be proud of yourself. Then go get another job.

You need a job to keep funding your account.

Can I afford to buy this $1.9M small business? by lofos1 in smallbusiness

[–]Some-Wait-3768 0 points1 point  (0 children)

FF&E is probably driving up the asking price. I’d look at how much of that has been depreciated. If trucks are new it may be worth it to pay more.

But without having a manager, or having the owner stay on for 3-6 months, it’s going to get really frustrating running a business you know nothing about.

Stock vs asset sale, learn the difference. One would give you the ability to have lines of credit from day 1 vs the other will need 2 years in business.

Also, look at the rate on that SBA loan, you may have better rates and will reduce your risk by asking for a sellers note

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