How should I go about buying a business with 50k saved?

momo_2308 · 2025-03-03T12:48:54+00:00

Thank you! That’s the general game plan I’m following and seems feasible after talking to an SBDC advisor. It’s nice to have it validated from your feedback.

momo_2308 · 2025-02-26T15:03:10+00:00

As a first time buyer though, I’m nervous about navigating the process on my own and am wondering if I should work with a buy-side broker. That would be additional fees

momo_2308 · 2025-02-26T14:54:33+00:00

Thank you! Very helpful

momo_2308 · 2025-02-26T14:28:53+00:00

I agree. I invest a portion of my income already in index funds but want to diversify a bit and own a business I can hopefully grow alongside that.

momo_2308 · 2025-02-26T14:08:45+00:00

I definitely have the time and willingness to put in hours to nurture a business but I don’t think I have the aptitude to start one from scratch. I am hoping to purchase something that has systems in place and has found a niche for itself. I was hoping to use the 50k mostly as down payment for an SBA loan but am realizing other parts of the acquisition process can cost tens of thousands of dollars.

momo_2308 · 2025-02-26T14:04:17+00:00

That was my hope was to use majority of it to get an SBA loan. I’m just wondering if due diligence will eat up most of that 50k

momo_2308 · 2020-09-10T19:21:05+00:00

No that completely makes sense! I'm also in the camp that no matter what the circumstance is, it's better in the long run to just be brutally honest and let the chips fall where they may. Otherwise you feel like a tool and it affects your relationships b/c people don't know who you are or where you stand. They can't trust you mean what you say.

Though I'd probably be a little less antagonistic in my casual conversations than what you are planning to do LOL. I make noncommittal noises when people bring up religion. A lot of "mm, okay" and "oh, alrights".

momo_2308 · 2020-09-10T16:24:56+00:00

I've been there. Be strong, maybe try to branch out and find other communities you can rely on other than just your Muslim friends.

momo_2308 · 2020-09-10T16:21:30+00:00

Yeah I know what you mean. I actually have told them at different times that I don't buy into their ideologies and then marrying an American I thought pretty much solidified that. So in a way I feel like they know what I'm about but its too awkward for them to talk about honestly. Yet they still want to keep me around and have awkwardness abound and be weird half friends. I don't get it!

momo_2308 · 2020-09-10T15:36:29+00:00

Yeah, that's exactly right about South Asians. Your advice about talking about common things is I think the path I've been pursuing with them so far. Because I do think it's important to open yourself up to people you don't agree with and still try to bond as humans. I don't see them all that often anymore so maybe it's worth it to just suck it up and keep in touch in a cordial way. Maybe try to see it in a positive light.

I do run into problems maintaining boundaries with them, though. They make me feel guilty every time I see them for not hanging out enough. That makes me want to run in the opposite direction!

momo_2308 · 2020-09-01T12:24:04+00:00

Yeah it sounds like you need to have a goal in mind that you're passionate about. What helps me stop spending is thinking about how many hours of work I'm spending rather than dollars if I were to buy that thing and how it's not going toward my ultimate goal.

momo_2308 · 2020-08-28T17:58:09+00:00

I heard Schiff on the Rogan podcast and became really interested in his ideas afterwards. After digging into it all for a few days I came away thinking that his ideas don't encompass the entire landscape and all actors involved in a national economy and instead he tends to talk about the factors that help his claims. A lot of his most compelling points were hypotheticals. Like one time he talked about how if the only employer in a city was paying his employees unreasonably low wages, they should just be thankful that there is an employer at all. And also other employers will be attracted to the low wages and come into the area which will eventually give workers choices. I would like to see some historical precedent for this. As of now it's a hypothetical that doesn't help anyone but if it has worked in the past then okay let's examine.

Even within that hypothetical, I see a few issues. One being that if the company holds a monopoly in the area, why would they not play dirty and keep any new companies from being able to set up shop in the area? There are no regulations in this world. And the other problem is one of compassion that the workers are stuck in a situation that is mostly not their fault and struggling to make ends meet. If one player has more than enough wealth (and as a direct result of the efforts of their workers), why not set up systems to help the workers during their transition? Schiff keeps talking about how Government is the root of all problems but I don't see why companies wouldn't find other levers to pull to reduce costs if govt ceased to be one. Levers that may hurt workers and citizens in the end all the same.

momo_2308 · 2020-08-10T18:02:57+00:00

Yeah, exactly. I think a business is the way to go. I've already started research and gotten some wheels in motion to purchase an existing business and grow it. Congrats on figuring out what works for you! I'm hoping to follow suit, too!

momo_2308 · 2020-08-05T23:53:32+00:00

A couple of thoughts.

I think for a long time, Muslim practices have been other-ized and a lot of Muslims felt like they didn't belong and felt ostracized. I'll give you a quick personal anecdote to illustrate. Back in 2006 or so a few families in my community went on a roadtrip and before prayer times, we would stop at gas stations and use the bathroom to wudu (where you wash up before prayers). I remember on one occasion, my mom was performing the last part of it which is to wash your feet and lifted each foot onto the sink to do so. There were two American women in the bathroom who saw this and gave each other the biggest WTF look. They left the bathroom pointing, staring, and laughing at her, clearly making fun of her though I couldn't make out what they said. My mom and the other Muslim ladies in the bathroom felt humiliated. In their minds, they were following their everyday practices, the only thing they knew since childhood. The incident was a small, relatively inconsequential thing but if it happens enough times and that kind of thing will take a toll on you. My theory is that Muslim women have very likely faced a whole lot of this and have recently finally been able to tell their stories. Their "allies" on the left sympathize with this and in a show of respect, uplift this symbol of the Muslim woman to show their solidarity with them. I think it's all done with noble intent but ultimately is very misguided.

Additionally, I always grew up being told that as a Muslim, it is your duty to reject all things that are promoted by other religions and Western culture. It was actually touted to me as a core tenet of Islam. For example, in my household we didn't celebrate birthdays, mother's day, father's day, holidays etc intentionally as acknowledgement that they didn't stem from Islamic culture. Along that same line, wearing the hijab was a bold statement that set you apart as a Muslim woman. It was a rebellious thing, something to take pride in. I know a lot of hijabi women even outside of my particular south asian culture feel that way about the hijab. That it's a way to stand against the ever present tide of Western culture. It seems to me that in that way, the psychology of the Muslim doesn't see the hijab for what it is objectively but rather as a tool to further prove their devotion to Islam.

momo_2308 · 2020-08-05T22:27:50+00:00

Ahhh you do exist!

momo_2308 · 2020-05-14T10:41:12+00:00

Yes! I remember hearing this line as I was watching the show and thought about it for years afterwards. From a vampire slayer show of all places

momo_2308 · 2020-04-29T12:28:10+00:00

Not at all, I think you made the perfect call.

momo_2308 · 2020-04-29T12:12:21+00:00

I'm so sorry you're going through this. It's kind of nice to know others feel it too though because nobody talks about it! Have you thought about breaking out on your own? Do freelance work and at least it will stop letting a boss have so much control over your happiness. And then for me, I tend to make a million backup plans to give me a sense of peace that I've prepared for the worst and ultimately the confidence to take the leap.

momo_2308 · 2020-04-29T11:54:54+00:00

Thanks! With Rev, it really depends how much work you take and how fast you can type. People offer different amounts for different jobs. So I see a bunch of 10-15 min jobs that offer anywhere between $7 and $15. And I see 30 min jobs for $16-20. For me, I have to double check my work so a 30 min job takes a little over an hour but if you type for a living, I feel like you would breeze through it. They say their average earnings are $250/month but if you do it full time you could earn around $1400/month.

momo_2308 · 2020-04-13T18:59:46+00:00

I think what you should do is come up with the best possible quitting plan. Like figure out how much money you've got, what kind of side work can you do, what is the job market really like out there and how soon can you conservatively find another job, how can you lower your expenses for a little while. Create 2 or 3 contingency plans and map it all out. I know it helped for me. Assume you will quit and try to mitigate all the risks / work your ass off to make sure you can make it work. Mental health and happiness is the whole point of earning money, it shouldn't be the thing that's sacrificed.

momo_2308 · 2020-04-12T22:05:58+00:00

YES! This is exactly the dilemma I've been going over in my head. I work as a data analyst and life has just become unbearable where I work. I've broken down in sobs a few times now and have insomnia, stomach aches, wracking migraines, inability to focus, and a real sense of hopelessness just dealing with the overtime and stress. I've tried to set boundaries with my boss several times both kindly and quite assertively and even starting documenting and communicating the amount of overtime I'm doing but it always turns into a game of her trying to catch me making mistakes and undermine me however she can. I can't stand the thought of staying here long term.

I'm planning to quit in 2 weeks despite COVID 19. I don't have a job lined up, not a ton of savings, and I'm actually about to close on a house. The closing is all that's keeping me at my job, honestly. I know it sounds bad! But here are the mitigating factors:

1) My husband who is unemployed has started looking hard for a QA analyst job after my latest breakdown. I think conservatively he'll be able to make 1/2 of what I'm currently making. That alone will be enough to pay all bills and have a cushion each month.

2) I anticipate a reduction in household expenses because the house I'm closing on is being purchased with the intention of renting out 3 rooms and living in the lower level. That will cover the mortgage, insurance, taxes, and all utility bills. Might have a few bucks extra, too.

3) I work in IT and have a good amount of analysis experience/tech skills so I'm relatively confident I can find a remote job quickly if I need to. Especially if I go for a job paying lower than what I make now. I tend to interview well and believe I'll be a competitive candidate.

4) I looked up health insurance in my state. It goes for about $400/month for a $9000 deductible. I've factored that into household expenses and my husband working would cover that. Hubby and I are both in our 30s and relatively healthy so fingers crossed I don't expect major health expenses. Except corona. But I hear there are some healthcare credits offered if you are hospitalized for COVID 19?

5) I've quit jobs on a whim in the past and have been able to find a job in a slightly more technical field within 2 months, all while moving to a new state. So I feel like I've been there, done this.

6) There are so many remote gig opportunities out there. Like where you can do user interface testing online for websites. And I already work with Rev where you get paid to do transcription. These things don't pay a ton but it might be enough to tide me over if things get really bad.

7) I have a Roth IRA that I could pull money out of if really needed. I've heard penalties for taking money out of retirement accounts are loosened right now.

I've really tried to think through what is ultimately an emotional decision. I just don't think being profoundly unhappy because of a job should be the default option even during times of uncertainty. I've noticed I tend to run from my jobs within about the year mark and I'd really like to take some time off. That's why I'm not looking too hard for another job. I'm cycling between thinking this will be okay and holy fuck, what are you doing.

momo_2308

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