NealMcCauley
Member
Fake your death. Your name is now Dr. Nguyen Van Phuoc.
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I just borrowed $40,000 and want to start a business. Ideas?
- Thread starter ThLunarian
- Start date
Allforce
Member
Be white.
Absoludacrous
Member
I think this kind of demonstrates that you're probably right, and maybe it is a good time to do some soul searching and try a different career path.
But don't do that with a $40k loan hanging over your head. Give the money back and then start exploring your options without the interest clock ticking over your head.
CarpeDeezNutz
Member
Discover card tried to give me a 35,000 loan they some vampires.
Dubbedinenglish
Banned
30 minute Twerkout, perfect for hip suburbanites and hipsters in general.
My cut is 30%
My cut is 30%
lastplayed
Member
Buy GAF, become a god.
ThLunarian
Member
Most of it was through a personal loan. The rest was through an SBA loan and I did give them a comprehensive and thorough business plan and cash flow projection.
Someone above made a good point that I could be in violation of that loan if I do something else with it. So if my original idea does fall through then yeah, it'll be time to just return it.
BoogieWoogie
Banned
I smell a legendary thread in the making here.
TheSadRanger
Banned
Yea lol, it's pretty damn obvious how the OP's post goes randomly into MTG and other stuff.
GameAddict411
Member
Are you fucking with us? Because otherwise someone at the bank really fucked up by approving that loan. Playing with debt money can get very serious very quickly. The banks are relentless and won't stop until they pulled your life inside out. You should be thankful to go back to that 9-5 job of yours.
Reverend Funk
Comfy Penetration
you should pay off your debt
ghostofsparta
Member
Just make an app for something that already exists and become a gajillionaire
Lunarwhale
Member
What was the plan that fell through anyways?
Familienoberhauptvogel
Banned
he had one, he even says so in the OP
Too bad it didn't work out Lunarian last you talked about your idea you sounded like you had most things figured out, aside from the viability.
Dynamite Shikoku
Congratulations, you really deserve it!
invest in lawbreakers
chrisPjelly
Member
Invest in fleshlights
CarpeDeezNutz
Member
You refuse to believe people make bad choices?
MooseKnuckles
Banned
The fact that you're an accountant makes this thread even more confusing. Just return it, take the hit on fees/interest and take this as a lesson in doing your due diligence in the future.
HP_Wuvcraft
Banned
You have no idea how the real world works.
What did you think was going to happen when you got that money? Seriously?
Thank you for taking their advice.
TheSadRanger
Banned
SwiftDeath
Member
Goro Majima
Kitty Genovese Member
Your easiest path forward is to either return the money or purchase another rental property. I don't know how cheap the houses are in the poor parts of where you live but they often generate good cash income especially if they're section 8.
If you can't purchase a rental property with $40,000 then I would return the money.
I'm an accountant also and yeah the work is boring but I would keep at it until you either get promoted to a position that's more interesting, get enough experience to start your own business, or work long enough until you can develop a business plan.
Being an accounting grunt is awful work but at many corporations you'll eventually get promoted out of the monotony and into something a lot less structured and more self driven. If you own your own small CPA firm eventually, the aspects of running the business and dealing with clients is not monotonous either.
If you can't purchase a rental property with $40,000 then I would return the money.
I'm an accountant also and yeah the work is boring but I would keep at it until you either get promoted to a position that's more interesting, get enough experience to start your own business, or work long enough until you can develop a business plan.
Being an accounting grunt is awful work but at many corporations you'll eventually get promoted out of the monotony and into something a lot less structured and more self driven. If you own your own small CPA firm eventually, the aspects of running the business and dealing with clients is not monotonous either.
monchi-kun
Member
When did you get the money? Should have bought some ETH or LTC 3 days ago then cash out today. Return the 40k and pocket the profit.
Barajas_201
Member
This seems like a bad idea. I would return the money.
Give it back. I was only 1/3 of the way to fully funding a brewery expansion, we went for it and it ended up forcing us to close down our whole operation. Don't do it if you haven't spent the time doing homework on a new business and if you haven't raised enough capital to cover the entire scope of work + 50%
ThLunarian
Member
Thanks. There's still a chance it might work, but my idea relies on getting access to a Magic card pricing API and the only site that has been even mildly cooperative has been dragging its feet for over a month now so I'm getting skeptical that I'm going to get anywhere with it (plus the clock is ticking).
I take informed risks in my life. This time the risk looks like it may not pan out and I'm going to have to take the hit for it. That doesn't mean I make bad choices.
People said I was crazy for buying three houses as a pizza delivery guy too, but it's been 12 years since that started and it's still working out for me.