Using Win To Start a Business

Reply #28

guesser — Fri, 28 Mar 2008 06:17:30 GMT

I would only start a business that I would like, and also one I could fold up at the drop of a hat.

You also need to be more specific on what your definition of 'business' is - a business to make money, preserve capital, or bequeth money to others ?

And also, what amount of lottery winnings ? 7 mill is a much different scenario that 250 mill..........

I love you guys that say you are going to be rich when the housing 'crisis' is over - and compare it to Oil. Those comparisons... [ More ]

Reply #27

OldSchoolPa — Fri, 28 Mar 2008 00:13:22 GMT

Why is it that everyone thinks a democratic president will cure our economic woes? For that matter, why do anyone think HC or BO will improve our economy IF either of them were elected prez? FYI BC, our most recent democratic party prez benefited from policy that had been in place from RR and GB, and the stars all alined during the late 90's which is why we think so highly of BC and the democratic party. But everyone seems to forget that we did experience an economic slowdown in the early 90s...... [ More ]

Reply #26

rubberbandman — Thu, 27 Mar 2008 16:21:48 GMT

Interesting career choice, yeah but if you hang in there and wait for the boom you are going to be rich in no time, you are already ahead of most people. I suppose the win will be easier, but if one can get that way on their own wouldn't they take that opportunity.

Of course, True.

That's why this is the perfect time to invest in real estate, when the market is down, you reap the benefits. Yes it will take time, but if you believe in Trickle down economics the economy will stabilize itself... [ More ]

Reply #25

myzeus — Thu, 27 Mar 2008 15:25:53 GMT

I live on a Veteran's Pension currently since I serviced in the US Army during the Vietnam War. It's a fixed income and not much. I am real estate rich with 2 houses but I am money poor. Wish I was rich! Winning the lottery would make life so much easier and I know most people would feel the same way.

Good, I am glad you think I am still on topic. Yep, real estate is where the money is.

You know the way the housing market is right now, reminds me of the oil bust in Texas, around 1985 or 1... [ More ]

Reply #24

rubberbandman — Thu, 27 Mar 2008 14:53:02 GMT

It's nice that you have a good business sense, so nobody can manipulate your practices.

In your case I suppose that, that is the best thing to do if you are financially secure and handle the properties. Personally I dont think Presidency has anything to do with it, they have never helped before so it would be difficult to assume that they will help now.

Likewise, except for the lottery part, I couldnt really care less if I won or not, it would be nice to but I don't really need it, that's... [ More ]

Reply #23

myzeus — Thu, 27 Mar 2008 14:29:22 GMT

Since my houses are my inheritance, I want to get the fair market value for them. Most all of the investors here who have looked at 1 house have all wanted to buy dirt cheap and I will not sell to them dirt cheap. The investors want to make a profit and they forget that I want to make a profit also since that is my inheritance. I will wait and get the fair market value. I do have 1 house rented currently.

So I will be stuck here until the housing market gets better, which will probably be aft... [ More ]

Reply #22

rubberbandman — Thu, 27 Mar 2008 14:12:04 GMT

Well I don't know who is in Ohio, but I know there are investors that purchase property just for the sole purpose of fixing them up and renting them out, maybe if its allowed you can go to your bank and speak to their REO department and ask who recently purchased property from them, or seek the county records. If your personal finance is stable you can rent your properties and if you cant manage yourself, you can seek a partnership or hire a management company.

I don't know if that helped, I... [ More ]

Reply #21

myzeus — Thu, 27 Mar 2008 13:59:24 GMT

I went through 4 agents in 20 months who did not sell 1 house. So now I am doing FSBO. Small town here and the agents seem to be in a clique of their own. I am going to have to sell on my own for sure from now on.

Reply #20

rubberbandman — Thu, 27 Mar 2008 13:55:31 GMT

That's interesting.

Do you use a agent or are you in by yourself?

You are welcome

Reply #19

myzeus — Thu, 27 Mar 2008 13:36:33 GMT

I went through real estate school in Houston Texas and finished with 180 hours but didn't have the money to go ahead to get my state license and at that time it was a seller's market .

Yes, I know I could get financing now before a lottery win but I am currently bogged down with trying to sell 2 houses that I inherited and homes are not selling very well in Ohio right now. I could do alot more with a lottery win and it would get me out of this so I can move back to Texas.

I think I already... [ More ]

Reply #18

rubberbandman — Thu, 27 Mar 2008 13:30:25 GMT

Exactly, real estate, but you know you can do this w/out the lottery win, if you need financing, banks now can give you 107% finance loans, so you can fix-up the place and rent it out, then when the market gets better sell them. There is tax advantages also when you invest in real estate.

I recommend reading these books:

Rich Dad, Poor Dad (Cash Flow Quadrant, Loopholes of the rich), Robert T. Kiyosaki, Diane Kennedy

Be a real estate millionaire, Dean Graziosi

Flipping Properties, Wi... [ More ]

Reply #17

myzeus — Thu, 27 Mar 2008 11:38:56 GMT

I would buy a hotel franchise and also invest in apartment complexes. With all the home foreclosures, many people will go into renting an apartment or even a home. I want to physically see my investments. I would not invest in the stock market right now. Just my ideas.

Reply #16

tntea — Tue, 25 Mar 2008 23:59:09 GMT

I will sell my two businesses when I win....

No more headaches for me.

Reply #15

Stack47 — Tue, 25 Mar 2008 23:55:09 GMT

Topics like this is how I will spend the winnings even though I didn't actually give any thought to choosing the correct numbers or using a playing strategy that would give me the most for my lottery bucks.

A week ago there were 65 college basketball teams in the NCAA tourney and the players could have speculated on their post game interview after making the winning shot. Or they could have done all the necessary preparation to get them into position to make that tourney winning shot.

I'm... [ More ]

Reply #14

rubberbandman — Tue, 25 Mar 2008 21:46:13 GMT

How, you have no budgeting sense if you finance it yourself, anyways this is the 21th century, nobody finance anything themselves anymore. That might have been good during the 50's and up but this is a new generation, it's all about 'OPM' (Other People's Money). Obviously we're thinking both.

True.

Sorry, I don't fully comprehend your last statement, please clarify.

Reply #13

Stack47 — Tue, 25 Mar 2008 21:35:53 GMT

If someone was planning on starting a small business, using lottery winnings instead of financing would certainly be better, but the same can be said about using an inheritance or winning the Publisher Clearing House sweepstakes. I was wondering if it was a discussion on sound business planning, practices or about the lottery.

There are many topics on how I would spend the winnings and there are probably 146 million Powerball and 175 million Mega Millions like topics waiting to be discussed.

Reply #12

rubberbandman — Tue, 25 Mar 2008 20:31:44 GMT

You have more angles to perceive the situation so you have more sound advise, anyways you can always go the professionals, and who knows, there might be professionals on LP.

That's a good idea, have this topic been initiated previously? If not somebody should create the forum.

Reply #11

rubberbandman — Tue, 25 Mar 2008 20:27:57 GMT

Why just one store, when you have at least 7 million dollars you could create a corporation of franchises of your mother's business?

Why just give her money when you can help her create her own, it's just like the old saying, Give a man a fish, you feed him for a day; Teach a man to fish, you feed him for a lifetime.

What you give her is miniscule compared to what she can make in the long run, businesses can last generations.

pursue my dream What's the dream

Reply #10

rubberbandman — Tue, 25 Mar 2008 20:20:13 GMT

Exactly,

Makes perfect sense,

I think I would still try to see I could get a successfull business w/out using much of the jp win, only using what the average person use for income. Since I want to do residential and commercial real estate I would still go to a bank and requests loans and whatnot. Just to see.

Reply #9

Stack47 — Tue, 25 Mar 2008 19:40:51 GMT

Many people have used lottery winnings to start businesses, but if you need lottery winnings to start your business, you might not have the necessary skills to run it. Owning a business or winning the lottery are both goals so I have to ask; how do discussions on spending the profits benefit anybody from reaching either goal?

Wouldn't discussion on sound business practices or lottery strategies be more worthwhile

Reply #8

ThatScaryChick — Tue, 25 Mar 2008 17:57:03 GMT

If I didn't win enough to retire on, I would probably help my mom open up the store that she always wanted and I would use some of the money to pursue my dream.

Reply #7

four4me — Tue, 25 Mar 2008 17:30:48 GMT

You can use your win to start a business but you better have a plan together ahead of time.

Starting a business from the ground up requires lots of work

you need a business plan

a building

people to work or run your business.

start up capitol and a couple years worth of salary in case things don't go as expected.

it wouldn't hurt to have a business management degree or hire someone who does.

web page to show case your product or services

business cards

and hundreds of... [ More ]

Reply #6

rubberbandman — Tue, 25 Mar 2008 15:29:53 GMT

Because they dont know how to start a business. This newfound wealth alters their mental perceptions. They think because they have capital they can have a successfull business, although it is true that 9-10 fail in the beginning stages because of lack of capital, there are other disrepancies as well such as no business sense and no network system to abide by.

If anything it is better to start a business before winning and even if you win you shouldnt clain until the start of the business(star... [ More ]

Reply #5

MaddMike51 — Tue, 25 Mar 2008 15:20:27 GMT

I read somewhere that most lottery winners that start a business with their winnings end up bankrupt.

At my age,I don't think I would start a business.I'm more into traveling than working.

Reply #4

tiggs95 — Tue, 25 Mar 2008 14:21:14 GMT

I think age has a lot to do as to what you would do if you hit big money..If your young a business would be a good idea if you know what your doing..But at my age I'd just sit around and boss my servent's around and enjoy counting my money..

Reply #3

rubberbandman — Tue, 25 Mar 2008 13:00:13 GMT

I would start a business in real estate to be more specific.

Reply #2

JackpotWanna — Tue, 25 Mar 2008 12:11:42 GMT

hmmmm good question.

I would not want to start a business or work.

Reply #1

mylollipop — Tue, 25 Mar 2008 09:35:19 GMT

Start my business with my own winnings, of course

Using Win To Start a Business

myturn — Tue, 25 Mar 2008 07:55:22 GMT

Have you used a lottery pay-out to start a small business? It sure beats looking for finance and paying interest. I know people say they would retire and not do anything anymore. But, it you won a small amount, not enough to retire on, but enough for seed capital; what would you do