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Would you take your JP winnings and invest it all by yourself?

Topic closed. 32 replies. Last post 3 years ago by mikeintexas.

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noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
Bay Area - California
United States
Member #136477
December 12, 2012
4144 Posts
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Posted: September 29, 2013, 6:06 pm - IP Logged

Never start a business you know nothing about, no matter how much money you have or how cool it sounds, they can get out of control very early on, especially if people realise you are a lottery winner, the biggest case of lack of belief is the fact you're a lottery winner, take tat morsel into a bank and ask them for a business loan...they will take your money but they would never invest in you unless you were commited to heck, had a great business plan and could show them your idea working to become profitable within a few years or theyd never get their money back....unless you're a real fool and dont start a LTD company to avoid big mistakes coming back to haunt you and your wealth.

 

I'd start a small company but if you consider the professionals youd hire, the staff for your home (gardener, cook, house keeper, driver) you're going to be a small business either way, with wages to pay, insurance, pensions etc.

 

If you want to take your $70m or whatever and then put in a general 16 hour day working for sometimes minus sums then go for it, if standing behind a counter till your heels are bleeding, dealing with stock rotation, purchase, delivery, unhappy customers, unhappy suppliers, unhappy spouse who thought youd be spending all the time with them, etc then great, if you think you'll hire a manager then your trusting your money and busieness to someone else...then why bother, a small company will not make the sort of returns even a CD would give you.

You would have to study well your business of choice, the amount of time you're willing to devote to it, the downside of business and the fact its going to hit your 'wonderful lottery winning days' like being told by your employer you just got a promossion to a 60 hour week for no more money but we'll put a sign over your desk....lol

Wise words: Never start a business you know Nothing about.

I doubt Todd got this adventure up and running with no knowledge of the internet and just decided to jump in at the deep end after consulting  a " How to.... for Dummies" book.

    Todd's avatar - Cylon 2.gif
    Chief Bottle Washer
    New Jersey
    United States
    Member #1
    May 31, 2000
    23345 Posts
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    Posted: September 29, 2013, 8:26 pm - IP Logged

    Wise words: Never start a business you know Nothing about.

    I doubt Todd got this adventure up and running with no knowledge of the internet and just decided to jump in at the deep end after consulting  a " How to.... for Dummies" book.

    True.  I had a technology career spanning about 15 years before starting LP.  Of course there are lots of people who say they can do it much better themselves, and they have no technology background.  I say good luck and God speed.  Because it will take both without any kind of technology background (or love of technology).

     

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      mikeintexas's avatar - tx avatar-1.gif
      Texas Panhandle
      United States
      Member #136843
      December 20, 2012
      1354 Posts
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      Posted: September 29, 2013, 11:43 pm - IP Logged

      True.  I had a technology career spanning about 15 years before starting LP.  Of course there are lots of people who say they can do it much better themselves, and they have no technology background.  I say good luck and God speed.  Because it will take both without any kind of technology background (or love of technology).

      Not long after I got on the 'net, I was in a forum and we were griping about our service providers. (this was when most people still had dial-up)  Someone said "I've half a mind to start my own ISP." and I thought that might be a good thing.  I plugged in "starting your own ISP" into a search engine (this was also quite a while before Google got popular) and the first article I read began with "If you came here wondering how to start your own ISP, you don't know nearly enough to begin."