How would you go about making 50k profit in one year?

Hahaha. Wedding organiser does not need to hold a licence to practice

 

Invested well, you could easily turn $10k into $50k in a year. You could just as easily end up owing $50k if it doesn't go your way. Any investment with this sort of return is going to be highly risky.

To save $50k in a year, get a second job, cut your expenses and work hard. It's not sexy, but it does work.

You could also start a small business as has been suggested. It could be worth a lot more than $50k in the long run, but it might not make you the $50k in the short term. It also requires a lot of hard work.

 

Buy BFC it has potential too be much bigger than BAL. 10k invested in BAL would have made 50k. I invested 6k in BAL, made 30k in 9 months took out 10k, invested 5k in BFC and made another 2.5k. Its too late for BAL, but not for BFC, it will probably double in a month and triple in 2 months.

 

I'd disagree with @Peter_Tersteeg that it's easy to turn $10K into $50K within a year. The stock market returns 5% to 10% per annum, and most hedge funds don't post better returns than that. If you're making consistently better calls than a typical investment manager then you should consider that as a career.

Put it this way, if you could get a fivefold return every year then you'd probably be richer than Warren Buffett in a decade from your initial $10K investment.

I think that realistic choices would be what people have said above:

• Work more hours, aim for a promotion / raise, find a better job.
• Sell your stuff, buy less, and save more.
• Start a business.

The first two are relatively low risk, the last is high risk but potentially bigger rewards.

 

You've misread me.

I said it's possible to turn $10k into $50k in a year, but it's incredibly risky and more likely that you'd loose it all and then some. I wouldn't recommend this for anyone but the most sophisticated investors who are willing to bet it all.

Take a look at Forex trading. One or two very successful trades and you're done. Easy! Odds are they'd go bad however, and you'd find yourself owing $50k very quickly.

 

Any way you can divide that corner block in Algester?

 

Hey @D'Mo,

If it was "absolutely necessary", get a second full-time job and/or Uber.
I did Uber last year for a few months, on Fri nights, Sat and Sundays (whilst I had a FT job). Depending on how many hours I worked, the most I made in a space of a week was $1600. This helped me save faster for my IP i was buying at the time.
It depends on how bad you want it and how much time you're willing to invest. There is no shortage of money, and you can create your own economy so easily these days thanks to technology.

 

Well done,

What did you average a night?

 

On peak period i.e. Friday, Sat nights, I was making $30-$50/hour - however, you need to pay for your own petrol.

 

How far west or south will you travel, Taku

 

Where ever the passenger wants to go. I live in Marrickville, so majority of my trips would be around inner west, CBD and Syd metropolitan area.

 

And 27 Red.

 

Canton fair is coming up....find a product and import.
Uber
Short Asx

 

When I started a biz just over 10 years ago, I started from home and bought/imported 12k of stock, pool tables then gym equipment a few months later.
Made about 200k in the first year selling online, mostly on eBay.
Had no prior experience in this and it was easy money.

We're still selling gym equipment these days so it went well.

 

My thoughts exactly. There is no way (at least that i know) that you can turn 10k to 50k net in 12 months that has low risk.

 

I appreciate that sir, I will do my best. I'm capable of smart decisions but I'm also capable of procrastinating. Lol. I'm definetely a work in progress but just talking about wealth inspires me. Always love seeing people succeed (y) thanks

 

Some awesome replies & things to think about

I've actually got a 2nd job .. Currently work for department of education & part time at a restaurant in the evenings.

I could fit some more into the week possibly but I've got a wife and 2 children so finding a balance is necessary. But for short term (a year), I'm prepared to go Beastmode and work, work, work!

Love the reply from someone who said you start doing 6 weeks of HUGE hours and you will know your alive.. Salute !

Sounds like a lot of you are working your butts off and it's awesome to see.

Just reading these comments has inspired me a lot

 

I wonder how much you could make from buying bulk lots of lego on eBay, sorting it and reselling it in small lots ... probably not $50k I imagine

 

This is why you are going to achieve what you want to achieve imo.

 

My friend has a lego business. I don't think they are raking it in