# What work can I do with 100k in the bank?



## oldkingcole (22 Oct 2008)

Ive recently come into some money. With some savings, Ive roughly 100k in the bank.  However, I dont have a job (made redundant) and in mid 30s, married with 3 small kids and about 250k owing on mortgage.  
I've no problems working 60-70 hours a week but really want to be my own boss so have no problem investing in something that will suit my work ethic.    Apart from taxis or logistics (courier?) Im looking for ideas.  Anyone got any suggestions?  thanks.


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## Bessa (22 Oct 2008)

Hi, in the present economic climate i would let the money do the work for me ( get yourself a good interest rate ). Money is king right now.


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## krissovo (23 Oct 2008)

Sounds like you need to buy into a franchise, look for shows coming up.  100k would go a long way in this day and age and select a business that you are interested in.


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## oldkingcole (23 Oct 2008)

> Hi, in the present economic climate i would let the money do the work for me ( get yourself a good interest rate ). Money is king right now.


Explain further? Even if I get 10% that means Ive an annual salary of 10k.  not enough to live on Im afraid, unless you mean something else like shares/spreads etc in which case Im all open to advice on any shares that you know are going to go up.   



> Sounds like you need to buy into a franchise, look for shows coming up. 100k would go a long way in this day and age and select a business that you are interested in.


Hadnt thought of that, I had a look at some of the franchise websites out there and fired off some enquiry mails.  thanks.


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## rabbit (23 Oct 2008)

krissovo said:


> Sounds like you need to buy into a franchise, look for shows coming up. 100k would go a long way in this day and age and select a business that you are interested in.


 
Do your homework re the franchisor.  I am sure they are good ones, but others can be close to being a con job.     I know of a dozen or so people who each spent a large five figure amount on a franchise ( following the franchise show in the RDS some years ago ), and who invested a year or two of their lives,  who all failed with that franchise, and lost money.


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## Purple (23 Oct 2008)

What skills do you have?


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## DavyJones (23 Oct 2008)

What skills have you?  Think beyond the obvious.  

My advice is ,go for something that you think will make money as opposed to being something you think you will love, because you won't love it after time. but thats why its called work.  Being self employed is hard going and to be any bit successful you will have to make big sacrifices, time with family, friends and kiss goodbye any hobbies for a while.


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## Complainer (23 Oct 2008)

Beware of investing in any business that you are not experienced in. Do you really want to make expensive mistakes using your own money?


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## oldkingcole (23 Oct 2008)

I worked in a career for last 15 years, not too bad, pays the salary and I could go back to it and find something easy enough as Ive had offers but reckon to get out of it, nows my chance.
As I said I dont mind working hard but I want to do something that will reward my hard work whether thats making sandwiches, signs or driving.  
Ive been reading on pitfalls of franchising today,  I can make a judgement call on most of them that I dont know about and some that I do.  I narrowed it down to 2 that I seen potential in and asked for more info.  
A few years ago I know taxi would have been the first word back, seems the last now.  Is there nothing that replaces taxis as something that would reward work after an initial investment?


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## cole (24 Oct 2008)

You really need to do your homework if you're thinking about franchising. If you search you'll see a few threads about this. They are not all they are cracked up to be. And do not for a minute believe the "95% of franchises are still around after 5 years" (compared to startups)  nonsense.

Best of luck with your decision.


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## mainasia (24 Oct 2008)

Complainer said:


> Beware of investing in any business that you are not experienced in. Do you really want to make expensive mistakes using your own money?


 
From personal experience this can be quite true. You could get a part-time job in the business you would like to do and suss it out from there.


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## TheBlock (24 Oct 2008)

Driving Instructor.


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## FutureProof (24 Oct 2008)

Well you have enough there to do something you really enjoy. Have you thought about investing in some new qualifications or training?


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## oldkingcole (24 Oct 2008)

> Driving Instructor.


how much is it for lessons these days?

edit: got answer.

[broken link removed]


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## TheBlock (24 Oct 2008)

Decent enough living to be made from this and you have the capital for start up. Provided you have the patience when dealing with people this could be a good choice as you can pick your hours to a degree.


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## oldkingcole (24 Oct 2008)

> Decent enough living to be made from this and you have the capital for start up. Provided you have the patience when dealing with people this could be a good choice as you can pick your hours to a degree.



true, true, starting to think about this one.  Are there certs one would need to be a DI?


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## sam h (24 Oct 2008)

Found this....any use?


http://www.rsa.ie/SERVICES/RSA_Services/ADI_(Approved_Driving_Instructor).html


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## sanne (24 Oct 2008)

Ever thought about getting into the push bike business?   For a lot less than 100K you might get a nice little shop started.   Reason I mention this is the govt recently introduced a rule in the budget where you get a tax break once every 4 years for the purchase of a bicycle.  As irish people love tax breaks I suspect they will soon love cycling too.  Or at least purchasing the bike and the gear that goes with it.


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## amgd28 (24 Oct 2008)

Kids entertainment? Supply of bouncy castles, that sort of thing? Work out how much people pay to hire how much it costs to buy the initial equipment, an you should be able to figure it out fairly quickly....


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## tatler (24 Oct 2008)

Forget Bouncy Castles it's over done.
Franchising: Coffee,sanwiches are over done. Believe Snap is succesful.

To be honest knock €90 off the mortgage take the family on a really good holiday and go back to work if as you say you can.

I lost €150K in Franchise and a marriage and still owe a fortune on the house.But I'm back earning a wage. You don't sound like an entrepreneur and there is no easy money in self employement.


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## oldkingcole (24 Oct 2008)

> Forget Bouncy Castles it's over done.
> Franchising: Coffee,sanwiches are over done. Believe Snap is succesful.
> 
> To be honest knock €90 off the mortgage take the family on a really good holiday and go back to work if as you say you can
> ...



Agreed on the coffee, sandwiches and bouncy castles.  I can always earn a wage with my skillset so not worried if whatever I go into doesnt work out.   
What youre suggesting is to not try at all, I know theres horror stories out there (sorry for yours) but theres also success stories too.    All one can do is give everything and prepare not to fail and if its not working out, know when to cut the losses and get out.  
To turn around in 50 years and look back and to have known I had a chance at trying something and didnt is not where I want to be.   
While it may be easy for me to say now, its not all about the money.


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## TheBlock (24 Oct 2008)

tatler said:


> Believe Snap is succesful.
> 
> 
> 
> ...


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## Complainer (24 Oct 2008)

I'm curious as to why the OP is so determined to invest money to achieve  working for himself. There are many options for 'working for himself' that don't require investment, including many trades, and basic services such as window cleaning etc.


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## TheBlock (24 Oct 2008)

Complainer said:


> I'm curious as to why the OP is so determined to invest money to achieve working for himself. There are many options for 'working for himself' that don't require investment, including many trades, and basic services such as window cleaning etc.


 
Very good point. Keep the lump sum and start your own business Win Win.


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## Purple (25 Oct 2008)

Complainer said:


> I'm curious as to why the OP is so determined to invest money to achieve  working for himself. There are many options for 'working for himself' that don't require investment, including many trades, and basic services such as window cleaning etc.



We still don't know what skills the OP has so it's hard to give anything other than very general advice.


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## oldkingcole (25 Oct 2008)

My skillset would be mainly IT, have all relevant certs & experience for my particular discipline  and think (hope?) I could go back full time or contract without too much problems.

I dont _have_ to invest money in whatever I decide to do but would like to think the money would open doors that may be closed without the financial parachute that exists.   
Example, if there was a course for career X somewhere, I could afford not to work while I took the course, that would be another way of taking advantage of the lump sum so I would be investing in myself and not just  buying a car or a van. 

More then one person has mentioned spread betting to me, theres horror and success stories in this, is there a course for this or are books (recommendations for same?) and trial accounts  sufficient to gain enough experience to try it for real?

Advice and suggestions so far are very much appreciated.


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## Complainer (25 Oct 2008)

oldkingcole said:


> I dont _have_ to invest money in whatever I decide to do but would like to think the money would open doors that may be closed without the financial parachute that exists.
> Example, if there was a course for career X somewhere, I could afford not to work while I took the course, that would be another way of taking advantage of the lump sum so I would be investing in myself and not just buying a car or a van.


Don't limit yourself to doing courses. You could (for example) take a job in a coffee shop cleaning tables and emptying the bins if needs be, with the objective of learning that business from the bottom up, before you go and open your own shop.


oldkingcole said:


> My skillset would be mainly IT, have all relevant certs & experience for my particular discipline  and think (hope?) I could go back full time or contract without too much problems.
> 
> I dont _have_ to invest money in whatever I decide to do but would like to think the money would open doors that may be closed without the financial parachute that exists.
> Example, if there was a course for career X somewhere, I could afford not to work while I took the course, that would be another way of taking advantage of the lump sum so I would be investing in myself and not just  buying a car or a van.
> ...


Here's everything you need to know about making your fortune in spread betting http://www.askaboutmoney.com/showthread.php?t=94716&page=2


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## oldkingcole (26 Oct 2008)

Point taken.


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## mainasia (19 Jan 2009)

The key word would be 'betting'.


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## Bob the slob (19 Jan 2009)

chec out the little gym, seen a speaker on it few months ago, pm if u want mroe details


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## Bob the slob (19 Jan 2009)

Why not do a start your own business course? There is a good one with DCEB.IE in the College in the IFSC.  I did an Idea Generation course in there and it was very good.  Got a lot from it and helped me think of ideas.  Check it out at this link http://www.dceb.ie/event-calendar/dceb-training-course  Also check this book out, *http://tinyurl.com/9z4odk* its brilliant.  I read it.  I think its a great book for anyone thinking of starting a business.  

I think they are good starting points for you.


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## noelf (19 Jan 2009)

Franchise is like self help books, a total waste of time.
You will use someones idea and meathods to make money, but they make it before you do......
tatler he speak the truth gringo!
daveyjones is also right!
Bank it, put it under you mattress, what ever, but think long and hard about what you want to do.
By the way........
If you do decided to put it under your mattress....
Tell me where you live and when you will be out......... lol


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