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Looking for a project/business idea.

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  • 15-01-2020 12:12pm
    #1
    MrMiata
    Closed Accounts Posts: 393 ✭✭


    I realise how stupid this post is/will be be.

    I'm 22.
    I'm in college.
    I'm also working part time in a supermarket.
    I live with my parents and commute about an hour each way to save money.

    I'm earning about €200 a week and spending €50 on petrol, my insurance and all that jazz is covered by the extra hours I work over the summer.
    My parents don't want rent, and I don't really spend my money beyond paying for college.

    So I've about €700 set aside with say €100 a week coming in that I can comfortably put aside (saving money for clothes, possible car repairs and what not.

    I'm looking for something to do that might make money in the future - not just a hobby or some stupid get rich quick scheme.. I just want to make something out of my boredom.

    Any ideas?

    I have some ideas (varying degrees of stupid).

    I'd love to buy one of those old little cottages that are going for like €30,000 and try and fix up the whole thing myself but I highly doubt I'd ever get a loan to do that or make my money back..
    I'd like to do it just to learn how, but that seems like an expensive hobby.

    I'm going to continue saving in the mean time but I've a lot of time on my hands and nothing to do.

    I'm currently a business which doesn't lend itself to anything in particular.


Comments

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    #2
    ironclaw
    Registered Users Posts: 8,004 ✭✭✭ironclaw


    You don't have the cash flow for property and if you manage to buy something for 30k, it's going to take a lot more to get it to a sale-able standard that's if you can even sell it and make a profit. Remember, there are fees all round for both buying and selling. It only makes sense if you have a good deal of liquid cash.

    If you have an interest in a particular niche, can be anything, and provided it can be taught online, you could look at teaching online. I have a course that generates upwards of 20kEUR a year and it's passive.


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    #3
    Irishphotodesk
    Registered Users Posts: 1,896 ✭✭✭Irishphotodesk


    Start a pension fund.... If you start now by the time you retire you can live comfortably.


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    #4
    Zamboni
    Registered Users Posts: 4,305 ✭✭✭Zamboni


    You don't sound stupid at all. Quite the opposite.

    I would avoid debt/loans/mortgages at all costs. If its worth having, its worth waiting.

    Take a second job - delivering pizzas/chinese etc.

    Looks at ideas like ironclaws mentions - have a couple of hundred put away for online stuff. You will need it for hosting, domains, shopify that kind of thing.

    At your age you can literally absorb massive amounts of information. I know you're in college but that doesn't stop you learning far more. Learn skills that will save you money in the future. Car maintenance, website building, adobe creative suite, growing your own food. Only you'll know what your interests are.
    You can gets tons of amazing content for free on YouTube.

    If you want to do up houses in near future, study home renovation and maintenance. Learn about domestic heating and waste systems, interior and exterior maintenance - do you know how to paint? minor electrical jobs? Install appliances.

    Go and get an SPSV license - easy for a guy like you to learn super quick and pass a relatively easy test. You'll never be short a few bob if you can drive a taxi - easily another 10 years before automation.


    Watch your expenses.
    50 a week on petrol is nuts.
    If you saved that 100 a week in 70-90 weeks you could buy a second hand Nisan LEAF and eliminate petrol costs and engine maintenance.
    https://www.donedeal.ie/cars/Nissan/Leaf?price_to=10000&sort=price%20asc&year_from=2013&price_from=1000


    Also what Irishphotodesk said - start a pension or at least open up an investment account. LEARN ABOUT COMPOUND INTEREST. EARLY. :D


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    #5
    onedmc
    Registered Users Posts: 455 ✭✭onedmc


    Great time to get started and build.

    I'm convinced that re-cycling or upcycling is the way to go. Like the guy that is taking old bike frames and rebuilding them to create e-bikes.

    With Upcycling, Raw material is cheap (or cheaper), if it sufficiently skilled to create a barrier to entry for others which then allows you to build a business.

    I always thought furniture recycling is the way to go, take old stuff repaint it or rebuild it, but with a little though I'm sure thers more.

    Maybe look to an evening course in business/enterprenure to help work thru ideas

    good luck


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