BizWarriors Forum Is a Free Entrepreneur, Business and Start Up Forum

Connect With Other Entrepreneurs Online Today!
Dismiss Notice
Welcome to Our Community
Wanting to join the rest of our members? Feel free to sign up today.

Share This Page

  1. Federico.Gimeno

    Federico.Gimeno Entrepreneur

    181
    52
    28
    Well, as the title says, what would you invest $500 in?

    I won $500 in some sports gambling site, and now I want to put this money to work for me. Any ideas on what could be a good option for those dollars?

    Thanks in advance.
     
    bhu and setupdisc like this.

  2. rz3300

    rz3300 Entrepreneur

    125
    28
    28
    I think that this is a pretty good amount of money to really play with. It is enough where you can really do something with it, but not too much where you need to go the safe and low risk route. That said, I am not the best when it comes to risky investments, but maybe you might want to consider yourself a nice little wager and bet it all. That is something that I have always wanted to do. Or if you want to be more modern, a site like Lending Club allows you to get pretty good returns.
     
    setupdisc likes this.
  3. remnant

    remnant Entrepreneur

    206
    51
    28
    Sign up for premium membership in websites with such and watch your income grow. An example is wealthy affiliate and paid to click sites otherwise known as bux sites (beware of scams). The rest of the windfall can be used for an offline business like poultry rearing. Hope this is of help.
     
    setupdisc likes this.
  4. Vinaya.Ghimire

    Vinaya.Ghimire Entrepreneur

    292
    80
    28
    Congrats! I have never own any bets on sport betting. Can you please share about this site.

    What to do with your money depends on your skills and interest. You can start e commerce store and make more money, you can start offline business such as setting a shop. You can also invest this money on stock
     
    setupdisc and bhu like this.
  5. Bonyi

    Bonyi Entrepreneur

    104
    24
    18
    Congrats first of all on your win. For me, I will give my tithe first. Then go on to invest the remaining in an offline business and a little in an online business. Invest and see your money work for you.
     
    setupdisc and bhu like this.
  6. Ladyferoz

    Ladyferoz Entrepreneur

    194
    47
    28
    I would book a flight to Thailand, everyone needs to relax once in a while in order to regroup themselves. I think a lot of people are afraid to take time off because it will prove how expendable they really are.
     
    setupdisc and bhu like this.
  7. Federico.Gimeno

    Federico.Gimeno Entrepreneur

    181
    52
    28
    Thank you all for your suggestions, they all are real good ideas.

    @Vinaya.Ghimire, I won it in a local, Mexican soccer bet site (ganagol.mx).
     
    setupdisc likes this.
  8. MsTrepreneur

    MsTrepreneur Entrepreneur

    8
    8
    3
    What would I do with five hundred dollars? I would Pay for a year of my website domain, buy about ten boxes of merchandise at wholesale prices to put on my online store, & buy a ticket to the local business expo. Five hundred dollars can go a long way if u just think of the most basic elements u need to keep your business going. There are tons of other thing I can do with that five hundred dollars, and coming from me they're all "self help" business related.
     
    Ladyferoz, setupdisc and bhu like this.
  9. IndeXer

    IndeXer Entrepreneur

    9
    3
    3
    Wow $500, that's huge money bro, try to spend it wisely, I suggest you to come to Affiliatefix.com and buy Dojo, trust me, this will be the best investment you will make.

    Regards
    IndeXer
     
    setupdisc likes this.
  10. Lynda

    Lynda Entrepreneur

    27
    16
    3
    For $500? Pay for the domain hosting and mailserver for a year, get some ads and promotion booked and put the rest into reserves or hiring freelancers to do some of the development funding. I can't do all the coding myself! Alternatively it could pay for a designer to redo a theme and layout templates, since I'm an engineer and my designs skills are lacking.

    If I wasn't running a firm I'd probably put it in shares so I had a bit of a safety net.
     
    setupdisc and bhu like this.
  11. setupdisc

    setupdisc Moderator Entrepreneur

    294
    79
    28
    Anything you like that you know you can make a return on. All micro-investments add up and can be good for you and your business efforts.

    For an existing business, I'd suggest using it to pay off any unexpected bills left on-hold for any reason in full or in part to be in good standing, or for an individual entrepreneur, I'd use that money to buy small things that are guaranteed investments.

    For example, if you know that someone 100% needs to purchase something from the store and always pays a certain price for it...but you can get the exact same thing for them for less yet still make a profit on it, then make it happen. :)

    It won't be a huge investment, but it will be much more than if you tried to invest it as a minimum into a few penny stocks and were able to get something out of it or what you'd make after a year of leaving it sit in a money market account.

    Another way you can make money with it is by using it as a bulk equalizer. By this, what I mean is that items that you normally have to pay a premium for, you can offset the cost of if you can get what you need and usually spend more on in bulk with the money you have now.

    Everyone uses paper towels, napkins, bathroom accessories, cleaning supply items, and certain types of groceries from the store. If you buy these items in bulk, you always pay less for them from a few cents to a few dollars each.

    If you maximize this, then the money you would spend over the next few months would be less because you would already have everything you needed and would still be spending money on later, but would have obtained it for a lesser price in volume.

    You can make money with the first method if you do it, and save money with the second if you do that one. Either one puts more money back into your pocket for the long term, whether trying to save or trying to profit.

    Just be careful to only buy what you need or what other people are 100% sure to buy that you can sell to them, though. There's always a risk with everything, but the only downside to the risk is that if you end up with a product that you can't use to save money on yourself, then if you have to sell it to someone else who always wants it cheaper or not at all, there is a possibility of only breaking even or losing money on what you bought.

    It's best to always be sure you can sell it to someone first if trying to profit and buying things with what you won there, or at the very least, if they don't come through and flake out on you, that you can still use the items you bought at-cost and save money on having to spend on it to buy the same thing retail for yourself.
     
    bhu, Valerie and Federico.Gimeno like this.
  12. Valerie

    Valerie Entrepreneur

    123
    44
    28
    I could pay rent with that $500.00... so I probably would. However, depending on the situation, if I didn't have immediate bills to pay or appliances to replace, I would put it into growing my business. I'd invest in a decent domain and hosting site, make some business cards, and then save whatever remained for long term 'padding.'

    I like the idea about penny stocks and money markets, too. Not a huge return, but a return nonetheless.
     
    bhu and setupdisc like this.
  13. briannagodess

    briannagodess Entrepreneur

    188
    52
    28
    Hi! First of all, congratulations on earning that amount of money! Here are some suggestions I could recommend:
    • Save half of it and put it a savings account. This way, you have some funds to get into in case of an emergency.
    • Put up your own site or business site. With that money, it's more than enough to invest in a new site. It can pay for a domain name and hosting. You can also hire a writer for the site if you'd want to. In the end, you can earn some money if your site can drive enough traffic.
    • Invest some in the stock market. You can buy individual stocks for 5 to 10 dollars each.
    • Try out peer-to-peer lending sites. You just have to make sure that you're trying out a legit site.
    Good luck!
     
    bhu likes this.
  14. CheckTheNumbers

    CheckTheNumbers Entrepreneur

    38
    9
    8
    Considering my position right now, save/utilize it for savings. I am at a place where all I care about is having that extra cash pocket ahead of what I need, and once I have that, I have that extra safety net in place. I think too few people care about that and end up dependent because of it.
     
    bhu likes this.
  15. Biju

    Biju Entrepreneur

    41
    17
    8
    Be wary of your win. Winning tends to be more of a curse than a blessing. Never expect to win big in the long term. The trick to gambling is to know when to quit and walk away. Also, don't go over self-imposed limits. There is a reason casinos are a multibillion dollar industry.

    Anyway, as for the here and now, I would ultimately just put it in a savings account or use it help with any debts you may have. Or a secured credit card if you need to improve/build your credit.
     
    Federico.Gimeno and bhu like this.
  16. bhu

    bhu Entrepreneur

    31
    9
    8
    Congratulations and all good answers above. I would go a combination of tithe, savings, investments (business and stocks), expenses and a small treat for myself. This way all the bases are covered. For stocks, I have a mix of penny and regular stocks, although I'm curious to diversify into foreign currency, such as Swiss francs. I tithe to organizations which I have confirmed are valid, in agreement with my values and fill a need in the community. For instance, a local no-kill shelter for cats and kittens is my primary. I also contribute to the American Red Cross and Salvation Army, because they helped me out when I was evacuated for a hurricane back in 2005, so I want to pay it back so others can use that financial energy. So my tithing contributions are both local and global. My reinvestment in my businesses at the moment would be new technology hardware and software, primarily focused on security. Expense-wise, I'd pay ahead on one or two personal bills to give me some breathing room. And finally, my little splurge treat for self would probably be dinner out, maybe Chinese, Mexican or Italian, just to boost my spirits a bit and support the local economy.
     
    setupdisc likes this.
  17. Nikita

    Nikita Entrepreneur

    75
    17
    8
    I think it's best spent on what you know or love because anything other than that would just unnecessarily increase risk in my opinion. If you do choose to venture out of your comfort zone then maybe just treat it as something you are using for experiment and not necessarily investment, but that's not to say you won't be successful as that can entirely be possible as well. You can look into buying and selling since that's a good enough amount to buy a good amount of whatever product you think you can find for lower than the market price and that way you can be more assured that you can sell it for even just a little over half and still make profit.
     
    setupdisc likes this.
  18. pwarbi

    pwarbi Entrepreneur

    472
    130
    43
    Anytime I get an unexpected windfall like that I tend to just enjoy it. It might not sound like good financial advice exactly but you should have something to show from your win.

    This money is a bonus for yourself so carry on working like you did before, only now you can also have a bit of fun, and we all need that from time to time.
     
    setupdisc likes this.
  19. Villiam

    Villiam Entrepreneur

    12
    0
    1
    First, you should pay off any expenses you may have. Then with the remaining money I would probably pay web hosting fees and then try to sell products on my site. $500 is quite a bit of money if you know what to do with it.
     
  20. pwarbi

    pwarbi Entrepreneur

    472
    130
    43
    Isn't paying off any expenses or bills a bit boring though? I take the point that it's important to pay off any debts as soon as you can, but at the same time you also need to enjoy yourself aswell.

    If you can't treat yourself a bit when you've come into extra money, when can you?
     

Share This Page

Loading...
Similar Threads - $500 USD Forum Date
Selling Dedicated Servers from $49 USD ! - NL/SE - Express Setup - BTC, WM, PP - 24/7 Support Buy, Sell, or Trade Dec 14, 2015