5 Things You Can Do With $30,000
Believe it or not, now that 2015 has come, the economic woes that began of 2008 are seven years old! Although the economy hasn’t recovered as quickly as we all would hope, Americans are finally to the point where things are looking up. (In December of 2014, the government announced that the economy is growing at a rate not seen in over a decade!)
Since the economy has recovered, more and more people are finding that they have a little disposable income.
So here are the five things you can do with $30,000:
- Buy a car – According to Truecar.com, the average price of a car in the U.S. is $31,252. If driving is something that’s important for your personal or professional life (i.e. you don’t live in New York City), then you should consider buying a new or used car. ()
- Pay down your credit card debt – According to CreditCards.com the average American household with at least one credit card has around $16,000 in credit card debt. Now, having a little bit of debt is ok but $16,000 is outrageous. Take some of your cash and get back in black.
- Go on a very nice vacation – Think back to when you were young, dreaming about traveling around the world. Well do it! Airline companies like the Star Alliance offer “Round the World” fares where you can visit everywhere you’ve always wanted to see
- Nothing – Ok. This may be a little cheating, but honestly, it’s what most of you are going to do. Nothing. It’s very easy to let money sit somewhere safely. No one is ever going to question your decision, as the decision not to spend money is often hailed as “fiscally responsible.”
- Open your own small business – There’s a myth in this country that you need hundreds of thousands of dollars to open your own business. That statement has never been true and it certainly isn’t true in 2015. This country is full of small business owners who have made a lot out of a little. Now, I’m not recommending the “start a business in your garage” route as those businesses fail at an exceptionally high rate. I’m talking about taking some savings and opening up a location of a well-established turn-key business that has proven economic success.
If you’re interested learning what it takes to open a franchise, then we
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Beware of Franchise Scams
A franchise is only as good as its brand name, which eventually determines the performance and success of other franchisees within the system. Aside from happy franchisees and a strong brand, another indicator of a strong franchise is one that utilizes a broad recruitment process, which at some point replaces the selling process so only the best prospects gain entry into the system.
Determining Your Priorities
At its core the decision to open a franchise isn’t a trivial decision. You are making a serious investment, but if you take all of the factors into account it can be an amazing one. But before you get there you need to sit down, analyze your needs, capabilities and limitations in relation to a franchise business. This could take a few days to consider or a few weeks or months. In either case, it is one of the most important steps in the franchising process, so don’t skip it.
How to Fund Your Franchise Acquisition
Even if you have all of the required start-up capital sitting in your bank account, and even if you have mentally prepared to invest a considerable sum into a franchise, you may be wary of risking your very bottom dollar for the new venture. There are alternatives, including raising debt or equity funding, but both of these options come with a set of benefits and drawbacks that you'll need to weigh carefully before committing to any particular path.