An Alternative to Stocks for Your 5% At Risk Capital
“Do not wait to strike till the iron is hot; but make it hot by striking.”
–William B. Sprague
“You don’t want another Enron? Here’s your law: If a company, can’t explain, in ONE SENTENCE….what it does….it’s illegal.”
Previously, I’ve discussed how if you truly have the itch to trade in stocks, then you should only risk 5% of your available capital in trying to hit a home run through trading. If you have that irresistible urge to tinker and to try to find the next Google or Apple, I have an alternative suggestion to trying to hit that home run through trading.
Why not try to start your own business on the side?
Note, I am NOT advocating quitting your job and starting a business. While it is possible to succeed this way, it’s extremely risky. From day one, you’re going to be desperate to make sales, and people will be able to sniff that out from a mile away.
What I am advocating instead is to take small chunks of your risk capital and try to start a business on the side. Enjoy painting? Try to sell something on etsy.com. Are you handy? Sell your services as a handyman. Have specific expertise in a topic? Sell consulting hours.
Did you know that, according to The Economist, 47% of the millionaires in the world made their wealth through entrepreneurship?
Here are a few guidelines to follow when trying this out.
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Jason Hull is a Fort Worth fee only, hourly financial planner who serves clients in Fort Worth, TX and Dallas, TX as well as serving clients nationwide.
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Hull Financial Planning is a Fort Worth, fee-only hourly financial advisor. The cities we serve in the Dallas-Fort Worth area include:
Arlington, Azle, Bedford, Benbrook, Blue Mound, Burleson, Colleyville, Crowley, Dalworthington Gardens, Edgecliff Village, Euless, Everman, Flower Mound, Forest Hill, Fort Worth, Grapevine, Grand Prairie, Haltom City, Haslet, Hurst, Keller, Kennedale, Lake Worth, Lakeside, Mansfield, Newark, North Richland Hills, Pantego, Pelican Bay, Rendon, Richland Hills, River Oaks, Saginaw, Sansom Park, Southlake, Trophy Club, Watauga, Westlake, Westover Hills, Westworth Village, and, White Settlement
Addison, Balch Springs, Cedar Hill, Carrollton, Cockrell Hill, Combine, Coppell, Dallas, DeSoto, Duncanville, Farmers Branch, Ferris, Garland, Glenn Heights, Grand Prairie, Grapevine, Highland Park, Hutchins, Irving, Lancaster, Lewisville, Mesquite, Ovilla, Richardson, Rowlett, Sachse, Sand Branch, Seagoville, Sunnyvale, University Park, Wilmer, and, Wylie
We also serve clients nationwide and can leverage technology to maintain our client contact and communication.
Hull Financial Planning, 2939 Crockett St. #315, Fort Worth TX 76107, (817)476-0584