Did you really just ask how many bikes you'd have to sell with an average profit of $1,000 in order to turn $10,000 into $100,000? Hold on, let met grab my 3 year old to help you out with that math
If you wanted to make $100k from $10k by flipping bikes at an average profit margin of $1k per bike you'd have to sell 100 bikes. Nothing mysterious about that.
just like baseball players ...fund managers have track records where you can see their avg returns over a period of time. Its called Due Diligence! Just stay away from annuities.
I might add that you can really get burned bad this way, but cryptocurrency is extremely volatile and it is possible to make a boatload of money quickly. Unfortunately it's possible to lose a boatload of money just as quickly. Bitcoin was trading for $28.7k about a year ago (Jan 21, 2021). On April 13 it hit $63.5k. If you'd bought $10,000 in BTC at its lowest point and got lucky enough to sell it when it hit the peak 4 months later you would turn your $10,000 into $22k. Then if you held onto that until July 20th and invested all of it back into BTC (when it was down to $29.7k) and held onto that until November 9th, selling it right at the magic moment it hit $69k, you'd have turned it into $51k. Since then BTC has once again tanked down to $42k and may easily dip back below $30k before it starts back up. One more rise to near $70k and a golden buy/sell transaction and you'd hit about $100k in just over a year at that rate. But you could end up with nothing. It's like racing in a WERA event. They say, "Never put anything on the track that you aren't willing to chuck in the dumpster at the end of the day." Same thing applies to dabbling in crypto.
I don’t know or understand Bitcoin. Therefor not too interested. I feel like if I went into stocks I could learn maybe. but I’ll stick with what I know, and that’s bikes. I half assed did it this year and probably moved 60-70 bikes. mid I put in a little more I know I could do 100. Was just wondering if there were other ways.
If you can make 20% net profit on bike flips, keep doing that because your risk is very small vs return. No fund or crypto can beat that because they can go to zero, a bike with blown motor has value no matter. I am an options trader my hand full of accounts I trade were up about 140% last year on average. But we typically have loosing years 1 out of 4 years, sometimes 30-35% declines. Stick with bikes, tax advantages with cash there too !
If you want to take $10K and put it in the market just to see what happens. Let's call it an experiment...you're looking for a decent rate of return, I'd look at taking that 10K and buying stocks that are in a price range that allow you to buy a few. spread it around some. Amazon, Tesla, and Google are too expensive per share for this experiment. This is $10K you're willing to lose, but also willing to risk with the chance to make some profit/gains on the money better than a tradtional CD or Savings account. Open an account at say, Fidelity, Schwabb or T. Rowe Price as an example and tell them where you want the money invested. They will handle the buys and you'll see your shares in your monthly statement, or you can check your account online. I'd suggest Apple, Walmart and Microsoft, Intel, AMD, as semi-conservative, but steady performers. Yes, I'm tech heavy there, I know. I also have some Starbucks just for the hell of it, and it's made me a profit. It's not gonna go beserk in a year and you'll be Jed Clampett. Deciding to get in before 2016 you could have done VERY well pretty quickly. We had a pretty damned good 3 year run. Now....different story. I've been in for the longer haul and that's where I've seen my growth. Just let it ride.
If you want to invest on your own the learning curve is kinda steep,if you hire someone,they charge fees based on how much you invest.Paging@mpusch
start by picking a favorite company or product... and placing your imaginary bet. Lots of websites to do this at. For instance https://www.nasdaq.com/market-activity/stocks/aapl
If you are in the sales business, there is no better way to keep making money than to buy more to sell more. Plain and simple. And the risk IS WAY LESS. You can always just take that 10g and buy another bike and keep putting the 1g profit into a savings account where it can't be lost by a market crash.
Stick with what you know. If you expect to make more than 7% return per year with stocks, you really have to be lucky. I know 20% per year is not uncommon for the past few years, but those days WILL come to an end and 7% will start looking pretty good. Your bike sales profit sounds very good.
The profit put into a savings account will be destroyed by inflation,better off burying it in the backyard
take a few thousand of the $10k ya have, and add $100 a week. put it into a well diversified mutual fund. Vanguard is a good no fee company to do this with. Doing it every week takes much of the risk of trying to "time the market" out of the equation. A mutual fund (you can get some advice on which kind, one that follows S&P, dow jones, emerging markets, tech, etc) will also take some of the guess work out of trying to pick a few individual stocks.. keep makin bank on the bike flips too as it's something you know. Like you, i know zip about the stock market, and would much rather be riding a dirt bike than worrying about my stock portfolio...
Take the 10k and invest in a bike/bikes to flip. Take the profits from that and invest them in mutual funds. That way you are building a nest egg for when you're old and physically CAN'T flip bikes anymore. You know your local bike market probably better than anybody on here, so If you can make that kind of return flipping them, and skimming the profits to put away (where they generate 7-15% in the market) without ever touching your 10k principal you will be in a great spot in about 10-15 years. There are also tax benefits to packing the profits away in registered accounts. I don't know what exactly those are down there compared to Canada so I'd consult with a financial planner in your area. You could also turn that 10k into 100k by flipping some bikes with full gas tanks.... Or you could also just follow the other investing thread here and short whatever stock Motion says he just bought .