What would you like do with $15,000?

FranticFrummie

Sun, Jan 09 2022, 9:34 am

Moonlight wrote:

Cryptocurrency is very volatile. I would suggest avoiding that

The volatility is what makes it so attractive. It's definitely online gambling, but if you understand how it works you can make quite a bit.

First, you have to be "in the know" and find out what new currencies are being introduced. Then you have to buy as much as you are willing to lose. Watch the trend and as soon as it seems ridiculously high, withdraw the amount you put into it, leaving the balance to grow. Even if you lose your remaining balance in a crash, you'll still have all the money you put in initially, so no real loss.

I wish I had money to play with like that.

amother

Oatmeal

Sun, Jan 09 2022, 10:15 am

Hi op
I’m in the same situation.

Bh I don’t have debt that needs to be paid off.
So I’m opening a Charles Schwab account. It’s free to open and maintain.

I’m putting 10k into a fund call S&P 500 and the other 5k into Microsoft Bec those historically yield steady gains of minimum 10% average annually.

I plan on adding to it monthly to increase my savings but even if you were to just leave it

15k initial investment
Let it sit for 20 years (that’s my minimum amount I’ll need it in for my children’s weddings iyh)
Average 10% gains
After 20 years it’ll be
$100,912

(Just to give you another angle, put that Same 15k in, but put into it 500 a month. At the same rate you would have 400k!)

The longer you let it sit the more drastic it grows as well as the more you add to it.

I have attached a calculator showing how I got to that.

https://www.calculator.net/inv.....;y=30

Please do NOT invest in crypto- extremely volatile and very few people actually gained from it.

Do NOT let it sit in savings - the dollar depreciates at least 3% annually so In essence you’d be losing money by putting into savings

Please do not feel guilted into giving it to tzedaka- you’re not even supposed to give more than 20%.

amother

Mayflower

Sun, Jan 09 2022, 10:18 am

amother [ Tulip ] wrote:

This isn't true for all the grants. I got two PPP grants for my business and I had to show how I used them before they were forgiven.

Ppp was initially loans.
The $15k SBA grant is completely different setup.
There are also SBA loans that are not forgiven and you have to document spending .

sara_s

Sun, Jan 09 2022, 10:36 am

amother [ Oatmeal ] wrote:

This is great advice! Only thing I'm not sure about is investing specifically in Microsoft. S&P 500 is diversifying much more. Personally I have thought of buying some Amazon stock though, because I do believe in their cloud solution, but it's just as risky as Microsoft.

amother

Mayflower

Sun, Jan 09 2022, 10:49 am

bisbettertheni wrote:

You can use the money as "owners pay" and just take it. So technically she can do whatever she wants with it.

It’s complicated. Bec I know ppl who wanted to do something like that snd were advised not to by their accountants
Like playgroup Morah was told there is very little she can safety use money for. Like can’t add on or pay own mortgage. Could rent diff location but explaining use of money is complicated.

amother

Oatmeal

Sun, Jan 09 2022, 11:03 am

sara_s wrote:

My Amazon stock isn’t performing amazingly… Microsoft has consistently been performing well, however that’s why I would keep my money mostly in S&P

SG18

Sun, Jan 09 2022, 11:04 am

FranticFrummie wrote:

Some cryptos are more stable than others. It's about investing and playing a bit, for sure- buying low and selling high- but the in the know aspect, the twitter hype ones, aren't the real investments that will last.

Each one works slightly differently, and there are times that are better to buy different ones- similar to stocks. DH creates portfolios based on individual situation ($ to put in, timing, etc).

I put in over the past few years. By only selling when it's high, and buying low,I've BH already made back all of my original investment, and still have the same amount of shares.

amother

Oatmeal

Sun, Jan 09 2022, 11:05 am

bisbettertheni wrote:

You can use the money as "owners pay" and just take it. So technically she can do whatever she wants with it.

This is the targeted advance. Not EIDL and not ppp. There’s is no tracking for it and no need to repay it. You can use it however you would like.

bisbettertheni

Sun, Jan 09 2022, 11:08 am

amother [ Oatmeal ] wrote:

This is the targeted advance. Not EIDL and not ppp. There’s is no tracking for it and no need to repay it. You can use it however you would like.

Actually that is not true. As taken from the SBA FAQ on The targeted advance.
Yes its true she won't need to pay it back and it won't be tracked. (But very likely the EIDL and PPP won't also "be tracked")

But regarding the below, it includes as many CPAs have clarified, owner's pay for self employed individuals.

5. What can I use the funds for?
Targeted EIDL Advance and Supplemental Targeted Advance funds can be used for working
Targeted and Supplemental Advance
capital and normal operating expenses that could have been met had the disaster not occurred.
Those include (but aren’t limited to) continuation of health care benefits, rent, utilities and fixeddebt payments.

https://www.sba.gov/sites/defa.....8.pdf

amother

Oatmeal

Sun, Jan 09 2022, 11:14 am

bisbettertheni wrote:

So you’re basically arguing with yourself.
Owners draw = whatever you want to do with it.
There’s no need to pay it back, and the sba will never follow up on how you used it. = you can do whatever the heck you want with it.

bisbettertheni

Sun, Jan 09 2022, 11:26 am

Correct, In my first post I said she could do whatever she wants with it if she considers it "owners draw/pay" so while there is technically rules, she could do whatever she wants with it, but she should "note" somewhere in her record keeping that it is owners pay.

and technically they can do a random sample audit and ask how it was spent.

amother

Mayflower

Sun, Jan 09 2022, 4:00 pm

cnc wrote:

The link doesn’t mention anything about grants. It’s for loans.

The grant program is over.
It was a targeted grant to specific areas.
You first applied for the loan snd of your address was in a targeted grant area you got a grant. Lkwd was in that area.
https://www.sba.gov/funding-pr.....vance