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A place for Get Rich Slowly readers to ask questions
and exchange ideas
It is currently Thu Apr 24, 2014 7:11 am




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 Post subject: Getting a chuck of money from a dissolved business relations
PostPosted: Wed Apr 03, 2013 4:25 am 

Joined: Wed Apr 03, 2013 4:19 am
Posts: 1
Hi,
I will soon be getting a chuck of money from the sale of land I owned with other interests. My new job leaves me short about 20k a year (6 kids one income). I would like to put the money to work earning me money and not spend the money on living. My idea is to purchase equipment and do side work nights and weekends. Is this a good idea or should i use it to pay down debt and continue on. I have spoke to several people i respect and they think that the side business is a good thing to do from a tax perspective and income. Just wondering what you folks thought.


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 Post subject: Re: Getting a chuck of money from a dissolved business relat
PostPosted: Wed Apr 03, 2013 9:04 am 

Joined: Fri Sep 12, 2008 12:29 pm
Posts: 1562
Location: Seattle, WA
You need to lower your expenses. Increasing income is all well and good, but especially when the increase is a side-business (non salary) it is not guaranteed, and the one you're considering requires capital expenditures. Your best bet is to do both - find ways to decrease your expenses, right away; and find ways to increase your income, both at your day job and "side hustles".


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