Should I play the stock market? Need 100k to start a farming business?
I want to get in the microgreen and green house industry. The kind of land I need to do this is 100k minimum. I actually do have that much in 401k but that is for retirement and if/when I become low income I won’t be saving more.
So far I only have 20k towards this goal. Should I put it in stocks. I am desperate to start this business and can’t stand working in an office for 5 more years to finish saving.
- AmyLv 74 months ago
No, the stock market is not the place for money that you "need." And it's certainly not going to quintuple your money in 5 years.
You need to seek out venture capital funding. If you have a good plan that the experts believe has a chance at being successful, then they will invest in your business. And if you have a lousy plan, they'll let you know before you throw away 100k.
- ron hLv 74 months ago
Have you ever been around the farming business? Warren buffet won't invest in companies he doesn't understand.
- StephenWeinsteinLv 74 months ago
No. You shouldn't put money in the stock market if you are going to need it in less than 5 years. And don't expect 20k to become 100k. In that short a time period, it is unlikely to more than double and is likely to go down in value.
- John AldenLv 74 months ago
What makes you think you can pick a stock and turn it into 100K in less than 5 years?
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- EvaLv 74 months ago
You don't put money into stocks that you can't afford to lose. There's no guarantee you'd make money nor how long it would take. Start small with the business on the side and let it grow as the income from it allows. You don't need the big plot of land to start with.
- 4 months ago
You should expect a return of 7% or 8% by buying the right stocks (less if you don't know what you are doing). So you should have your $100K in 40 years or so. People who "play" the stock markets are called gamblers and they are also called broke.
- AlexanderLv 74 months ago
If you take money out of your 401k as a loan and can't pay it back on time, with interest, it will be taxed as income. The stock market is highly volatile, especially so right now. Your dream job may be impractical for the present.
- JudyLv 74 months ago
NO! To build 20K into 100K with any degree of safety that you won't lose it all would take maybe 45 years. And pulling the money from your 401k would be a very serious mistake - like you say, that's for retirement.
- Wayne ZLv 74 months ago
The chances of turning $20k into $100k within 5 years are remarkably slim.
You are more likely to lose $20k than make $80k.
- DavidLv 74 months ago
You should consult a professional financial advisor.