I have a budget of 2 million. I work online in a hustle that is unpredictable i.e not a stable source of income. The bulk of my online hustle is at night. I have been wondering how best to invest my savings and have narrowed down to three options. I would like to know the opinions of ktalkers so that I can have a rough idea in making a good decision. Below are my options:
Import a Toyota HiAce and make it a matatu (long distance). This option appears good because I will have a more stable income if I succeed. I am also idle during the day on most occasions and can monitor it well because I am not an office guy.
Buy a piece of land in the outskirts of Nairobi. I plan on starting a family in 3-4 years and also have the dream of owning some real estate. The highest cost in real estate is usually land, and if I can manage to solve that problem now, I will have an easier time building rentals or my own house on that plot in future.
Invest in shares with the cash. The market has been cooling for the last 2.5 years and most shares are trading at a discount with attractive dividend yields. I have a small background in finance.
NB: I plan on making only one choice from the three and run with it. I face the same problem that most people face i.e not enough money to do all three. Which one should I start with??
I consult for businesses in the US. Not companies, just kawaida businesses e.g mini-marts, gas stations etc…nothing much…just working for a few clients when they need my services. As I said, the business is not stable…you make 70% of the income only when tax season approaches. Now, kindly help with my dilemma.
You may get some ideas, although even though by an American, some principles may apply.
Now it I may digress briefly. Your post has just given me an idea or two. What are the legal requirements if one wants to do some contracting work online in a similar way?
Does one need to set up a Limited company, with all the associated overhead, or you can do with a sole proprietorship.
What also is required by the client, say in the US, by their laws governing taxes etc…
Personally, I do everything informally and most of my clients are through referrals. All I need is an email address, skype, and a working paypal account. I receive their financial records, chat with these sole proprietors via skype and see the way forward. Basically, I diagnose problems in their business systems, do research for them etc. It is a diversified hustle.