I have $500 spare!
-
@flaxking said in I have $500 spare!:
@JaredBusch said in I have $500 spare!:
@Reid-Cooper said in I have $500 spare!:
Have you considered starting your own business of some sort, fresh? $500 isn't a lot, but it's a good start on doing something of your own.
$500 is not enough to legally start a business in most US states. Canada is typically seen as even more expensive.
You could technically start a business fairly cheaply in Canada. If you operate under your own name and only do a limited amount of gross, you don't even need to register anything in some provinces. However, I believe Manitoba isn't quite as lax. Also, if you're physically performing service in an area, typically you need to get municipal permits in each area.
And most likely, doing work as a contractor through Upwork would technically mean you are operating some kind of business.
If you don't don't want to limit liability, you can start up for free in the US. But I'd not advise it.
Texas to start up is around $650. I think maybe Nevada is cheaper?
-
I put about $3000/year through my business and I still have to collect provincial sales tax
-
@flaxking said in I have $500 spare!:
I put about $3000/year through my business and I still have to collect provincial sales tax
Revenue has nothing to do with limiting you personal liability by using a proper LLC (US term) or such.
-
@JaredBusch said in I have $500 spare!:
@flaxking said in I have $500 spare!:
I put about $3000/year through my business and I still have to collect provincial sales tax
Revenue has nothing to do with limiting you personal liability by using a proper LLC (US term) or such.
Right, just sharing
-
$500 extra?
Lower my taxes now:
- 401K are you matching the match?
- HSA max it out
- Max out pre-tax 401k contributions.
Lower my taxes later
4. Max Roth IRA, or do a backdoor conversion if you've hit the cutoff. It's prior to april so you can still have the $500 count towards 2018
5. In plan Megabackdoor Roth (if your 401K plan supports this).Otherwise buy SPY etc.
-
@manxam said in I have $500 spare!:
Invest in TSX symbol WEED when it drops next and wait... ?
Up a little over $21k myself this year with very little invested initially.WEED: 30 million USD in Revenue. Zero profit, market cap of 21.55B.
I'd have to ask "are you high?"
While Weed will be a big market I don't see it honestly being that hugely profitable for growers in the long run. Retail stores can stock whatever they want, competitors can use delivery to get around your capital investment in stores, strains are not being patented, growing technology does't have enough IP to differentiate, and given the shelf life to oils/waxes/concentrates over lose leaf, I don't see how even having a "fresh" supply chain that's consistent is even that much of an advantage. It's a product that anyone can produce their own supply reasonably easy (This isn't like making industrial amounts of beer/scotch that require lots of storage space, or huge amounts of capital).
Their primary expansion is on the retail side, and they are trading up because retail prices went up (7 to $8a gram). Their valuation is tied to expansion opportunities, and I just don't think they will be able to establish a dominate heavy weight position in EMEA or the US. Their medical business is down on shipments quite a bit.
They are a growth company but nothing excites me about their balance sheet other than having lots of cash to do stupid things with (and drag down the stock price).
-
@StorageNinja : I don't care about the company, I care about the stock. Having bought a bunch at $12 , I've seen highs as much as $72 with an average of about $62 making for a decently performing stock. This value drops to 40-50 every month-or-so so it's an easy way to make some cash. One can likely make $10+ per share within a few week period. It won't make you rich but it's not a bad payout for no work.
Most researchers forecast a cap somewhere around $100 this year. Currently, growers cannot keep up with the demand here in Canada and many shops are suffering so there's definitely a "need" for their product.
-
@darrel said in I have $500 spare!:
and thru my connections in US
Hi Darrel,
Do you live in the US or in Canada, or somewhere else....... -
@JasGot said in I have $500 spare!:
@darrel said in I have $500 spare!:
and thru my connections in US
Hi Darrel,
Do you live in the US or in Canada, or somewhere else.......He is in Canada.
-
@scottalanmiller said in I have $500 spare!:
He is in Canada.
@JaredBusch said in I have $500 spare!:
@Reid-Cooper said in I have $500 spare!:
Have you considered starting your own business of some sort, fresh? $500 isn't a lot, but it's a good start on doing something of your own.
$500 is not enough to legally start a business in most US states. Canada is typically seen as even more expensive.
I guess it COULD cost more than $500, but it doesn't have to. It costs $50 to file Articles Of Incorporation for an LLC in Michigan and then $25/year to maintain.
The only restriction for non-U.S. citizens is that you cannot start an S-Corporation in the U.S. However, you can start a C-Corporation or a Limited Liability Company (LLC) in the U.S. without a problem.
So you can have a U.S. entity and it can be either a Limited Liability Company (LLC) or a C-Corporation. They can also be formed in any state that you wish, including one of the incorporation havens: Delaware, Nevada and Wyoming.
You can also structure the ownership of your company in any way you want. Both the LLC and the C-Corporation can be owned by you individually, by another U.S. LLC or corporation, or by a foreign company - and even by a combination of these options. This gives you a lot of flexibility.
You will need a visa to be "employed" by your U.S. company and receive a salary in the U.S., but nothing should stop you from working for your company for free (as an employee) and just collecting the profits at the end of the year (as a Member (LLC) or a shareholder (C-Corporation)). Naturally you (and in the case of C-corporation, also your company) would have to pay taxes in the U.S. To pay taxes, the company will have to obtain a Federal Employer Identification Number (EIN), which is a very simple process, and you would have to get an Individual Taxpayer ID number (an ITIN).
You will also need a "Resident Agent" with a physical address in the state of your incorporation. This can be a friend, relative, or even a company whose sole business is acting as "Resident Agents" for companies that need them.
As for the startup costs, they can vary. As I said, in Michigan, it's $50 to get started, $25/yr to stay in good standing. You can pay any one of a hundred on-line companies to do the filing for you, they range from $0.00 to several hundred. The most popular companies charge between $25 and $50 on top of the $50 fee from the State.
I can provide you with links to several resources at the State of Michigan (www.michigan.gov) if you choose to try this in Michigan. It's not hard...or costly.
Remember, the prices I have stated above are the only required startup costs. You can choose to spend as much as you want to get yourself up and running.
-
Here's a pretty good breakdown of business types available here in Canada.
Corporation would be the only one that provides a discrete legal entity for the business, keeping business liability separate from personal.
https://www.thebalancesmb.com/can-you-set-up-a-limited-liability-company-llc-in-canada-2948227
Depending on where you're located, there might be agencies or other resources to help with info and getting a small business off the ground. If you're in the Atlantic Provinces like me theres the CBDC:
http://www.cbdc.ca/en -
Put in on black!
-
@manxam said in I have $500 spare!:
@StorageNinja : I don't care about the company, I care about the stock. Having bought a bunch at $12 , I've seen highs as much as $72 with an average of about $62 making for a decently performing stock. This value drops to 40-50 every month-or-so so it's an easy way to make some cash. One can likely make $10+ per share within a few week period. It won't make you rich but it's not a bad payout for no work.
Most researchers forecast a cap somewhere around $100 this year. Currently, growers cannot keep up with the demand here in Canada and many shops are suffering so there's definitely a "need" for their product.
He might as well head down to the casinos if he's going to "invest" this way. The "stock" as you call it IS the company. That's how public markets work. Now I understand what you're saying in that you don't care about the underlying business and that you're just interested in the opportunity that volatility creates, but that's a dangerous game. And those "researchers" are just analysts at firms that make speculative forecasts based on a lot of variables about the underlying business and public sentiment.
I see you've made some nice money in this... Congrats. Just as fast as it can go up though, it can go down so be ready to lose it all next time if you don't time it just right.
