The $10k/$20k Challenge For 2011
As I mentioned earlier, my goal this year is to pool capital. I want to hoard cash and use it to take advantage of future investment opportunities that I think will arise in the near future due to economic instability and volatility. You need cash to buy distressed assets, so that is what we will work towards this year.
I’m going to issue a challenge to the readers here to do the same. The challenge is to either put away $10,000 or $20,000 depending on your income. Let’s say you make $100,000 or more, then your challenge is $20k. If you make under $100,000, then do either $10k or $15k (you decide).
This money should not include your normal 401(k) contributions or retirement savings because this is to be capital to be used towards a major investment or asset purchase in the near future. It might be a business, it might be a cash-flowing property, etc.
You can make money in a bad economy, but you need money in most cases to do it.
What do you think? Are you up for it? We start now, and we’ll provide updates throughout the year.