I agree that learning the language well is a first priority. Your typed posts are not as clear and articulate as a typical business person would expect...not sure if that's just because you're in a hurry typing or if it's actually the best you can do.
As for the emergency fund someone mentioned, I would not have this in CDs...or if you do, you need to have several and stagger them. Emergency funds should be money you can get to fast and without penalties. 6-9 months of expenses is what I'd recommend.
As far as your business, you need to have some patience. You mention you don't have the background...go out and get it! Start slow and small, the mistakes are then less magnified. Remember that many successful business people fail their first time (Look up how many bankruptcies Donald Trump has been through).
As far as passive income, I favor rental properties. However, you do need some capital, so you'll have to save for this first. It's also helpful to be handy with tools and put "sweat equity" into the properties you buy. One way to get in is to purchase a 2-family unit, rent out one side, and use that to pay the mortgage. You'll probably have to live in a tiny and old place the first time to make this work...but it's an investment in your future.
One more tip...listen to Dave Ramsey on the radio weekdays. The time he's on varies based on what channel...some are tape-delayed. His main advice...don't borrow money.
Good luck.
I admit that language/communication is one of my biggest issue due to I am an immigrant. At the same time, I understand the importance of sales and communication for a typical business person, and especially for an start-up entrepreneur. That is why I chose Actuarial Finance as my focus, as it is more quantitative and technical. I also, as others recommended, watch financial television programs in most of my free time, just to throw myself into the environment of business language. If you have any other recommendations, please do tell me. I really would like to improve my communicational skills (despite my shy personality).
In term of CD, I chose 5 years for my emergency fund and partial of my investment, because I use foreign bank, which offers 5.5% interest rate. Although I cannot get it as fast as cash in saving, I took in consideration that I don’t need much money for, at least, next three years, even I lost my job. After that I will think of another way, a quicker cashing way, for my emergence fund.
I wanted to find some internship to gain more experience for my business, but unfortunately, I couldn’t find one. Thus, I am thinking using the time to self-study actuarial science and real estate and take the exams for license. (Of course I will keep finding internship that is related.)
I thought of rental properties as well, and that is the reason why I chose real estate as my business focus. I assume that it would be easier for me to get loan as a business compares to as an individual, same to taxation purpose.
As I mentioned before, I don’t have any student loan, I don’t want have debt as well. But I do think it is necessary for me to get loan for my business. Yet, the way I will do it is to keep my liabilities under 50% of my assets.
What I meant real estate and actual finance-related was similar to REIT, but in a smaller scale and in another form. I couldn’t provide more details because I am still in the planning stage.
Thanks for your advice; I greatly appreciate it. Please do give me others tips or advice that you could think of.
Make it a wonderful day.
