Is IT the the best bet? To get wealthy?(assuming that's your only skill)
If you own nothing, except for 100k in savings. None of your family members own any assets, or don't control any resources in the world. In that scenario is IT your only way out of poverty? I mean something like creating the next big social network or app for mobile phones, or starting and running a IT company that servers other businesses will have much greater chance of success tham anything else at this point in time, right? Or can you tell me otherwise?
Probably your best bet to get moderately wealthy. The salary cap is probably around $500k a year if you get into a very senior position, which is lower than in fields like consulting, banking, and law. Consulting and law tops out at around $1-3 million/year, and finance can be pretty much limitless but unless you're insanely smart and insanely lucky you're probably looking at around $1 million/year.
Keep in mind it's a very very competitive business, so yeah, unless you actually invent the next Facebook your most optimistic scenario is owning a software firm making shit for clients, which in itself is not at all easy task, too.
Running your own IT is the best bet, working IT for anyone else is a low ceiling death trap unless you get into sys admin (your co-workers will be autists) or security.
You'll want to start by buying about $50 in tools (basic laptop repair kit, basic tablet/phone repair kit, sata to usb, flashdrive to boot puppy linux), and make online ads on any sites you can find.
You'll also want to make a website and e-mail address specifically for the setup, but don't drop any money into them yet. Make a gmail account and a wordpress website, once you get going and have decent experience you can drop $20/month into changing your gmail and wordpress into your own domain and your own @domain to be more professional. You should also consider using Google Voice for a forwarding phone number that only goes to voicemail, this way you can put a number on your site but never get bothered on your own line.
I know this because I'm doing it. Also don't operate in northern-central MA, I'll cut you for getting in on my turf.
I should specify that this is for grass-roots company building with minor funding, and my personal model is for a side income. You have 100k, so you can change the plan accordingly.
My advice is once you get more and more clients you can start using that 100k towards leasing an office to get a lot more customers, then start hiring teens for $9-$12/hour to fix shit that pays you $50-$100. Then once you've gotten your name out there and you're a recognized company, you shoot for deals with local or major businesses.
I'm small time at the moment, so no. I have a software engineering career and haven't needed to take risks on this business yet so it's stayed small-time.
Always a good question. You have 100k so you can do proper advertising for the computer inept without worrying; yellow pages, newspaper ads, flyers. Talk to local companies about joint advertising, or see if they'd allow you to keep a stack of business cards by their register (they may charge for it). Make sure to try it at small businesses, as CVS/Staples/etc managers will ignore you or want 10k for useless shit.
Once your website has its own domain (since you have funding, you might pay someone to make it right), you should spread the word of it as much as possible. Make a facebook page, mention it on forums, buy advertising on pages. The more your site is mentioned online, the better your options of showing up on Google searches.
Let me give you a more real world example in the year of 2015 from personal experience:
>try to get past security into an office building
>enter one company on one floor
>"hello. i've great news for you!"
>gate keeper proceeds to yell "SECURITY!"
>enter a company office
>"hi. we have a great deal in your building.."
>"no. we already have IT. Go away"
Then evil cycle of SECURITY and GET OUT repeats and reapeats
But IT/Software people with the people skills and initiative that would let them reach the elite levels of consulting or law don't stay as IT guys.
I know plenty of people who work in finance or law who make a lot less than similar level software developers. That's your probably outcome (moderately wealthy).
But I also know plenty of software people who basically grew out of software mid career. They get into management and end up as CEO or CTO. At a decent sized company, those people make good money. It probably won't be you.
Op has 100K. That's enough to take out a mortgage on 4 homes. I think Op should buy 4 homes, put tenants in them, live in the garage for a couple years until they pay down the mortgage, and then live in one of the houses in comfortable retirement.
Gradual growth and expansion, yes. Making 200k-500k annually with your own IT company isn't easy, it'll take 20 years to get good fully lucrative. If it took less to make a decent company with semi-normal resources, more people would own multiple companies.
Would you consider moving to another city if say the one you currently reside in is already taken over by others? I mean move somewhere where there's lots of construction og condos and office building going on?
Depending on my expertise and the difference in cost of living. Your best option, with 100k, is to drop a chunk into two duplexes in a decent area with low housing costs (southeast USA, but avoid hurricane coasts). Live in one unit, rent out three, and you'll have passive income to keep you afloat while you work on your business.
Moving for a chance of success is a risk, so secure another advantage.
That sucks dicks, and would greatly increase my chances of moving if I had the capital. I stand by the real estate option; the biggest problem in starting a business by yourself, with the business as your only source of income, is your profits are hit by your living expenses. Buy two duplexes, rent 3 units, and you can negate your housing cost so your profits go towards the business.
As for the non-compete contract, if you're not of a legal mind, read it AT LEAST seven times, over the course of multiple days, and it'll start to sink in. Make sure you know all the details, or your employer might own your company (there may be a clause that they own your rights relating to the field for up to 2 years after your employment).
Also, you might as well be a douche and make those contracts yourself when you hire people at your business, since you're going out of your way to move into a new area.
Here's the thing man.
What you think IT is and what IT actually does is different. An IT guys is usually somebody that fixes physical computers and does a lot of networking/server stuff. What your taking about is a computer science/software development major.
There's a lot of languages you can learn in software development but the one that pays the most is objective-c which is used for apple app development. Objective-C coders regularly average 100k a year salary. However I can tell you first hand that it is a very though language to learn. If you want to make the big bucks like others have said in this thread its better to do cyber-security which can pay around 250k after a masters degree but you will only see wages like this in places like SanFran where the cost of living is super expensive also.
TBH if I had a 100k and a time machine I would go back in time and do biology at a 4 years state school and take the MCATS. I could have been a doctor but I always said med school is too hard without even taking any med classes.
My co-worker got an inheritance from his parents and he left the IT world 2 years ago. He is in his first year of med school(he only had to take 1 year of med classes since he already had a 4 year degree). He told me that the same amount of work it takes to pass the MCATS is the same amount of work it takes to get your CCNA and .NET certifications.
IT is balls man it really is. The only IT jobs that make money are fucking sys-admins and those guys are fucking weirdos that sit around and configure routers all day at work and in their free time at work.
With software dev you will be forever stuck working in a cubicle with no chance of a raise as the market is FLOODED with fucking currying smelling piece of shit Indians who work for 20 bucks an hour and live in a room with 30 other guys. They bring down everybody wages since they get paid in dollars but their cost of living is in fucking rupees.
I don't recommend IT to anybody
Med ain't for me.
Not sure why you don't like IT.
People I work with are alright.
Software dev can be also a part of your IT business. "We offer business software development for law/accounting/energy/etc. companies"
How would you set yourself apart from other companies?
I see a lot of ads online that offer "$50 flat rate!" for basic repair.
Another example is with a bigger company. Assume other company resells fiber at decently low prices and other services. How would you - being a brand new player in the field of bigger guys - compete with them if you have much less experience and customer base.
No, IT is being taught in middle school these days and every indian and chinese person in the world (aka 30% of the world's population) will do IT work for less than you
If you want easy wealth study Accounting. There will never be enough Accountants to satisfy the Sarbanes Oxley needs
I disagree. There will always be a demand for passionate and talented IT workers.
One of my local shops is always looking for technicians. They struggle to find people who know what they are doing.
Same applies to a local web development firm. They are always looking for talent. They have been running employment ads for a long time now.
I know a lot of people in IT who have been to university and have years of experience who lack the ability to fill most jobs.
>IT is being taught in middle school these days
So being taught how to use MS office or introductory programming is somehow going to replace the professionals in the industry ?
>every indian and chinese person in the world (aka 30% of the world's population)
Like call centers with scripted support and outsourcing shit-tier web sites or apps ?
Their services fill a need for people who want those services at a discount. Show me 1 top-tier app or website that is 100% outsourced.