I want to invest some money to hopefully make a good profit i have 8000 to invest what are my best options? x?A short CD. I found some for 7 days! I make a little on a money market. I made a bunch buying motorcycles (crotch rockets) less than 1000 each and sold them for 1500-3000 each! Find your niche! Buy land. Roth IRA's are a good option, they grow fast and you are not taxed on them when you take the money out after 55. Ethanol. With rising gas prices it will only increase the need for alternative fuels. Ethanol is what a lot of billionairs are putting money into these days. Immagine where gas prices will be in 10 years. It cant loose. Talk to a financial advisor - they will let you know, based on your criteria, what to invest in.
You want to be diversified, and you probably want some long term investments as well as something that is easily liquid, just in case. property
try to get some property or land Raw land can be hard to get rid of. So is real estate right now.
The economy is on the verge of recession.
If you must be in the stock market, buy into a mutual fund. They ae funds that hold a group of stocks which means you have less chance of picking a dud than if you buy 1 stock. You have to usually hold it 90 days to avoid a penalty. Alot of them have very good returns tho they aren't guarenteed. You are not going to like my answer very well, but here we go.
1) If you haven't use part of the money to go to college and finish your college degree. That is just the beginning of your learning. Turn off the TV, the Gameboy, X-Box, etc. Start learning.
2) If you have your degree or if you aren't inclined to go to college, start and contribute a $4000 to your 2007 Roth IRA, if you earned from a job $4,000 in 2007, then put another $4,000 in your 2008 IRA ion January. Continue doing this every year? But since you have it now and it is December you can do the 4,000 - 4,000 plan I spoke of.
3) Initially put all of your contribution in T Rowe Price's Capital Appreciation Fund - you can find it on the Internet, just search of T Rowe Price. I am not a salesman for T. Rowe Price; it is just a good fund. Later you can branch into other investments, but for the first 5 to 10 years stay with T Rowe Price. Then as you do number 9) and have gained knowledge, you can do more.
The rest of this is just for you to continue your good decision that you are now making.
4) Read the book "Millionaire Next Door" and follow it.
5) Learn to speak and write intelligently - without misspellings and "ya know" or "ah" practice, practice, practice. Put yourself in places where you have to communicate. Go ahead and fail, but learn from it.
6) If you are receiving any payments from your parents, cut them off! Make yourself hungry so you have more incentive to work hard plus work smart. Once you are successful, mature and happy with your life, you can take payments from your parents, but then you won鈥檛 want them or need them.
7) Build a "spending plan" and follow it. To do this read Dave Ramsey's "Total Money Makeover."
8) Two rules in one: Give to others and Pay yourself first. Find a worthy cause, charity or church that fits your beliefs give to it; plus, put money in a Roth IRA and savings. Do these first before you spend on yourself or pay bills. This is number one on the spending plan.
9) Study and Read about personal finance - don't rush into anything do it steady and regular - Good basic information at Smartmoney.com, Yahoo Finance, MSN Money, Fidelity.com, etc. Check everything out with multiple sources. Read the sources below.
10) Get involved in your church, your community, your school, etc. -- Build your network of friends, become a true friend, helping others and giving more than you receive. Think about what you can do for others, not vice versa. Read Zig Ziglar's books to understand this better.
If you do this and follow what you learn through this experience, you can be wealthy beyond your imagination. Always remember that wealth is the end product of a successful life. A successful life comes from more than just a successful financial life. In fact a truly successful life, will mean that finances are secondary, but they will come.
Go do it!
Source(s)
These are just a few of the books that I have studied:
Blue, Ron, The New Master of Your Money, Moody Publishers, Chicago, 2004
Kiyisajki, Robert and Lechter, Sharon L., Rich Dad Poor Dad, Warner Business Books, New York, 2000
Pryor, Austin, The Sound Mind Investing Handbook, Sound Mind Investing, Louisville Ky, 2004
Quinn, Jane Bryant, Making the Most of Your Money, Revised Ed. Simon & Schuster, New York, 1997.
Schwab, Charles, Charles Schwab鈥檚 Guide to Financial Independence, Three River Press, New York, 2000
Stanley, Thomas J and Danko, William D, The Millionaire Next Door: The Surprising Secrets of America鈥檚 Wealthy, MJF Books, New York City, 1996.
Tyson, Eric, Personal Finance for Dummies, 3rd Ed. IDG Books, Foster City CA, 2000 If you have a long time horizon (ie you can hold the stock for at least 5 years) the stock market is a good investment. If you invest via mutual funds or exchange traded funds you can easily buy stock in a large number of companies which greatly reduces your risk.
Try opening a brokerage account and investing in either SPDR ETFs (SPY) or iShares ETFs (IVV) both of which track the S&P 500 (a list of the 500 largest US companies). With one investment you'll own 500 stocks. You should check out Global Real Estate, they have some great investment programs. I use them myself, and I think they are the best. Check them out at ncinvesting.org Do not invest in stocks. Too risky for beginner! FOREX trading also is like a lottery for beginners. Do not start this gambling if you know nothing about stocks and FOREX trading.
Overseas investments would give you the highest returns.
Alternatively try to invest in someones business. You may receive up to 20% guaranteed interest a year. You will not get such high returns on stocks, mutual funds, bonds or CD's. I run my own business and my net profit is over 5% a month.
If you invest $8,000 at 20% APY, you will get back $19,906.56 in 5 years.
Some of the European banks are offering 7% to 14% APR (3-5 years deposits).
If you invest $8,000 at 14% APR, you will get back $15,403.32 in 5 years.
Email me at investment4us@hotmail.com for more information. I'll give you a valuable advice if you are serious about investing.Please don't forget to mention your nickname at YA.
Best of luck! depends on where u r. You can invest your in business that can earn profit and the lacation is suitable where you live. or you can invest in cash plus. |