I have money that's burning a whole in my pocket! Help!?
PS. No, i am not gonna give it to any of you guys. :)
Answer:
why wont you give it to me if you dont know what to do with it?..i can think of plenty of things!..lol
College tuition, IRA (Individual Retirement Account), down payment on a house. A car is a poor investment. If you need a car though, buy used from a reputable dealer. A new car loses much of it's value as soon as you drive it off the lot.
When you have money and you do not know what to do with it ..this means that this is excess money.. the best thing is to put it in a bank ..forget about it for a while .. and I am sure you will remember it when it is most needed..
OK, money you do not need right?
Inform yourself about the Stock Markets if you do not know enough already. Buy conservatively, watch the market, when you get the hang of it buy a bit riskierer etc.
When you have reached double the amount you invested, sell the worst stocks and put the money you invested into a bond. Then you have earned your risk capital and your investment is safe.
Carry on buying and selling your stocks and shares and if you make profit,periodically take some out and put in bonds. and carry on. So, you can only lose your risk capital. Worth a try ?
Good Luck!
Put it in the bank in a CD (where you don't have access to it for a few years) and let it grow. I think you can leave it in there for a minimum of five years. If you don't like that idea look at the things you may need for the house or for yourself (which may not be much since you're spoiled), Treat your self with a small amount of the money and with the rest of it treat your grandma to something really nice and put the rest in the bank. You seem like one who has a problem with spending money, if not, you wouldn't be asking for our opinions. It's hard for me to decide what to do when I have money too, because I think of playing lotto. Anyway, I'm broke now so I don't have that problem now, huh. Don't waste it on anything you really don't need. Don't squander, make wise decisions. Put the rest in the bank.
http://www.sharebuilder.com
You probably won't regret investing it, especially if you do your research on stocks first via Yahoo Finance!
Pick a few stocks YOU like, such as Disney or Intel, what ever, but be sure you KNOW they will be around for awhile, and don't have too much debt, check out their balance sheets for more details! :)
If you are pretty young, you will be VERY wise to put this money to work NOW for your future! :) You will be better off investing in stocks than a mutual fund, as you have a high risk tolerance due to be being so young, in other words, you have time on your side, use it! :)
A car is a depreciating asset meaning it will lost its value over
time. Try this Site for Ideas to put it into something that is an
appreciating asset (Increases in value).
http://www.realmoneyideas.com Go to the "Investments"
page for ideas. The SAFEST place is in an FDIC insured
Money Market account at an online bank that pays a high interest
rate.
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