I have about $9k in the bank just sitting on a low 3% interest/month. I'm only getting like 25$ a month from it. I'm still a junior in college and I was wondering if anyone had any good tips on the best way to invest this money into something. I was told mutual funds, so if anyone has anymore info on this let me know!!
best way to invent money
- Thread starter kidrobot
- Start date
ColinEssex
Old registered user
- Local time
- Today, 23:13
- Joined
- Feb 22, 2002
- Messages
- 9,389
Give it to me and I'll give you 4%
Col
Col
chergh
blah
- Local time
- Today, 23:13
- Joined
- Jun 15, 2004
- Messages
- 1,414
Seeing as your still quite young I would invest it in a trip to Amsterdam.
If your not adverse to risk then some stock investing isn't a bad way to go, if you want to avoid risk then a certificate of deposit (where you deposit money for a set period) is probably worth a look.
If your not adverse to risk then some stock investing isn't a bad way to go, if you want to avoid risk then a certificate of deposit (where you deposit money for a set period) is probably worth a look.
Len Boorman
Back in gainfull employme
- Local time
- Today, 23:13
- Joined
- Mar 23, 2000
- Messages
- 1,928
Well I will give you 4.5% to start with
Okay so consider Risk.
We have IFA's Independant Financial Advisors in the UK who are required to recommend opportunities based on the Risk Level you are prepared to take.
In the UK some of the best rates are Internet Accounts else are there tax free bonds or similar.
Amsterdam is definately on the high risk side of safety.
L
PS if anybody does have ways to Invent Money I would be interested
Okay so consider Risk.
We have IFA's Independant Financial Advisors in the UK who are required to recommend opportunities based on the Risk Level you are prepared to take.
In the UK some of the best rates are Internet Accounts else are there tax free bonds or similar.
Amsterdam is definately on the high risk side of safety.
L
PS if anybody does have ways to Invent Money I would be interested
Len Boorman
Back in gainfull employme
- Local time
- Today, 23:13
- Joined
- Mar 23, 2000
- Messages
- 1,928
Just had a closer look at your post
If you are getting 3% per month then what the hell stay with it and how about me sending you some money and you pay me 2% per month
Heck I would borrow money in the UK to invest at that rate
L
Really? I found some online bankers that will give up to 5%, but I just don't feel like opening an account with another bank because I was to be fluid with this money and I know most bank will charge if I want to close my account. Just don't want to deal with all the hassles as well.
Jacob Mathai
Registered User.
- Local time
- Today, 23:13
- Joined
- Sep 6, 2001
- Messages
- 546
money market account will get you around 5%. It also provides liquidity (money is not tied up). You will be ahead by 2%. Just do some comparison shopping among banks and credit unions in your city.
currently I'm in a MM savings account with my bank. The real interest rate is around 3.5% (it is not set). So I guess I'll stick with it for now.
Well it is around 3.5% annually but it is compounded monthly.
- Local time
- Today, 17:13
- Joined
- Feb 28, 2001
- Messages
- 31,024
When it comes to investing, I've heard tons of advice. You need to know a few things to make good investments of any kind. You already know how much money you have to invest, so I'll take that as a "given."
First, how much of a gambler are you? This determines your acceptable risk levels for any investment. Think of this as "determining your risk ceiling."
Second, how much do you really WANT to make off your money? This will give you a growth or interest rate that is the "floor" to the return on your investments.
Third, think about how long you are willing to keep this money fluid but not directly in your pocket. This will define the nature of the investments you can - and can't make.
Having an investment amount, a floor on the return rate, a ceiling on the risk rate, and a time frame for the investment's lifetime will give you enough information to shop around intelligently. If you go to a bank, you might find that their investment advisors don't charge a fee for their advice. (They often get one-time commissions only when someone invests based on their advice - that's what's in it for them...)
Investing is a highly personal thing because of your tolerances for the various aspects of a very tricky and unpredictable business. Our advice of specific products and portfolios would not be right for you except by accident.
First, how much of a gambler are you? This determines your acceptable risk levels for any investment. Think of this as "determining your risk ceiling."
Second, how much do you really WANT to make off your money? This will give you a growth or interest rate that is the "floor" to the return on your investments.
Third, think about how long you are willing to keep this money fluid but not directly in your pocket. This will define the nature of the investments you can - and can't make.
Having an investment amount, a floor on the return rate, a ceiling on the risk rate, and a time frame for the investment's lifetime will give you enough information to shop around intelligently. If you go to a bank, you might find that their investment advisors don't charge a fee for their advice. (They often get one-time commissions only when someone invests based on their advice - that's what's in it for them...)
Investing is a highly personal thing because of your tolerances for the various aspects of a very tricky and unpredictable business. Our advice of specific products and portfolios would not be right for you except by accident.
wow great advice. I'm not too much of a gambler so I think I will look into mutual funds. Right now I guess I'll have to be content with my 3.5%.
Similar threads
