How can I make some money?
I was recently left $25,000 from a family member. I'm 22 so I planned on just putting it n the bank and saving it for the future, but I'm looking for dome ideas on how to turn it into more?
- 1 decade agoFavorite Answer
Im 22 also, If i was you i would learn about the stock market, make an account on one of the online investing sites( E trade, Scottrade, etc.) starting with 10k of your own money and 10k from margin(there money). Use the 20k(10k of your money) to invest in some strong companies such as AT&T (T) Verizon (VZ) Bank of America (?) Nike (NKE) Mcdonalds (MCD) General Electric (GE) Lorillard (?) ------lorillard makes tobacco products(Newports) if you look at their stock it goes up EVERY YEAR ........ all of those stocks are great LONG TERM stocks.[ if you divided 20k in all of those stocks you would be 20x ahead of 90% or all 22 y/o's] Here is the tricky part though....WHEN TO BUY...1st i would WATCH the stock market....AS OF NOW... the stock market is basically at a peak....THE ECONOMY IS WAY WORSE than anyone wants to admit. over the coarse of the next year these stocks will more than likley fall, if i was you i would try to buy them really low. Patience is key.
As for the other 15k, i would look online for a AWSOME RATE on a CD (certificate of deposit) for a long period of time, probably about 3years. Depending on you financial situation, maybe you will need 5k savings for an emergency, not sure. That is just what i would do, if i had 25k laying around.
- nunneryLv 44 years ago
Since you're 15 years ancient (how did I recognize that?), in the event you make investments that $a thousand right into a progress mutual fund (some thing just like the Muhlenkamp Fund, MUHX), it'll most probably earn 14-15% a yr over the long term, so in the event you forgo any further "eletronics" (no longer certain what they're, LOL!) your $a thousand would with no trouble develop, all on its possess, to be $a million,000,000 by the point you're sixty, with out you doing ANYTHING. Please print this reply out and reserve it. Maybe you'll come throughout it whilst you're 60, broke, hating your activity and surrounded through ancient garments!
- 1 decade ago
invest in stock,
buy into a franchise,
put the money in a CD account so it can collect interest
be careful not blow your money and always seek the opinion of an experience advisor before making any decision...and oh yeah be careful who you tell about your money....people will think of any reason to get their hands on it!