How can I use my $1000 to invest online and make my university dues out of it?
So I am a medical student and my annual tuition fee is $6000. Now I am a freelance writer on ODESK and I make around $1000 in 6 months.
I am here to ask the Yahoo community to help me learn some investment method where I can use my 6 month earning to invest somewhere and get a little profit our of it. Even a little would help.
I have heard of forex markets and tried to learn it but I couldn t understand the whole metatrader stuff. Is there any other Legit way that wouldn t scam me of all my hard work?
Thanks a lot!
- 6 years agoFavorite Answer
The safest option is probably a "social lending" / "peer to peer lending" website, such as Prosper.com (among others).
Alternatively, and pushing your luck slightly more, there's the stockmarket through an online trading platform such as Sharebuilder.com, etc... there's more risk of losing your money, but you can usually get away with it if you research the companies properly via either Yahoo Finance or http://caps.fool.com/ to learn what you're letting yourself in for, and stick with relatively "boring" well established companies such as CostCo (COST), WD-40 Company (WDFC), Coca Cola (KO), McDonald's (MCD) that usually offer slow but steady gains combined with a dividend payout you can re-invest to increase your holdings or whatever.
- JakeLv 76 years ago
It's probably not a realistic goal. though you didn't indicate how fast you wanted to make a 6X gain there are countless make money scams and courses exaggerating the earning potential. One of the better investments can be an established web site business, though there are a lot of made to be sold sites with no real traffic or revenue., typically the cost of a site is 5X to 15 X the monthly revenue, so profiting is not immediate at best.