2006-06-14 05:07:49 · 56 answers · asked by Eric Inri 6 in Social Science ➔ Economics
Invest it in a cash (or guilt as it is known) mutual fund, if you have a product like that in the US. This type of instruments gives you low returns, but the capital is protected, at least in India, it is.
The advantage of this kind of investment in India is that you earn interest if you remain invested even for a day, as opposed to Bank Fixed Deposits which call for a minimum period of investment of 31 days, or savings bank account which pay you interest only on the lowest amount in your account between the 11th and the end of every month.
Hope this has helped, all da best!
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2006-06-14 05:15:19 · answer #1 · answered by Starreply 6 · 8⤊ 2⤋
Invest it in the stock market do not take it out for anything and I will guarantee that that 10,000 will be one hell of a nice big huge fat retirement nest egg and any money that you get that you don't need put it in the market you will be amazed how you will end up with a small fortune don't be afraid of the stock markets ups and downs in the short term it the long run that will make you very wealthy if you can delay the reward you will be pleasantly surprised the market has been down this is a perfect time to get in but there is no bad time its not timing the market it is time in the market if I would have had this advice when I was your age I would not have to work for a living I am 43 so it is going to take this simple county boy 10 more years of investing and compounding interest to be a millionaire this is good advice please consider it
2006-06-14 05:28:08 · answer #2 · answered by delmonticoman 5 · 0⤊ 0⤋
I see alot of "Pay Your Bills" and "Invest". They are both correct but nobody seems to be elaborating from there so here's what I think.
If you have bills which are putting you in financial strain then pay those off completely. If there is any left then figure out the following. Is the interest I earn off of investing going to out way the interest I spend on my unpaid balances over the course of a year.
When considering the interest you are paying on your debt be sure to include the cost of inflation. If you get a 10% return on your investment but your debt interest is 8% and inflation is 3% you are actually losing 1% per year by not paying off the debt.
I know it all gets confusing but if you sit down and think about it... it will make perfect sense. Trust me!
2006-06-14 13:36:25 · answer #3 · answered by Mr. Charles 2 · 0⤊ 0⤋
24? Ok the answer is do something you always wanted to do but could never afford it. Why wait till you are 59 1/2 befor you enjoy it. Seriously you are young enough that 10k does not mean all that much. But if you must use it for your benifit, invest in yourself, find a buisness you like and have some knowledge of and start your own branch of it.
2006-06-14 17:59:38 · answer #4 · answered by the_iceman54 1 · 1⤊ 0⤋
Get on eBay and do a search for "LOT" plus whatever you are interested in. For example, I am into motorcycle parts. I might do a search like this:
"LOT" and "Honda parts"
That would return all the listings with "LOT" quantity of Honda motorcycle parts, possibly. You'll have to play with the search criteria to get the best results, but once you do, you'll find quantities of whatever you're looking for at a discounted rate. You buy a LOT of whatever and then you sell the pieces individually and make, in some cases, 10 times your money back.
You can make a living off eBay, just buying and selling items. Create yourself TWO eBay accounts. One to buy with and another to sell from. The reason being is so people do not see you buying cheap and profiting off of them. They can see your activities through feedback which is why you need two accounts.
Good luck. You could turn that $10k into $100k in a few months if you play smart.
2006-06-14 05:15:31 · answer #5 · answered by Mr. Lou Zerr 2 · 0⤊ 1⤋
Invest it in a year long CD account as you will gain around 5% interest over the year ($500) and then it will continue to compound in interest and be worth a lot in 41 years from now when you are supposed to be retiring. I'd also consider depositing money into it monthly to increase it's value.
2006-06-14 05:11:01 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I think that is enough for a down payment for a small home in some places or if you have college loans pay them off. Why not ? if you already have done that stuff, then why not just leave it in a bank, you never know when you might need it.
Oh, and do not give it to any of these people( i hope no one is that dumb)money like that does not come easy :)
2006-06-14 05:11:21 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I would pay off any bills you have, put back some in a savings account where you could also get interest, in case you get in a bind for cash. Then I would definitely invest what was left. Call and investment company, so they can give you the right investment co.,.....and when you draw some interest built up that you don't need, IM me and I'll be waiting for the loan...LOL!!!!
2006-06-14 05:14:05 · answer #8 · answered by americanhousewife2005 1 · 0⤊ 1⤋
Invest (stocks, mutual funds, etc), pay off any bills or debts you might have, put some away in a savings account, and maybe buy a little something nice for yourself!
And if you have some left over, send me some, haha!
2006-06-14 05:10:34 · answer #9 · answered by Candice H 4 · 0⤊ 0⤋
I would at least but about half of if that in an interesting building account. Try to pay off a few major or minor debts. Spend at least $1000 on mself.
2006-06-14 05:17:00 · answer #10 · answered by AriessGoddess 2 · 0⤊ 0⤋