I have some money about 15K and i want to invest it somehow. Can anybody give me any ideas? Please don't say stocks because i don't have a clue on that.
2006-08-25 01:17:07 · 8 answers · asked by Yandel 2 in Business & Finance ➔ Personal Finance
Look like you are a risk adverse person. A few questions you may want to ask yourself.
1) what is this 15k ultimately for?
2) do you need this fund in 3-5 yrs?
3) can you leave by without this fund?
If this is your retirement fund, and you will be needing the fund in short term, and it will cause you significant hardship if this fund is taken away. You are better off putting the money is high yielding checking account like ingdirect or hsbcdirect. They off great return compared to traditional checking account.
If you want to take on a little risk, invest in some bond fund, it will give you a little better return on your investment without the exposure of stock market volatility.
Hope this help.
2006-08-25 02:27:07 · answer #1 · answered by jloh 1 · 0⤊ 0⤋
It really depends on your timeline, age and risk tolerance.
First thing you should do is pay off any consumer debt.
Second, open a Roth IRA and fully fund it for this year.
Third, establish a liquid savings account at a high rate bank and keep 3-6 months of cash on hand for emergencies.
Fourth, if there is still money left, you should invest it.
If you have a long time-line (more than 7 years) you should invest it into equities. Since you are not interested in individual stocks, and I wouldn't recommend them for this amount anyway, you should look at mutual funds. If this amount is earmarked for retirement I recommend the Target Retirement Funds from Vanguard. They are balanced funds which are allocated based on your retirement date and automatically become more conservative as you get older. These are perfect for someone who doesn't know and/or doesn't care about actively investing their money. You can also use them for shorter term investments, just choose the date that you anticipate needing the money.
For short-term needs (less than 3 years) you should keep the money in cash or bonds. You can get good rates at HSBC, ING and Emigrant or you can open a money market account. If you are in certain states and in a high tax bracket, you may consider a muni-bond fund. This way you can avoid paying state taxes on the amount. Otherwise a good total bond fund would work.
Good luck to you and I suggest you start doing some reading. I have included a link to my resources page that has some book recommendations for beginners.
2006-08-25 10:43:38 · answer #2 · answered by personal_finance_101 3 · 0⤊ 0⤋
you should speak to a financial planner.
Mutual funds are an excellent way to invest. a mutual fund is a collection of stocks instead of investing in one stock only. a mutual fund can be a safe and easy way to earn a profit.
good luck!
2006-08-25 08:27:33 · answer #3 · answered by Silberswarz 2 · 0⤊ 0⤋
15 k is a small amount .better invest in a bank for a longer period say 6 years minimum and get at least 12% overall.if u need u can even take a loan
2006-08-25 08:22:19 · answer #4 · answered by Bhahagyam 4 · 0⤊ 1⤋
Read some investing tips on this site
2006-08-25 08:26:03 · answer #5 · answered by Anonymous · 0⤊ 0⤋
invest in dope... find some young guys you can trust and buy some dope and have them run it. you won't have to touch or hold any of it and you'll make way more money (and faster) than the stock market or anything else
2006-08-25 08:36:51 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Buy some no-load mutual funds. Or start an IRA if you don't have one.
2006-08-25 08:23:03 · answer #7 · answered by IT Pro 6 · 0⤊ 1⤋
Donate it to charity and karma will come around and reward you. There is a great charity call ME and you can donate it to me directly.
2006-08-25 08:24:16 · answer #8 · answered by Mya 5 · 0⤊ 2⤋