I have an extra $8,000.00 that would like to invest. Right now they're sitting in the bank in a checking account, this means no interest at all.
Can somebody advice me in which is the best way to invest this amount of money???
2006-10-10 08:51:22 · 5 answers · asked by schila 1 in Business & Finance ➔ Investing
If it is truely extra that you do not have any current need for, then think about putting it into a mutual fund for starters. That however is a long term investment. Also consider using a Roth IRA as the vehicle. You can put $4000 a year into a Roth IRA account and all earnings is tax free for ever or untill the government changes the law, which ever comes first.
Mutual funds allow you a diverse pool of investments that reduce your specific risks of putting you money in just one or two investments. There are several decent choices out there. There are also quite a few that are not so great.
Among open ended mutual funds, here are several to consider. Pennylvania Fund has a good long term record. It invests in small cap stocks. Bruce Fund is another that has an excellent record. It is a smaller fund that you can find on the internet. It also invests in smaller companies. You can add funds to these as more funds become available.
But really you should first begin by learning more about investing before you begin. Go to your library and see about checking out a couple of books on investing. Investing for Dummies is a decent book.
2006-10-10 09:27:40 · answer #1 · answered by Anonymous · 0⤊ 0⤋
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2006-10-10 17:04:42 · answer #2 · answered by stock.trade 1 · 0⤊ 0⤋
I have always believed in property as an investment - check out this site
http://www.free-legal-document.com/become-a-landlord.html
and see if it gives you some answers
2006-10-10 11:36:14 · answer #3 · answered by finn 3 · 0⤊ 0⤋
You might try certificates of deposit (CD's). They're safe like a savings account but pay a bit better interest.
2006-10-10 08:54:41 · answer #4 · answered by nursesr4evr 7 · 0⤊ 0⤋
Just mail me a check. I'll take care of it.
2006-10-10 09:05:38 · answer #5 · answered by Genius 2 · 0⤊ 0⤋