ima simple man and took a opportunity to build a house brand new and sell it and the land and after using a little for my down on the next place i live. i was wondering some good investment ideas for anywhere from 5,000 to say 30,000. of my money:)
2006-10-27 07:07:00 · 11 answers · asked by Anonymous in Business & Finance ➔ Investing
foxwoods???? nice 1 graham. thanks everybody else all great ideas.
2006-10-27 07:19:29 · update #1
Mutual funds are good and buying second mortgages are also good, there are also 6 month or less CD that will give you better than 5% return on your money without tieing it up for a long period of time
2006-10-27 07:13:02 · answer #1 · answered by ltb1950 1 · 1⤊ 0⤋
First, I would make sure you have at least 3 months salary saved up in the bank or in a money market fund for an emergency fund. (Some people say 6 months.) Financial disasters like getting layed off or sick happen to all of us.
Second, I would pay off all high interest debt. Pay off everything you can except the house mortgage and student loans. Paying off debt is one of the best investments you can make. You will have more money in the future because you won't have credit card bills to pay. (Depending on the rates, you may want to pay off the mortgage and student loans as well.)
Third, start investing in stocks, bonds, and money market funds. You want to buy a diversified portfolio of stocks, as individual stocks are too risky. For most folks this means buying mutual funds. I like Vanguard.com, other people like Fidelity, TIAA-CREF, and DFA. Buy no-load, low cost funds. If you are like most people you will invest part of your money conservatively, in money market funds and bond funds, and part aggressively in stock funds. Vanguard.com has an on-line questionnaire which will give you an idea how aggressive you want to be.
Investing in a mutual fund IRA for retirement may give you an income tax break. Talk to your tax adviser. You may also be able to invest in a stock mutual fund via a 401K plan at work. Since you are good at building houses, you might want to consider doing it again with some of your money.
Believing advice you get on Yahoo answers can be risky, so read these websites for further information. If you find it too confusing, contact a professional financial advisor. They will charge you significant commissions, however.
2006-10-28 05:53:05 · answer #2 · answered by Anonymous · 1⤊ 0⤋
John L,
It sounds like you are looking at short term with this investment. If this is so, you will probably want something that is safe and also will give you a little earnings in return. I would go to the bank or broker and consider buying a CD for say six months. It's safe and quick, you can't go wrong.
TDCWH
2006-10-27 07:18:28 · answer #3 · answered by TDCWH 7 · 1⤊ 0⤋
Foxwoods.
2006-10-27 07:12:55 · answer #4 · answered by s t 2 · 0⤊ 1⤋
some CD right now pays 8%
2006-10-27 07:15:00 · answer #5 · answered by Jason D 3 · 1⤊ 0⤋
High interest CD, or buy rental houses.
2006-10-27 07:14:59 · answer #6 · answered by safjbielabglv 3 · 1⤊ 0⤋
buy a fixer upper house paint it and repair it and by that time the market will be up an you will double or triple your money
2006-10-27 07:14:17 · answer #7 · answered by reno_tony_casino 5 · 1⤊ 1⤋
use it as a down payment on a hard money loan and do it again.
2006-10-27 07:09:54 · answer #8 · answered by Suu S 2 · 0⤊ 0⤋
What would some humility cost?
2006-10-27 07:15:44 · answer #9 · answered by Anonymous · 0⤊ 2⤋
buy a Porsche....live in the back .
2006-10-27 07:09:07 · answer #10 · answered by Anonymous · 0⤊ 1⤋