How do I plan on what to invest or is it better to invest the money to payoff those high interest credit cards? thank you for your answer.
2006-10-31 07:31:13 · 11 answers · asked by houston t 1 in Business & Finance ➔ Investing
Definitely pay off your credit cards then start your investing!!!
Next...I suggest you start a ROTH IRA and put a mutual fund within that Roth. TO help you understand let me explain it differently...Think of an IRA as a wheel barrel.... this wheel barrel is nothing by itself for it just sits there. You need to make this wheel barrel work for you so you put something in it. A mutual fund is something you put in it. You want to fill your wheel barrel to overflowing for retirement !!
Once you start this IRA, you can now start to read up on the stock market... read read read !!!! Email companies and request their prospectus', it is free! read about the companies that interest you. After a while when you have more money to invest, you can find a company that you can buy directly from them without a broker. EASY EASY !!
Search : "direct stock purchase plans" and it will get you headed in the right direction. Heck... persuade friends to learn this too !! Remember ONLY YOU can make your future SWEET !! Get started NOW!!! But pay off those things that are socking you for interest !!
2006-10-31 07:44:58 · answer #1 · answered by Kitty 6 · 0⤊ 0⤋
There are a few ways that I would recommend. Since you have high interest CC, pay those off. Its better to pay off the Credit credit at 20% APR then to RISK it in the market.
If you want to invest...
ING direct has some mutual funds which you can invest with as little as 1000. Try the real estate fund. I have had high returns well over the average. Also if you want to invest in stocks or other funds open an account at Scottrade.com. If you want to open an account at either ING or Scottrade send me an e-mail because I can get you free trades or 25 posted at ING.
Sorry for the self promo there.
2006-10-31 17:29:39 · answer #2 · answered by moondawg1982 2 · 0⤊ 0⤋
I would open an online account at Scottrade.com, they have $7 online trades.
If you are looking for ideas on what to buy, I think the best way to get started is to find out what the best traders are buying. This is the idea behind the site http://www.top10traders.com - this is a free site that lets you create a portfolio of stocks with $100,000 in "play" money. Each day the site ranks the best performing portfolios, so you can see how your picks perform compared to other investors. You can also read posts on investing from the best traders, as well as share your own investing ideas.
Here are this month's best traders:
http://www.top10traders.com/Top10Standings.aspx
Good luck!
2006-10-31 19:29:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Pay off the credit cards. The interest on your cards will probably out weigh the profits from any investment.
2006-10-31 18:08:23 · answer #4 · answered by gregory_dittman 7 · 0⤊ 0⤋
If have credit cards they come 1st. Not going to earn more than that rate after tax on investments.
2006-10-31 19:21:46 · answer #5 · answered by vegas_iwish 5 · 0⤊ 0⤋
If you have credit card debt, you don't have $2000 to invest, you have $2000 to pay off your credit cards.
2006-10-31 16:19:39 · answer #6 · answered by cluckys_cheese_wheel 2 · 0⤊ 0⤋
Pay off high interest c.c and then when those are paid u will have that money to put towards investments
2006-10-31 15:39:23 · answer #7 · answered by Alexis221 4 · 0⤊ 0⤋
if your investing can outearn in percentage what your credit card is do the investing else invest in paying off your credit card
2006-10-31 18:06:57 · answer #8 · answered by lapsuslingue 3 · 0⤊ 0⤋
Try http://www.prosper.com
The online marketplace for people-to-people lending
You set your own rate. Earn a fair return and support borrowers you can trust. It's easy.
2006-11-01 21:32:13 · answer #9 · answered by Rena 3 · 0⤊ 0⤋
first clear off the high interest credit cards.
then rest.
2006-10-31 16:39:20 · answer #10 · answered by prince47 7 · 0⤊ 0⤋