I have 15k, I want to turn it into 20 with in a year, how can I do this? Also, once the goal is achieved how should I invest?? I'm so dumb with money at this point what should I do?
2006-12-27 08:16:17 · 9 answers · asked by Anonymous in Business & Finance ➔ Investing
It is certainly possible to turn 15k into 20k by the end of next year. It is also possible to turn 15k into $20 by the end of next year. Be careful or the latter is more likely to happen than the former.
First thing to do is go to your library or book store and obtain a copy of "Investing for Dummies". It is a good introductory book on investing. It should help you out.
Initiailly, you should not attempt to to make 5k on a 15k investment. It is just too risky. A more realistic goal would by 17k in one year. Very achievable provided the economy does not tank. What you want to avoid is turning the 15k into $20. That would make you very unhappy. There were a lot of investors that in 2000 turned more than that into $20 and even less.
2006-12-27 08:41:18 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I was in your situation not too long ago. The key to learning how to invest is to understand your financial goals and objectives and how much risk you can tolerate. From there, pick up some literature on investing. Learn about the fundamentals of investing. You can find these books on Amazon.com. Read their reviews and decide which book is best for you. The more you financially educate yourself, the better you'll be at making more informed decisions with your money. In addition, make it a habit to visit popular financial websites like finance.yahoo.com, morningstar.com, kiplinger.com, etc... These websites provide excellent material that will help you get jump-started. If you're not sure what to do with your money now, open up an online HSBC savings account. The current yield is 5.05% so you can make $60 on interest each month while you are educating yourself on investing. Best of luck with everything!
2006-12-27 16:35:34 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You can give a shot with Vanguard. I believe that for the last 15-20 yrs or so their rate of return is in the range of 9-11%. I Suggest that you check that info before you make the move.
2006-12-27 16:30:42 · answer #3 · answered by alpha & omega 6 · 0⤊ 0⤋
Hey, you're making a good start just by knowing you want to wisely invest. I would recommend the book "Investing For Dummies" (available at the below link) for a start. It'll give you the basics and help you determine what your aims are and how to accomplish those aims. Much good luck.
2006-12-27 16:25:32 · answer #4 · answered by Jolly 7 · 1⤊ 0⤋
Seek professional help. Don't try to do it on your own. But be careful. Look for your local Primerica office. Walk in and ask to speak to the Vice President. If you go to one of the "big" brokerage houses with only $15,000 they'll laugh and give you little or no attention. The Primerica reps are dedicated to helping the middle class and are happy to be of service.
2006-12-27 17:01:56 · answer #5 · answered by joeyrep 1 · 0⤊ 0⤋
Hi
Kindly inform you that it is not difficult to turn your 15K into 20K.
I’m forex trader – analyst for 5 years and I know how to do it.
If you are interesting please PM or e-mail me (press on my name)and I provide you with further details.
I hope for a long and successful collaboration.
Good luck!
2006-12-28 04:44:38 · answer #6 · answered by VP 3 · 0⤊ 0⤋
Call Ameriprise or other investment company and ask them for an account executive. Call several and shop for whoever you feel comfortable with
2006-12-27 16:19:42 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I have been in the gold and silver market and I double my money in about 9 months. One of the best way to go is http://www.libertydollar.org
Wish You the best
2006-12-27 17:39:19 · answer #8 · answered by Anonymous · 0⤊ 0⤋
You need at least $25,000.00 USD to get those returns.
Your financial goals are unrealistic.
2006-12-27 18:50:27 · answer #9 · answered by Anonymous · 0⤊ 1⤋