Hello all. I am looking for a way to turn a small fortune ($10,000.00) into a big one. I have read some books on investing and such, but still dont know which way to go(stocks? bonds? investment broker, which company is best, etc) and what would be the smartest move to make with this money? I have also entertained the thought of purchasing a house, and renting it out to make income? How does one start? I basically want my money to work for me, instead of the other way around. I appreciate any valuable advice.
2007-01-11 08:42:06 · 3 answers · asked by 22UF 2 in Business & Finance ➔ Investing
If you want to turn a large fortune into a small one you can do it fast....But if you want to turn a small fortune into a large fortune, you will have to take it slow. All ways to make money involve risk. and you have to decide where your risk level is, How much risk can you put to your money and still sleep at night.
Risk runs from Very Low, Certificates of Deposit in a bank, through greater risk, through lots of investments, to the very risky Futures markets, which even I won't touch and I have been investing for 40 Years (and I have my Fortune)
Look in the yellow pages under financial advisors, Go interview a couple of them and ask what they will do for you and what is their fee structure.
They will do a investor profile on you and find your risk levels.
Hopefully they will Start you off with a couple of mutual funds, that will grow over time, while you learn about markets, Market cycles, Investor psychology, how world events affect markets, and get a background in macro, and micro economics.
If you are young, time is on your side, But you need an advisor to get started
2007-01-11 09:03:51 · answer #1 · answered by bob shark 7 · 1⤊ 0⤋
You should think about joining an investing club. There are ones for stock (www.better-investing.com) and real estate. Then you'll be around people who will teach you how to research and look for investments. That's a great way to learn.
2007-01-12 01:34:01 · answer #2 · answered by Katherine W 7 · 0⤊ 0⤋
Im in the same situation. I am looking into E-boullion and Legisi. Check it out on the web for more info. Im researching it now. Seems like it may be a good deal. I know a few people in it now but still leary about doing it. Doing my research now. I posted a question reagarding this too.
2007-01-11 17:02:00 · answer #3 · answered by furzz 1 · 0⤊ 0⤋