How should I invest an extra $1000?

Question

I'm wondering what I can do with an extra $1000 I've run into. Is there anything I can do with so about other than putting it into a savings account?

Answer 1

There's a lot you can do with it. If you're in college, this is the time now to save and learn how to invest money. I'd look into a Roth IRA (if you have earnnings -- only earned money can be put into it), but that's just a vehicle to shelter the interest from taxes, that's not an investment. For an investment, I'd look at buying shares of stock through a Dividend Reinvestment Plan. You can learn a lot that way. Or you can join an investment club through www.better-investing.org, and learn how to research stocks that way.

Good luck!

Answer 2

When will you want to use the money? If you'll want it in the next few years, then you want a "safe" investment. Savings account, bank CD, money market fund.

But if you want a long term investment, like for retirement, put it in something that's riskier, but will probably have a larger payoff in the long run. If you don't have the background to make good stock picks, try a no-load mutual fund. There are many you can open accounts with for $1000 or less.

Answer 3

buy shares in Disney now about $36 to $36/ea and go to sleep.in 5years time wake up they will be worth $100 or more.
Buy in citizens bank symbol CVBF at $ 12-13 price range
in yrs $1000 will be about $5000 you also get cool 3% dividend that goes up 20% every year. Don't bother to learn too much.
Since I know how to loose millions but when I was born I had nothing and when I die will still have nothing,
You never have any thing except in the mind.

Answer 4

If you don't know what to do with the money. put it in the bank until you do. DON"T invest in something that some ******** tells you about on Yahoo Answers. You could get taken for a ride.

Answer 5

Buy a 2 or 3 year CD

Answer 6

I would use it for an online business. Think of something. You can get loads in return if you have an idea that's just 1% original.

Answer 7

If your really don't know what to do with it and don't want to save it either, donate it to a charity worth its name. It is the best investment from your own view-point.

Answer 8

Open a brokerage account at Scottrade and invest in DIA.

Answer 9

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Good luck!

Answer 10

Get a Roth IRA...a retirement account, its tax free, and later on it will be helpful

or

buy a US savings bond