Hey guys, I don't know if this might sound stupid to you guys, but I'm like in the middle of a finacial crisis. I just got of the army in Korea and have like no idea in life. I have some money saved from the army , which is not much, and I don't know what to do with it. Some people are telline me to invest with it, but some people are telling me it's too risk or little of money to invest with. I know some of guys are probably busy or having the same problem with life and finace. But I'm pretty sure some of you have a success in life which you could share. I would highly appreciate your help.
2007-01-28 00:47:13 · 5 answers · asked by joo80daddy 1 in Business & Finance ➔ Personal Finance
Take a look at Dave Ramsey's plans. He has a book called Financial Peace where he talks about budgeting, getting out of debt, if you have any, and how to invest your money for the future.
He also has a book called The Total Money Makeover that's really good too.
Thanks for serving our country, and I wish you the best of luck!
2007-01-28 15:02:13 · answer #1 · answered by Jen G 5 · 0⤊ 0⤋
It's not a lot of money. In the short term you should consider an interest bearing account. If you are working try and budget to you can carrying on adding to the fund until you have enough to invest in something more lucrative. If you can get a mortgage you could considering putting a deposit down on a property. You need to pay for somewhere to live anyway so it can be more profitable to buy something than to rent provided you pay the right price for the property.
2007-01-28 10:48:35 · answer #2 · answered by gerrifriend 6 · 0⤊ 0⤋
Well the question kind of depends on what you are interested in/good at. Believe it or not, there are plenty of homes you can buy for less than $5k, get a mortgage on them, then fix them up and resale them. Obviously these homes aren't exactly in the best condition or in the nicest areas. Most are abandoned crack houses in the ghetto, but you can get them super cheap and if you can do the work of fixing them up, then that saves a ton of money in labor costs. It helps to know someone in the business if fixing up and selling/renting out these dumps. You certainly dont want to put too much cash into them or make them too nice because nobody is going to buy a $150,000 home in the ghetto. Some good places to look for these homes are on ebay and other listing sites, like http://ffs.foreclosure.com
From my experience, the best places to look for these homes are in the rust belt area of America, Detroit, Pittsburgh, Cincinnati, Cleveland, etc. I've gotten homes in Pittsburgh for $3,500, and they list many that aren't being sold for a price, but are actually auctioned, so you could possibly get them for less. Another possibly is "flipping" properties you buy from foreclosure sites for $3k and $4k and reselling them on ebay or other websites for cash. Of course you can spend a few weekends fixing these places up and renting them out and have a few thousand each month coming in off of rent. Well, thats just my experiences, good luck with whatever you decide. You have plenty of options.
2007-01-28 09:09:26 · answer #3 · answered by Matt 4 · 0⤊ 0⤋
Guess if your looking for a quick buck might as well go gambling. but making 5000 into 10,000 generally takes much time with an investment. a bond will make you 250 a year on 5000. might look to use it to purchase something and use it to your benefit. like a car, horse, anything you know about.
2007-01-28 08:56:05 · answer #4 · answered by Kyle B 1 · 0⤊ 0⤋
my friend just look at this once in a lifetime opportunity
http://www.globalpensionplan.net/?id=claudio01
2007-01-28 17:43:17 · answer #5 · answered by Anonymous · 0⤊ 0⤋