I am starting small as I don't have a lot of money. I get about 3000 back in taxes (you gotta love kids) but all that has to pay bills. I will have 500 left where should i put it to save and grow money. Next tax season i will be able to add 3000 and then like that from there on. I think I have found CD's are not very good. Also where can I get a Loan for a car with BAD credit? Thanks for any help?
2007-01-28 01:11:20 · 6 answers · asked by Anonymous in Business & Finance ➔ Investing
I think you want to stay with very safe investments. Until you build up to several thousand dollars, it wouldn't be a good idea to try mutual funds or other risky investments.
Money market or CDs are about the only thing for now. You can probably get around 5% unless interest rates start falling. CDs have penalties though, if you withdraw early. Ask you bank for rates on money market funds, and shop around online. PayPal pays 5% with no minimum amount to invest, and no fees.
If you get 5%, your $500 will turn into about $525 in a year, but you can also add to it when you can if you have a money market.
I've seen a lot of ads around here for buying used cars with bad credit. Usually they are small used car lots. They probably charge higher interest, but you can look around your area for such places.
2007-01-28 01:28:26 · answer #1 · answered by PH 5 · 0⤊ 0⤋
Catherine, I hate to say this but you're in a tough situation... that $ 500. better stay in simple savings...(those great kids can blow that with one simple " emergency"....how old are they, can you explain to them that you really have to "cut corners". ( So many kids today have everything they "want" but don't know the meaning of " need")
A used car is a better idea, sometimes hard to find a good one, but better than a BIG monthly payment on something new! Is there any other way you can cut back to save just a "leeetle" more each month? If you can make that $ 500. into closer to $ 1000. by the end of the year you'd have something to play with... try 100 different things to save a little: house brands at the grocery store? not one single"designer" piece of clothes for the kids ( I know, I know they " gotta have 'em- everybody has $90. gym shoes!"), Never, Never ( okay- once a month) order out..that pizza or chinese or KFC will kill a budget over time,there's got to be more ways , ' cause you got to get a little more "insurance" for the future....( lay it on the line, maybe the kids can think of one more way each !)( AND...AND teaching a kid to scrimp a little is one of the BEST parts of a really GOOD education...gotta learn to "take care of yourself" and of cours your brothers and sisters....AND mom!! Best of luck.
2007-01-28 05:02:19 · answer #2 · answered by jebediabartlett 6 · 0⤊ 0⤋
Open an account at Scottrade.com - they offer $7 online trades. To find some good investment ideas, see what the best traders are buying and selling and why. You can find this information at 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. There is also a charting feature , so you can see how your portfolio performs compared to the S&P 500.
Here are this month's best traders:
http://www.top10traders.com/Top10Standings.aspx
Good luck.
2007-01-28 02:13:35 · answer #3 · answered by Anonymous · 0⤊ 0⤋
you only have 500 and you want to borrow for a car. invest in a down payment on that car. next year use the three to pay off the car. you be farther ahead. ask your bank most have some investment plans, long term
2007-01-28 01:26:36 · answer #4 · answered by robert c 3 · 0⤊ 0⤋
Acquire Passive Income Sources by buying assets which can make money without you. Check out http://www.flashadd.com for more info on that. Passive Income is the fundamental idea behind Investment so it is good to understand it.
2007-01-28 03:18:09 · answer #5 · answered by kiderkid3 1 · 0⤊ 0⤋
I would suggest you to check the website below to learn more on shares and stock trading and how to select the best stocks.
Hope it helps
http://money-review-site.com/shares.html
I would suggest you to check the website below where you can get loan for a car with Bad credit.
Hope it helps
http://money-review-site.com/loans.html
2007-01-28 08:08:30 · answer #6 · answered by Anonymous · 0⤊ 0⤋