I am a college student. I have saved 1000 dollars. If you were me what would you do next to snowball that amount? what would be your advice?
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2007-01-29 00:12:42 · 7 answers · asked by bobby b 2 in Business & Finance ➔ Personal Finance
yes, Investment sounds great, but um...is 1000 dollars too little to start on any investments?
2007-01-29 00:35:16 · update #1
my uncle said hold it longer time in bluechip stocks(e.g. banks, or cocacola) will have a better return value then i were to put it in a fixed deposit savings acct...
2007-01-29 00:45:26 · update #2
rob d: good observation, what are some high earning money markets out there?...
but yeah this amount is from couple years of piggy banking i've set aside so i can use it to try invest.
2007-01-29 00:49:14 · update #3
It's apparent from your question that it's unusual for you to have that much cash in your possession. Being a college student, funds are probably tight most of the time. Don't try to invest that money. Put it in the highest earning money market you can find and keep it available for the inevitable emergency.
ING's money market is always very competitive.
2007-01-29 00:38:46 · answer #1 · answered by Rob D 5 · 1⤊ 0⤋
Unfortunately in this day and age 1000 dollars is not a huge sum of money to invest with.But the model that you used to save it is quite valuable,Well done.I would put that original 1000 away in a bond or high interest CD or even long term savings account(higher interest) and forget about it for a wile. Then you can go to that savings model and start again, once you have done this a few times (and saving has become part of your lifestyle) then you can become a serious investor with serious ching to back you up.
Continuing to save is the key.
Congrats and Good luck.
2007-01-29 08:33:59 · answer #2 · answered by .G. 7 · 0⤊ 0⤋
$1000 is a good starter emergency fund if you don't have one already. I would just put into a savings account or money market account and have it in case of emergency. Then you won't have to put the emergency on a credit card.
If you do have this kind of starter emergency fund... then put it towards any debts you have, and get them out of your life forever!
2007-01-29 12:43:44 · answer #3 · answered by Jen G 5 · 0⤊ 0⤋
If you don't plan for this money, someone else is going to plan it' use for you. What do you want to do?
Would you like to invest, spend, save? Once you decide what you want to do, I could give you ideas on starting investing; I invest, so I can give you ideas on how to get started.
2007-01-29 08:22:37 · answer #4 · answered by Muga Wa Kabbz 5 · 0⤊ 0⤋
One word Bobby ! Have a party. A thousand bucks can buy a lot of beer and get a pretty good band together. By charging admission you can triple your money on a given week end and get lucky as well
2007-01-29 09:09:30 · answer #5 · answered by chick_fin 2 · 0⤊ 2⤋
Open a ROTH I.R.A.
Let that money grow tax free for retirement, and set it up so you can add more to it in the future.
At your age that will have a significant impact on your retirement.
2007-01-29 08:21:15 · answer #6 · answered by fkd1015 4 · 0⤊ 1⤋
Keep it as savings for future use.
2007-01-29 08:20:47 · answer #7 · answered by Brunette 3 · 0⤊ 0⤋