I don't drive thats why i dont have a car
2007-02-03 06:04:37 · 13 answers · asked by The wife 1 in Business & Finance ➔ Personal Finance
if you can handle losing all of it or potentially becoming a millionare i would invest it in a stock. I would only do this if you can afford to lose the money (just in case) so it wouldn't have such a great impact on your life. many people have become millionaires by investing in penny stocks (super cheap stocks that haven't been recognized and have huge potential to grow.)
one example is gzfx, a company similar to netflix ( netflix rose from four dollars a share to forty dollars a share in just a year. )that rents movies as well as games, and is only trading at around $0.0015 per share.
you could buy 3 million shares of this, wait 10 years, and if this stock gets to 33cents ur a milllionaire, if it hits a dollar, ull have 3 million etc.
2007-02-03 06:15:29 · answer #1 · answered by berelane 2 · 0⤊ 1⤋
Investing is always a good idea -- but if you want to spend some of it, find something that you would really enjoy and love. Take a vacation -- or maybe buy some new furniture. OR -- give a portion to a charity you support. Perhaps, if you plan wisely, you can do all of the above.
2007-02-03 16:02:40 · answer #2 · answered by Ifeelyourpain 4 · 0⤊ 0⤋
Savings. Pay off bills if you have them. But save Save Save Don't be sucked in to spending just because you have that money. think of you and your kid's future. Pay some of your rent in advance if you like, but save. Find a bank that has a 5% savings rate. Money market rate something for you for later and forget about the money. CD would be good. Talk to your banker.
2007-02-03 14:15:13 · answer #3 · answered by katie d 6 · 1⤊ 0⤋
Start the investment account as those rainy days (see Florida yesterday) can happen any time AND
If you are fortunate and experience no rainy days, the child's education would always benefit from early savings.
Or it may become a house down payment someday !
2007-02-03 14:20:08 · answer #4 · answered by kate 7 · 0⤊ 0⤋
1) Pay off any outstanding debt.
2) Set up a brokerage if you don't already have one, then invest in mature, growth-oriented companies with a good performance history. Then wait. In 5-7 years, that $5,000 should be well over $10,000.
2007-02-03 14:19:13 · answer #5 · answered by Michael E 5 · 1⤊ 0⤋
Save at least half for a rainy day, and the rest you can split up between you and your kid. Buy something for you, and something for your kid that you know he/she would love. Or go on a small trip. But don't think about spending it all at once, when you get a chunk of change, save what you can.
2007-02-03 14:10:24 · answer #6 · answered by beygrl 4 · 0⤊ 1⤋
Maybe enjoy a little of it and put the rest in savings or somewhere safe to use if something comes up later. Never know when you might be down on your luck and need some extra cash. I would save as much as possible.
2007-02-03 14:13:08 · answer #7 · answered by precious1too 3 · 1⤊ 1⤋
Is there anything your kids needs right now?
If not, do you have 3-6 months worth of expenses saved up for emergencies? If you don't, then I'd put it toward that.
2007-02-03 21:32:08 · answer #8 · answered by Jen G 5 · 0⤊ 0⤋
Depending on your kid's age, I'd give him/her a chunk of it to blow (say, $100-$500), then stick at least that same amount into a savings account for him that he can't touch until he's 18, then I'd buy myself something nice (that I wouldn't normally buy) and then stash the rest in the bank for a rainy day or a decent vacation!
2007-02-03 14:11:26 · answer #9 · answered by Anomaly 4 · 0⤊ 2⤋
I would either plan a nice vacation for my kid or I would put it in a CD and get inerest off of it.
2007-02-04 11:05:19 · answer #10 · answered by CJ 2 · 0⤊ 0⤋