I have about $1000 to save, and I want to make it grow. I still have a part-time job so the $1000 is just extra money. I would just put it in a savings account, but I want something that would yield more money than that, what could I do with it?
2007-02-12 14:11:08 · 10 answers · asked by Joshkins 1 in Business & Finance ➔ Investing
you can play the stock market, with that you have a chance of losing it all or yielding 20-40 percent in return, but that is very time consuming, i was in the exact same situation as you were a few days ago, I had $1000 to save, I went to my bank (BB&T) and opened a CD (certificate of deposit) it matures in 7 months with an interest rate of 4.88% compounded monthly, so when it matures, i will have an extra 29 bucks, I know it doesn't sound like much, but depending on your banker, you can add on
another thing to do is to buy bonds, those are in smaller increments
safest route: go to your bank, talk to them
2007-02-12 14:41:14 · answer #1 · answered by Eric D 3 · 0⤊ 0⤋
First of all, good job wanting to save at a young age. Depending on when you need this money there are several choices. If you will need it anytime within the next 3 years then the stock market is probably not the best place for it. If this is the case it would be safest to invest in a CD or other short term cash equivilent. If you do not need it before you turn 21 then there are several great mutual fund choices for $1000. Fund families such as Oakmark, Selected American, or the American Funds (these have a load) are good choices. You can find out information on how to invest on each of their websites.
2007-02-12 15:06:01 · answer #2 · answered by Stephanie S 3 · 0⤊ 0⤋
It depends on what you want to do.
CDs fo short term
I-bonds for medium term
ETFs and mutuals over the long term
At your age you should be getting a plan together:
You should be thinking about 3-6 months of emergency fund (based on expenses) and a retirement plan because time is the most important part of the time times principal times interest equation. At 18, you should immediately open a Roth IRA account and start throwing in your extra money.
2007-02-12 17:30:34 · answer #3 · answered by gregory_dittman 7 · 0⤊ 0⤋
OK, does 300% return in 15 months excite you? I am talking from my personal experience here. I have started with USD12K in 30.8.2006 and from that time, they never miss to provide me with the monthly return as promised. They used the scale of 10%x3months + 15%x3months + 20%x3months + 25%x3months + 30%x3months.
The best part of it, they have started a new product called EMF that had a value of USD1 in December 2006 and now valued at USD2.11 per unit and expected to reach USD4 in April 2007.
See for yourself and experience this exciting investement. Mind you, this is not a HYIP but real investment in offshore financial market.
You can register free for 14 days but need an introducer to start. Use mine: mygha1605101 to register yourself.
2007-02-14 13:21:11 · answer #4 · answered by ? 2 · 0⤊ 0⤋
Buy a savings bond.
http://www.urbanext.uiuc.edu/ww1/06-01.html
This above site will show you how much money you can make over time $1000 is nothing as you get older. It's good you decided to invest it now. If you invest it now and forget you ever had it, you will be very happen when you retire.
You could play the stockmarket too
http://www.ridestock.com
2007-02-12 17:42:55 · answer #5 · answered by Anonymous · 0⤊ 0⤋
A great age to learn about investing.
Get your parent to take you to the bank and talk to them about getting a No load , Balanced Mutual Fund. This is a fund balanced with stocks, bonds and money market instruments. It is a diverified investment, relatively low risk compared to most funds, low volitility and you should be able to track it's price changes in the newspaper.
Good luck, this is a great way to start
2007-02-12 14:45:02 · answer #6 · answered by bob shark 7 · 0⤊ 0⤋
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2016-10-02 01:22:42 · answer #7 · answered by ? 4 · 0⤊ 0⤋
Well firstly, you have to be a legal adult to own stock in a company.
Minors often have trusts made to buy stock for them, and simply have them as the sole beneficiary of the trust.
You should start with that.
2007-02-12 22:06:35 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Open a ROTH IRA.
It's tax free growth and tax free deductions.
2007-02-14 22:35:29 · answer #9 · answered by Geeeyaaa 4 · 0⤊ 0⤋
I would recommend you to invest in shares / mutual funds / bonds.
2007-02-12 14:17:24 · answer #10 · answered by Anonymous · 0⤊ 0⤋