How can I turn $1000 into $5000 in a year???

Question

I need to save for my daughter's wedding and have a challenge - how can I turn a $1000 investment into $5000 in a 12 month period?

Answer 1

I doubt that you'd find anything with a 500% ROI... try talking your daughter into having a common-sense wedding. The guests are going to remember the emotions, not the custom napkin rings or the overpriced buffet.

Answer 2

To get that kind of a return in such a short period of time you can invest in penny stocks, which are very volatile and can increase 5x or more. You have to accept the risk of losing your money, you have to analyze which stock to put money into and watch it constantly. As soon as you reach your goal, cash out! Honestly I don't recommend it, you are better off with a second job or selling some unwanted items around the house... this year's market looks a little tough for short term investing.

Answer 3

easy...save up another 4K...thats $333.00 a month....thats what cable bill, eating out once a week, and a few movie rentals....cut back
You can also have a garage sale and ebay...

I was told the only way to safely double your money is to fold it in half....so i don;t know about 5X safely...especially in a year...now if we have 10 thats a different story.

Put this in your budget...you daighter isn't getting married at age 1 so you've had time...make it a priority now

Answer 4

If you work save a certain amount from each paycheck. Just pertend that that money to exist and when you need it just take it out from your hidding spot or the bank.

Answer 5

Ask Hillary Clinton. She can invest it for you in cattle futures and turn that $1,000 into $100,000 in a year!

Answer 6

get a good broker and invest it in the stock market..have a diverse and low risk portfolio and watch it closely!

Answer 7

if there were a guaranteed way to do this...wed all be rich.....you can always try gambling but you could lose the lot

Answer 8

Invest it into forex