what is the best way to invest it? if that's not enought what about $500?
2007-02-28 05:23:41 · 4 answers · asked by D C 2 in Business & Finance ➔ Investing
About the best thing I can think of for $100 is go to a laundromat and buy some bags of coins. Then sift through them for rare or unusual coins that may be worth something at a coin shop. Or maybe go to those sales they sometimes have at the self-storage places, where someone hasn't paid for the storage rent for half a year. I have a relative who picked up a couple of rifles and a desk at one for about that much, then sold them for close to $800.
For $500, I'd open a Scottrade account (their minimum), and plunk it on about 28 shares of PXN, the Powershares Exchange Traded Fund for the biggest players in nanotechnology. Then let it sit (check in every few weeks to remember how to find it). This one hasn't been around a long time (but then neither has nanotechnology) and it started around $15, went up to around $20, and is now about $17--yet the prospects are where its value lay. There is some astounding stuff coming.
Or, you could buy about 6 shares of NY, another ETF that holds stock in the top 100 (by market capitalization) on the NYSE. Last summer it was about 65, today it is 75-ish. That was a respectable double-digit gain. Over time it will serve you well. Over time.
2007-02-28 05:47:06 · answer #1 · answered by Rabbit 7 · 0⤊ 0⤋
$100 is really too little to do much with. I recently started an ING Direct savings account. All you do is link your checking account with them online at ingdirect.com and you can transfer money back and forth from your checking to your savings. It pays 4.5% interest which is much more than you can get for a savings account at a bank. If you don't have a checking account I would recommend doing a CD at a bank. Some require a minimum deposit that varies and it also locks your money up for a period of time (3, 6, 12, 60 months) depending on the length of the CD you choose. You can usually get around 5% interest on those.
2007-02-28 13:35:18 · answer #2 · answered by k_hart100 3 · 0⤊ 0⤋
It's enough. But have you done your homework? With that money, you can enroll in a monthly investment plan at a no-load fund (I think they even start at $50). If you don't know what a no-load fund is, then you're not ready yet.
And do you follow market news? You have to if you want to at least make informed and wise decisions.
Here's a couple of links to get you started
2007-02-28 13:37:04 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Probably a CD.
2007-02-28 13:35:31 · answer #4 · answered by Anonymous · 0⤊ 0⤋