2007-04-13 15:02:28 · 20 answers · asked by the "dude" 1 in Business & Finance ➔ Investing
MOST PROFIT/SHORTEST TIME = Highest Risk
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Worse than that....... looking for advise on how to invest your money from total strangers with no way to verify their qualifications or motives........That's worse than gambling. Get real. You're on your way to destroy your new found cash!
2007-04-13 16:30:53 · answer #1 · answered by Common Sense 7 · 2⤊ 1⤋
Make sure your exemptions you are claiming on your W-4 with your employer are accurate. Too big of a tax refund is not exactly the best way to save money; you are letting the IRS use your money interest free!
Discipline yourself to pay yourself first such as increase your 401(k) deduction or possibly buy company stock at a discount (assuming you are employed by a company that offers these benefits.)
You can always pay off any credit card debt so you don't waste money on finance charges (that's how finance companies get rich).
If you have any money left over, put away a portion in long-term savings, like a Roth IRA or tax-deductable IRA if you meet the guidelines.
I also recommend you should have some liquid funds available for short-term expenses. Try not to charge what you can't afford to pay within a month when you get the bill. I don't buy into all those offers to transfer balances nor paying off with the checks that come with the statement. They make it too easy to get into more debt.
You can always open an account with a brokerage firm, like TDAmeritrade (very easy to do online). If you are comfortable in playing the stock market and willing to take risk then this is the way to go.
2007-04-13 22:58:02 · answer #2 · answered by yaya 1 · 0⤊ 1⤋
Depends on your risk - are you willing to potentially lose it all to potentially double your money?
First of all, modify your withholding for next year - why give the government an interest free $6,000 loan (that's what you do when you overwithhold).
Second, individual stocks have the most potential, but the most risk. If you haven't been in the market, stick with mutual funds - Vanguard has some low cost index funds and Exchange Funds that will mitigate risk.
Of course, you can always put it all on pony #8 in the 6th race at Pimlico - you can see my point - there is a risk / reward balance.
2007-04-13 22:07:57 · answer #3 · answered by Anonymous · 1⤊ 1⤋
After you take the advice of people here who suggest how to invest this large windfall, let me give you some advice as well: STOP whatever you are doing in order to get a $6 grand tax return. You're giving the government an interest free loan, and if you're getting that much back, then you either have goo gobs of credits (not deductions, but CREDITS), and more power to ya. The case is, most people do not get such a large number of credits, they just screw up the W4 - so, change your exemptions or take a look at what you're having withheld.
2007-04-13 22:29:12 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Remember the mantra that is the first rule of business - high risk = high reward. You are rewarded well sometimes for taking a chance. This would be stocks or real estate. Of course you stand a high risk of losing money
If you have $6000, why don't you dump it into an RRSP/401K (not sure what country you are in) and take advantage of deferring income taxes in your highest relative bracket? Many people don't even consider that they can defer 30% tax just by using up their allowance!
2007-04-13 22:12:44 · answer #5 · answered by USA_USA_USA 2 · 1⤊ 1⤋
Take 3k and invest in a Roth IRA for retirement than use the other 3k to pay off any outstanding credit card debt or any other debt you might have.
If you have no debt than put the 3k In a $20 to $40 bio tech stock that you feel (after doing competent research ) will be releasing a drug that in your opinion may be approved.
2007-04-13 22:12:12 · answer #6 · answered by Anonymous · 1⤊ 1⤋
How much risk are you willing to take on? You can go tomorrow (Sat) and buy 6,000 Powerball tickets. That's the most profit potential in the shortest amount of time, but it's also the riskiest. See how this works? Get rich SLOWLY!!
2007-04-13 23:35:22 · answer #7 · answered by laaumark 2 · 1⤊ 2⤋
Well you got a few good answers alot of BS and really nothing to direct you in the direction you are seeking. I personally invest in the forex Markets with other investors. We do not get rich over night but we do make a solid steady return on our investments. If you want to learn more write to me at billone44@yahoo.com I will be more than happy to share what I know
2007-04-14 00:23:26 · answer #8 · answered by billone44 2 · 0⤊ 2⤋
Invest in a REIT index fund and set it up as an IRA. Nows not the time to be foolish with your money. Think of your future. $6000 today can turn into an awesome amount later if you will just be patient.
2007-04-13 22:43:59 · answer #9 · answered by Monte D 1 · 0⤊ 1⤋
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2007-04-13 22:44:47 · answer #10 · answered by bijak_sinner 2 · 0⤊ 3⤋