My grandparents just gave me 10,000 dollars and I'm having trouble knowing what to do with it. So, I'd like some advise and like to hear about what some of you would do. Thanx.
2007-05-11 17:05:45 · 14 answers · asked by The Big Man 1 in Business & Finance ➔ Personal Finance
Take $1,000.00 and enjoy yourself a bit. buy something you've wanted a long time.
Invest the rest in a good mutual fund. You might even want to put money in two or three good funds. One should be a stable low risk growth/income fund, another should be a medium risk fund, maybe a large cap fund, and the rest, no more than you can afford to kiss good-bye if the market tanks, put into a high-risk fund, like an emerging market fund, or a small-cap fund.
The mix pretty well guarantees that you won't loose everything, even in a bad or unstable market, and the medium and high risk funds give you an opportunity not only to loose money, but a chance to make some pretty spectacular profits.
If I were spending the $1,000.00, I'd probably buy 2 handmade woolen kilts, one in the Grand Lodge or Scotland Masonic Tartan, and the other in Confederate Memorial Tartan.
Doc
2007-05-11 17:18:24 · answer #1 · answered by Doc Hudson 7 · 0⤊ 1⤋
it depends, are you getting ready to go to college? find a place of your own? need a car to get back and forth to work? need new clothes for a job? if the answer is no to those questions then investing it would be a good idea. the amount of interest that money could earn you if invested wisely could really come in handy when you reach retirement. (most kids can't think that far ahead) however, just know that once you invest it you cannot withdraw the money without incurring severe penalties.
2007-05-12 00:40:26 · answer #2 · answered by frostbite 7 · 0⤊ 1⤋
If you want to keep it you will invest it. Why not put it into mutual funds or into a Roth IRA, or at the very least into a savings account to be used either for your education or for a partial downpayment on a house. I would say "make that money grow" and "keep it safe".
2007-05-11 17:10:24 · answer #3 · answered by sophieb 7 · 1⤊ 1⤋
Invest in a no load index mutual fund. Spend the dividends if you want.
The idea is to let your capital grow, and only spend the earnings.
Have your cake and eat it too.
2007-05-11 17:21:29 · answer #4 · answered by Richard F 7 · 0⤊ 1⤋
Buy a lot, as in property that does not have a dwelling on it yet. It will only go up in value.
2007-05-11 17:13:39 · answer #5 · answered by Reisnoh 4 · 0⤊ 1⤋
well, i love video games a lot so i would buy a nintendo WII.
or buy something youv wanted your life... go to toysrus
(i would) I LOVVE MONEY
( US and A's most biggest problem now is money, so even try to keep half of it)
2007-05-11 17:28:13 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Take a little and have a little fun.
The rest save, invest wisely and watch it grow.
2007-05-11 17:09:26 · answer #7 · answered by danielromero60 3 · 0⤊ 3⤋
put it in mutual fund but if you don't wanna take that risk save it in saving account then.. go to college if needed..
2007-05-11 17:14:45 · answer #8 · answered by Cindy 2 · 0⤊ 1⤋
If you don't have a car, buy one and if you have something left over save in a cd or something.
2007-05-11 17:11:58 · answer #9 · answered by s8nt22 2 · 0⤊ 2⤋
Put it into a mutual fund!
2007-05-11 17:08:52 · answer #10 · answered by goodness 3 · 0⤊ 2⤋