2007-09-15 02:53:07 · 3 answers · asked by c w 1 in Business & Finance ➔ Personal Finance
Some mutual Funds let you open for as little as $50, as long as you keep adding $50/ month.
Another option:
You can lend people money on the following website. http://www.prosper.com/join/JuanN
MSNBC & The Wallstreet Journal have covered this site. You can lend and borrow money. You can lend as little as $50. The downside is the loans are 3 year loans, so your money will be tied up for a bit. Some people do pay off the loans early though.
2007-09-15 04:00:04 · answer #1 · answered by bushmaster19772002 2 · 0⤊ 0⤋
Join prosper.com. This is people to people lending. Prosper has been aired on national TV new casts and published in several magazines such as Newsweek. I have $664 in prosper.com right now. I just finished bidding on my sixth loan yesterday. All of the paperwork for every US state is done they even do collections. Prosper has plenty of free info for you to review before you join. Loans that are made are for three years and you get monthly statements plus a 1099 form for income tax purposes. The minimum you bid for a loan is $50. Good Luck.
2007-09-15 05:30:00 · answer #2 · answered by Gary 5 · 0⤊ 0⤋
You should probably keep it liquid, meaning you can get your money at any time, and low risk.
In other words, you should lend it to a bank.
Once you have accumulated more than two months worth of income as an emergency cash reserve, you can start getting into some higher return investments.
2007-09-15 03:06:47 · answer #3 · answered by open4one 7 · 1⤊ 1⤋