What should I do?

Question

I have $1200 laying around, and I wish to make money off of it. I was wondering what are some good investments or what can I do to make my money make me money? Some of my friends suggested CDs, and savings, however I don't know which CDs to choose and are they even good? However, please don't advise going to the casino or playing poker.

Answer 1

I know you can open a Scottrade account with $500.00. I opened a small account and have done good by carefully selecting a few stocks that have done well. There is always the risk of loosing money. I invest in companies that pay good dividends. I do a lot of research on the companies I invest in and I buy only stocks that are in an uptrend. A lot of good ideals can be found on Yahoo finance.

Answer 2

It really depends what you want from your money. Are you planning on putting it away and not needing it for some time? If yes then a mutual fund would be a good idea.

If you're wanting to put it away as emergency cash or putting it away to buy a car or some other thing you may want to think of a more short term investment like a CD or money market(if liquidity is an issue).

Answer 3

Tryst,
take the money buy some books.
read about investments, buy down ur debt.
what debt u have? Credit cards? pay off 1200 - u got 15-28% return on investment.
student loans - 5-15% ROI. car loans 6- 18% return on investment.
visit daveramsey.com to learn about ur money b4 someone ripps u off.

Answer 4

Invest in a word(s)!

http://www.wordhugger.com

Answer 5

$1200 is not enough for a brokerage soooo ,

ING and Citi eSavings have rates between 4% & 5% ,
The CDs are just over 5% .
When you get more you can move it to a brokerage .

http://home.ingdirect.com/

Click on investing

https://web.da-us.citibank.com/cgi-bin/citifi/scripts/home/visitor_homepage.jsp?com.broadvision.session.new=Yes

good luck !

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Answer 6

Mutual funds are great for diversification!