So it looks like I might end up inheriting about $10,000 USD. While this is not a ton of money, I am looking for ways to invest the money that would end up making a bigger profit. I have thought about flipping a small house, or investing in rental property, but I would like to gain other's opinions as well.
Any ideas?
Thanks a ton!
Scaredflyer21
Moderators: richierich, ua900, PanAm_DC10, hOMSaR
RE: Investing Money Tips
Do you want to deal with it all the time or just leave it alone. If you want to leave it alone, putting it in a CD or money market account for a few years will not gain money fast or a lot, but its a safe deal that you will gain it. You could always invest it.
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- UH60FtRucker
- Posts: 3252
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RE: Investing Money Tips
| Quoting Scaredflyer21 (Thread starter): So it looks like I might end up inheriting about $10,000 USD. While this is not a ton of money, I am looking for ways to invest the money that would end up making a bigger profit. I have thought about flipping a small house, or investing in rental property, but I would like to gain other's opinions as well. |
Well first - it's impressive that you're smart enough to know that investment of this money is FAR better than pissing it down the drain on a giant TV, or something.
Second - the amount is really not large enough to start thinking about purchasing property. Not to mention - investment in property carries with it an entirely different set of rules and knowledge base. I would suggest you definitely invest the money, but do so via an investment system.
You can consider investing in a mutual fund. There are many types of funds - some allow various levels of personal control. Some will invest only in low priced, quick moving stocks, while others invest in high priced, long term stocks. The variations are endless.
You can also consider the purchase of bonds. Again - the variations are endless. Different methods offer different pros and cons.
My biggest suggestion is that you avoid doing this all by yourself. Find a respected money manager or personal financial counselor and get their advice. Talk to professionals, this is their job, and they're going to give you sound advice and help you avoid big mistakes!
Good luck!
-UH60
Your men have to follow your orders. They don't have to go to your funeral.
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- ArmitageShanks
- Posts: 3780
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RE: Investing Money Tips
| Quoting UH60FtRucker (Reply 2): You can consider investing in a mutual fund. There are many types of funds - some allow various levels of personal control. Some will invest only in low priced, quick moving stocks, while others invest in high priced, long term stocks. The variations are endless. |
A money market account would be better for someone his age. Good interest rates without the longer committment.
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