| $1000- Would Like to Turn It Into More, Ready to Take a Risk |
|
|
|
|
|
ksknox
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 19 Nov 2014
Location: Austin, Texas
|
| $1000- Would Like to Turn It Into More, Ready to Take a Risk |
 |
|
I recently received a small inheritance and have $1000 that I'd like to turn into more. There's no rush- I just want to play around with the money some, get creative, and see what I can do with it.
I'm a single mom of a 10 month old with a full-time job so I don't have a TON of extra time but I do have some!
I am invested and have a good savings as well as a 401k and 529 so I am reading/willing/able to take a small risk and try something new and out-of-the-box.
Some ideas I had on my own:
- FOREX trading (have concerns about the research and time needed to be successful though)
- Buying popular items in bulk and reselling (need idea for items)
- Purchasing a revenue generating website
- Flipping something simple?
Does anyone have any thoughts, advice, or experience to share with me?
Thank you in advance!
|
Wed Nov 19, 2014 6:15 pm |
|
|
oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
|
Well, your list is an almost the ideal way to fail - but I guess most of us who are old and wealthy had to go thru it, lol. And it's fun to try - corn futures, options, writing covered calls, short sales, penny stocks - yada. (I became wealthy after I QUIT that stuff.)
Consider the math - even if your 'creative' investment was wildly successful and you immediately got a 100% return in your first yr, what would you have? Yes, $2000. Would you flip that coin again and try for $4000? - or lose the whole thing? Meanwhile - your 401k/529 money would probably quietly earn $10,000 while you were fixated on the $1000 flyer.
BTW, studies of lottery winners (inheritance?) show that, on average, they are broke 7 yrs later. They allocate the money to paying off their houses, buying a reliable car (new), and then invest the last little bit for their future - ie, all backwards. The key is to keep it all intact, invest it well, and let it double every 7 yrs (the normal stock market average). 
|
|
Wed Nov 19, 2014 6:44 pm |
|
|
Offshore-Wealth.com
Senior Member
Cash: $ 14.80
Posts: 601
Joined: 20 Jul 2005
Location: FREEDOMLAND
|
| Re: $1000- Would Like to Turn It Into More, Ready to Take a |
|
|
quote:
Originally posted by ksknox
I recently received a small inheritance and have $1000 that I'd like to turn into more. There's no rush- I just want to play around with the money some, get creative, and see what I can do with it.
I'm a single mom of a 10 month old with a full-time job so I don't have a TON of extra time but I do have some!
I am invested and have a good savings as well as a 401k and 529 so I am reading/willing/able to take a small risk and try something new and out-of-the-box.
Some ideas I had on my own:
- FOREX trading (have concerns about the research and time needed to be successful though)
- Buying popular items in bulk and reselling (need idea for items)
- Purchasing a revenue generating website
- Flipping something simple?
Does anyone have any thoughts, advice, or experience to share with me?
Thank you in advance!
Interesting,
Good for you to want to get ideas to grow your $1000. into something more significant. It all starts with your willingness to take on some risk, for $1000 is not a lot of money to work with. Buying items in bulk is not always a smart move given the competition is huge, and would take more than what you have to promote it to enough people to move products. Been there done that, not as easy as it sounds.
I have researched them all, and no doubt there are many ways to earn money online or off, even in a down economy, but you have to be careful. I always look at products or services which the masses need or are already using. Selling is not easy, so you want to choose exclusive niche products or services.
I like am a believer in helping others succeed, so find a mentor which can guide you and then choose free to low cost businesses to get started. No sense loading up on inventory until you know the item you choose sells well. Promote products which do not require inventory is best was to start.
Good luck,
FREE PAY IT FORWARD OPPORTUNITIES
http://ENVIROPURELIGHT.com
http://FREE100KSECRET.com
|
|
Thu Nov 20, 2014 10:59 pm |
|
|
GardenCat
Full Member
Cash: $ 12.80
Posts: 63
Joined: 07 Dec 2014
Location: Colorado
|
Put it in a ROTH IRA with Vanguard, low cost, etc. and just let it grow.
|
|
Sun Dec 07, 2014 11:20 pm |
|
|
|
