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Yaya
Stranger
Registered: 01/19/20
Posts: 2
Last seen: 3 years, 10 months
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Investment 4 Friend
#26442277 - 01/19/20 08:13 PM (4 years, 10 days ago) |
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Peace all Need advice, my friend recently came into 20,000usd. He wants to know how to invest it/best investment vehicles to grow fairly quickly. He's recently unemployed.
His background: doesn't own a house (rents) Doesn't have car car Only debt is student loans
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Ahab McBathsalts
OTD Windmill Administrator




Registered: 11/25/02
Posts: 35,107
Loc: Wind Turbine, AB
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Re: Investment 4 Friend [Re: Yaya] 3
#26442293 - 01/19/20 08:24 PM (4 years, 10 days ago) |
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Pay off student loans. Guaranteed risk-free return.
-------------------- "Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."
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geokills
∙∙∙∙☼ º¿° ☼∙∙∙∙


Registered: 05/08/01
Posts: 23,417
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Yeah, pay off the loans and if there's some scratch left over, consider opening up a Roth IRA investment account that can then be placed into any number of more or less risky investments. Unfortunately, $20K isn't a huge sum in the good ol' USA these days, so depending on what amount is owed on the debt, it may make sense to just roll the money over in short term CD's as a sort of quasi-savings/emergency fund. If there is money left over and this friend has reliable income however, definitely consider the Roth IRA for long term tax advantaged capital appreciation.
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-------------------- ┼ ··∙ long live the shroomery ∙·· ┼ ...╬π╥ ╥π╬...
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Brian Jones
Club 27



Registered: 12/18/12
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Quote:
Ahab McBathsalts said: Pay off student loans. Guaranteed risk-free return.
Exactly. I don't know what the current interest rate is on student loans, but odds are this is better than investing and continuing to pay on the loan. Even if he owes more than 20K, knocking off that sizable chunk will save him a lot of interest payments.
-------------------- "The Rolling Stones will break up over Brian Jones' dead body" John Lennon I don't want no commies in my car. No Christians either. The worst thing about corruption is that it works so well,
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Yaya
Stranger
Registered: 01/19/20
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Last seen: 3 years, 10 months
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Thanks guys. I'll share this with him
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LogicaL Chaos
Ascension Energy & Alien UFOs




Registered: 05/12/07
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Re: Investment 4 Friend [Re: Yaya]
#26452914 - 01/26/20 03:54 AM (4 years, 3 days ago) |
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Id recommend investing a small portion of that money (after paying his student loan debt) in some inexpensive Cryptocoins
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