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the best way to not spend $5k
    #6332260 -

I just found out yesterday that i will be receiving $5k w/in the next few weeks.  I could easily put it all towards paying off debts, but i'm not going to do that...

All i know for sure at this point is that I'm going to keep about $1k and use part of it to pay an old bank so that I can get a new bank account and part of it to get my driver's license back. 

The rest, i'm not sure what would be the best to do with... what's the best way to make that amount of money work for me?  cd? IRA? stocks? mutual funds? some sort of other small investment? 

I know i have seen some posts here about investing in the past...  so, does anybody have any good recommendations?

:smile:

yos-

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Re: the best way to not spend $5k [Re: Yoschie99]
    #6332274 -

What is the interest level on your debts? More than likely, the interest being charged on the amount you owe exceeds the average return of the investment options you mentioned.


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...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436

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Re: the best way to not spend $5k [Re: badchad]
    #6332283 -

i don't have any "real" debt like that.. and none of it is accruing interest. The only loan that has ever been taken in my name was for college.. and that's being taken care of. Otherwise, i've never taken out a loan or had a credit card... my debt is from doctor's visits and missed bills that have collected over the last couple of years i was living in CO.

yos-

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Re: the best way to not spend $5k [Re: Yoschie99]
    #6332303 -

You should raise and breed snakes or some exotic animal. That can be pretty profitable but making any investment is a risk. You'd probably be running the risk of the animals not procreating, not selling or dying.


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Agent 727
7

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Re: the best way to not spend $5k [Re: MAGnum]
    #6332305 -

go to vegas and bet it all on black.


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To get really high is to forget yourself. And to forget yourself is to see everything else. And to see everything else is to become an understanding molecule in evolution, a conscious tool of the universe. And I think every human being should be a conscious tool of the universe. . . .

-JG

i really am glad you came back to us instead of taking the other path. *hug*

-A_S (RIP your final words to me will never be forgotten)



Don't fuck with the laughing jesus.

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Re: the best way to not spend $5k [Re: Yoschie99]
    #6332306 -

maybe some private money pools that yield high interests, such as stock clubs or finding contractors that need to raise cash for certain projects who give back a nice annul interest in return for the cash loan. Just some ideas to leverage your cash...

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Re: the best way to not spend $5k [Re: MAGnum]
    #6332320 -

breeding exotic animals would be hard to do in brooklyn.. not to mention, probably illegal.  Interesting idea, though. :smile:

vegas:  :crazy2:

I thought about investments w/ private groups.. but I don't even know where to start.  Google, i guess. 

--

at some point in the future, when i have time to invest as well as money.. I'd like to plunk about this much money or a little more into an online business of some sort.. ebay or otherwise.  With my work schedule now, though.. it would be near impossible and not any fun at all.

:smile:

yos-

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Re: the best way to not spend $5k [Re: Yoschie99]
    #6332470 -

I have some money in some CDs they get a higher interest than normal bank accounts but you can only touch them like every 1.5 years. I don't know much about the other ideas you've mentioned.


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Edited by CosmicFool (12/04/06 10:38 AM)

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Re: the best way to not spend $5k [Re: CosmicFool]
    #6332476 -

Invest most of it, but keep a few hundred and buy some smack to pass the time as the money collects interest


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-CUBErt
:cubie::levitate::cubie:

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Re: the best way to not spend $5k [Re: CUBErt]
    #6332515 -

Forget mutual funds: Index funds. :thumbup:

http://www.fool.com/school/13steps/13steps04.htm


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Wildflower seed on the sand and stone, may the four winds blow you safely home
Curriculum vapidum (dry herb vapes)

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Re: the best way to not spend $5k [Re: NizzyJones]
    #6332634 -

If you pay off all your debts, you can spend your REAL money :blush:


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OP is now RP!  Read about it here!


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Re: the best way to not spend $5k [Re: Maverick]
    #6332639 -

5k eh? shit that can buy a whole lot of pudding.

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Re: the best way to not spend $5k [Re: Rahie]
    #6332646 -

i'd like to dive into a pool of vanilla chocolate swirl.


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OP is now RP!  Read about it here!


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Re: the best way to not spend $5k [Re: Maverick]
    #6332788 -

In the UK we have national savings...im sure theres similar. if you invest it for a full five years youll get a big return...


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let yourself be silently drawn by the stronger pull of what you really love

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Re: the best way to not spend $5k [Re: Maverick]
    #6332791 -

buy yourself that van you wree talking about, and invest the rest in a business idea, or concept.


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PEACE

:mushroom2:zippoz:mushroom2:



"in times of widespread chaos and confusion, it has been the duty of more advanced human beings - artists, scientists, clowns, and philosophers - to create order. In such times as ours however, when there is too much order, too much m management, too much programming and control, it becomes the duty of superior men and women and women to fling their favorite monkey wrenches into the machinery. To relieve the repression of the human spirit, they must sow doubt and disruption"

"People do it every day, they talk to themselves ... they see themselves as they'd like to be, they don't have the courage you have, to just run with it."

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Re: the best way to not spend $5k [Re: Yoschie99]
    #6332967 -

I've been looking into investing a lot recently too...online money markets seem to be working out really well for folks right now...I'm not very knowledgeable about it so I'm still learning. I'd appreciate it if you'd share with us what you end up doing and how it works out :thumbup:


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Re: the best way to not spend $5k [Re: Yoschie99]
    #6333037 -

Cash it all into $1 bills.... put them in a big pile and roll around over them naked. Post pictures in OTD.

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Re: the best way to not spend $5k [Re: Gr8fulJ420]
    #6333119 -

Hmm Build up a crazy shroomie project and start selling

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Re: the best way to not spend $5k [Re: TwoGuys]
    #6333240 -

Seven mouth CDs roll over evey time it comes due.


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:Awesketch:

:cool: Fair is Fair :devil:

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Re: the best way to not spend $5k [Re: Brainiac]
    #6333889 -

buy mad cocaine, cook it, sell it on the corner in three finger lids...triple your money


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ilove my woods...

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