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Offlineduster
psychadelicgardener
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Registered: 07/20/04
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just came across $30,000
    #7331674 - 08/25/07 12:40 AM (16 years, 7 months ago)

Just curious asto if anyone has any smart ideas as what to do with large sum's of money, possibly turning it into alot more over time...

Like splitting it up into 10 different bank savings accounts and reap of whatever percent it brings in? stocks? anyone here ever delt with large sums of money?

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InvisibleDieCommie


Registered: 12/11/03
Posts: 29,258
Re: just came across $30,000 [Re: duster]
    #7331679 - 08/25/07 12:43 AM (16 years, 7 months ago)

The first place I would put 30,000 is in a house.

Well I would enjoy some of it, but for the bulk... I dont see any reason to have large amount of money sitting in an account or even the market while paying rent or interest on a mortgage.

Unless you already have a paid for house?

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OfflineJunkFood
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Registered: 10/02/06
Posts: 7,258
Loc: NYC
Last seen: 2 years, 8 months
Re: just came across $30,000 [Re: DieCommie]
    #7331687 - 08/25/07 12:47 AM (16 years, 7 months ago)

Quote:

DieCommie said:
The first place I would put 30,000 is in a house.




:gayflag:

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Invisibletiny_rabid_birds
Nocturnal
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Registered: 11/08/05
Posts: 15,653
Loc: estados unidos Flag
Re: just came across $30,000 [Re: JunkFood]
    #7331689 - 08/25/07 12:47 AM (16 years, 7 months ago)

..owning a home is gay? wtf?


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Invisiblefinding_self
Stranger
Registered: 05/15/05
Posts: 489
Re: just came across $30,000 [Re: duster]
    #7331690 - 08/25/07 12:47 AM (16 years, 7 months ago)

VEGAS!... jp well what kind of person are you? if i wanted to flip money the black market would be a risky ass way to do it effieciently. Weed especially.

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InvisibleBanez
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Registered: 09/23/05
Posts: 15,181
Re: just came across $30,000 [Re: finding_self]
    #7331719 - 08/25/07 01:00 AM (16 years, 7 months ago)

Property is where it is at.. the market sucks soo much ass right now that interest rates are low as fuck and they are practically breaking their necks to give people homes.

now some people are stupid and buy houses they cant afford or get into loans they dont understand.. people forclosing on thier homes has actually become a pretty big problem in the midwest.


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Banez' PF Tek For Beginners

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Invisible40oz
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Registered: 01/18/01
Posts: 30,119
Loc: Sandy Eggo. Ca.
Re: just came across $30,000 [Re: duster]
    #7331926 - 08/25/07 02:45 AM (16 years, 7 months ago)

start a business.


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:sun::heart::sun:

tiny_rabid_birds said:
"your avatar is dirty."

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OfflineNibin
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Re: just came across $30,000 [Re: 40oz]
    #7331950 - 08/25/07 03:08 AM (16 years, 7 months ago)

The problem is that 30.000 is really not that much money in investment terms. If you went safe and invested in one of these bank funds that guarantee you won't loose any money, you might get say 5 or 6 % a year, if you are lucky. that is 1500/1800 a year, so increasing your capital will be a slow business.

The thing you could do, if you are prepared to take the risk and are any good with numbers is open an account with one of these online stock dealers, then read up a lot about how the stock market works and micromanage those funds daily. You can get much better returns that way, but it is time consuming, and as everything in the stock market, the bigger the returns the riskier it is.

Or you could go to colombia, buy 30000 worth of uncut cocaine and bring it back to sell :grin::grin:


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Newcomers guide-----> For all things shroomy

Edited by Nibin (08/25/07 03:08 AM)

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OfflineStreetFreak
smellin' like a plant


Registered: 02/10/07
Posts: 946
Loc: locked in a place where n...
Last seen: 14 years, 4 months
Re: just came across $30,000 [Re: Nibin]
    #7332033 - 08/25/07 04:51 AM (16 years, 7 months ago)

I suggest looking into a Roth IRA account. You could easily invest that 30,000 dollars to ensure a NICE chunk of retirement money. You may find bad money investment advice from some people here at the shroomery. However, a Roth IRA is no joke. It's one of the easiest most assured ways to be a millionaire by the time you're retired. If you're willing to invest (just a wee bit). If you don't need that money at all I think I would suggest investing most if not all into a Roth IRA, and there is your retirement basically secured.

Heres a pretty simple straight-forward look on how these work.

http://www.bankrate.com/brm/news/dollardiva/20020117a.asp

$30,000 is a very good amount to be thinking about investing (in reliable ways)

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OfflineNibin
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Re: just came across $30,000 [Re: StreetFreak]
    #7332063 - 08/25/07 05:28 AM (16 years, 7 months ago)

Quote:

StreetFreak said:
I suggest looking into a Roth IRA account. You could easily invest that 30,000 dollars to ensure a NICE chunk of retirement money. You may find bad money investment advice from some people here at the shroomery. However, a Roth IRA is no joke. It's one of the easiest most assured ways to be a millionaire by the time you're retired. If you're willing to invest (just a wee bit). If you don't need that money at all I think I would suggest investing most if not all into a Roth IRA, and there is your retirement basically secured.

Heres a pretty simple straight-forward look on how these work.

http://www.bankrate.com/brm/news/dollardiva/20020117a.asp

$30,000 is a very good amount to be thinking about investing (in reliable ways)




That isn't an investment. That is just a kind of savings account. He still has to make the investments and hope they turn out well.

From the website you posted:
Quote:

A Roth IRA isn't an investment, per se. It's more like a label put on an investment to identify it as a retirement account. The actual investment can be in stocks, bonds, mutual funds, money market accounts, certificates of deposit or gold bullion. It cannot be in vintage wines, Mapplethorpe photos, rubies, stamps or ot




The info given on the graph that shows the fictitional John's account going from 20.000 to 1.2M in 42 years depends on him getting a steady 10% return on his investment, which is pretty unlikely. There is absolutely no investment plan out there that will guarantee 10% return with no risk. So it isn't a risk free, perfect, assured way to become a millionaire.

There is NO risk free, assured way to become a millionaire.


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Newcomers guide-----> For all things shroomy

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OfflineStreetFreak
smellin' like a plant


Registered: 02/10/07
Posts: 946
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Re: just came across $30,000 [Re: Nibin]
    #7332121 - 08/25/07 06:24 AM (16 years, 7 months ago)

Quote:

Nibin said:
Quote:

StreetFreak said:
I suggest looking into a Roth IRA account. You could easily invest that 30,000 dollars to ensure a NICE chunk of retirement money. You may find bad money investment advice from some people here at the shroomery. However, a Roth IRA is no joke. It's one of the easiest most assured ways to be a millionaire by the time you're retired. If you're willing to invest (just a wee bit). If you don't need that money at all I think I would suggest investing most if not all into a Roth IRA, and there is your retirement basically secured.

Heres a pretty simple straight-forward look on how these work.

http://www.bankrate.com/brm/news/dollardiva/20020117a.asp

$30,000 is a very good amount to be thinking about investing (in reliable ways)




That isn't an investment. That is just a kind of savings account. He still has to make the investments and hope they turn out well.

From the website you posted:
Quote:

A Roth IRA isn't an investment, per se. It's more like a label put on an investment to identify it as a retirement account. The actual investment can be in stocks, bonds, mutual funds, money market accounts, certificates of deposit or gold bullion. It cannot be in vintage wines, Mapplethorpe photos, rubies, stamps or ot




The info given on the graph that shows the fictitional John's account going from 20.000 to 1.2M in 42 years depends on him getting a steady 10% return on his investment, which is pretty unlikely. There is absolutely no investment plan out there that will guarantee 10% return with no risk. So it isn't a risk free, perfect, assured way to become a millionaire.

There is NO risk free, assured way to become a millionaire.




A Roth IRA isn't an investment, per se.

I don't remember saying anything about risk free or perfect either :rolleyes:

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OfflineScarfmeister
Thrill Seeker
Registered: 10/31/02
Posts: 8,127
Loc: The will to power
Last seen: 4 years, 8 months
Re: just came across $30,000 [Re: duster]
    #7332123 - 08/25/07 06:27 AM (16 years, 7 months ago)

If you are the gambling type you could buy stock for all of it and sell quickly if you make profit, then buy more for the profit you made and keep the original 30k as security. Risky but could pay off big.


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We're the lowest of the low, the scum of the fucking earth!

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OfflineNibin
Getting there
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Registered: 11/29/05
Posts: 4,480
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Re: just came across $30,000 [Re: StreetFreak]
    #7332125 - 08/25/07 06:31 AM (16 years, 7 months ago)

true true, but you did say assured, and it isn't assured either. He could lose all of it in a bad investment.


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Newcomers guide-----> For all things shroomy

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Offlinehawksapprentice
Yearns to Snowboard
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Registered: 06/06/03
Posts: 3,195
Loc: Oregon
Last seen: 10 months, 3 days
Re: just came across $30,000 [Re: Nibin]
    #7332149 - 08/25/07 06:52 AM (16 years, 7 months ago)

You could just send it to me and I'll double it for you guranteed.;)


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"I celebrate the Earth, my home, my mother, my grave, and as long as men are Man they must, if they would preserve the integrated being, do the same---[and preserve]--this rank casual hungry smelly sweaty lusting transitory body, my oozy pulpy liquid-bag-swollen body, bones, blood, hair glands, my bejeweled sex; I love and celebrate it all.  never to let men forget that they are animals as much as gods---that is one thing I shall say."

  Edward Abbey

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InvisibleIndividual
Bass Addict
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Registered: 12/20/06
Posts: 6,666
Loc: Reality Loophole
Re: just came across $30,000 [Re: hawksapprentice]
    #7332151 - 08/25/07 06:54 AM (16 years, 7 months ago)

How?


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THE PHILOSOPHY OF LIBERTY <---                                               


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OfflineStreetFreak
smellin' like a plant


Registered: 02/10/07
Posts: 946
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Re: just came across $30,000 [Re: Nibin]
    #7332163 - 08/25/07 07:09 AM (16 years, 7 months ago)

Quote:

Nibin said:
true true, but you did say assured, and it isn't assured either. He could lose all of it in a bad investment.




That can happen in any investment. I don't think you can argue the IRAs have sick returns if done correctly. Also, not to get into a grammar debate, but I said "one of the most assured."

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InvisibleAsante
Omnicyclion prophet
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Registered: 02/06/02
Posts: 87,282
Re: just came across $30,000 [Re: duster]
    #7332168 - 08/25/07 07:15 AM (16 years, 7 months ago)

Quote:

The first place I would put 30,000 is in a house.
.
Well I would enjoy some of it, but for the bulk... I dont see any reason to have large amount of money sitting in an account or even the market while paying rent or interest on a mortgage.
.
Unless you already have a paid for house?





Diecommie is right on the money here. Getting a house of your own (if you dont have one already) should be your no 1 priority. What does owning a house mean?

1..No more rent (do the math)
2..You OWN the place where you live (freedom, security)
3..Property is one of the steadiest, most reliable of investments
4..You've turned money into property (no taxes and inflation forces)
5..You've secured your basic survival in case of unexpected tragedy

Those are pretty compelling reasons.

Now as for investment: as I see it the hidden inflation in the US is HUMONGOUS. Personally I believe it hovers around 7% but believable sources like shadowstats.com claim the actual figure is closer to 10%, which is the dangerzone for a sudden and devastating Hyperinflation.

Lets say real inflation is closer to 7%.

That would mean that anything that increases in value less than 7% annually will make the value behind your money decrease. So all savings accounts etc will make you LOSE money, even though the number of dollars on your account increases.

Now lets say there will be good times as well. That would mean that your $30.000 would be worth $15.000 in 10 years, 2017. If there are no good times, you may be looking at having $10.000 left because of the force of inflation alone.

So if you are going to invest, it damn well better be something that'll yield you 7+% anually and preferably 10+% annually, and thats to break even.

I may be DEAD WRONG about this but...

To me it seems a good investment to convert part of your portfolio into precious metals, particularly gold and silver. Gold and Silver are likely to at least grow against inflation, to break even. There also are not a few people who believe Gold and particularly Silver will actually increase in value on top of that.

Gold is about $675/troz now. The Cheuvreux Gold Report says it soon probably will rise to $900, and that there might be highs of $2.000 and beyond in the not too distant future. (within a decade)

On Silver there are similar forecasts, and many of them are a lot more bullish even than those on gold.

DOLLAR$ - will probably lose 50% and perhaps even >66% of its value before 2017
GOLD/SILVER - will lose 50% of its value at worst and might double or even triple in value before 2017

Dollars tend to be a negative sum game. Gold and Silver tend to be a zero sum game. But a zero sum game in relation to a negative sum game with these inflation figures means that you'll be raking in a dollar profit of 7-10% annually on the average (in reality it will go in stunts and spurts) and there's a good chance of an annual average increase of 20-30%

If you are going to invest in gold or silver I recommend you rent a safe deposit box in the vault of a bank and stack it with 1kg bars of silver and gold bullion coins of 1 troy ounce, such as Maple Leafs or Krugerrands.


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Omnicyclion.org
higher knowledge starts here

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OfflineStreetFreak
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Registered: 02/10/07
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Re: just came across $30,000 [Re: Asante]
    #7332180 - 08/25/07 07:23 AM (16 years, 7 months ago)

Thanks for the great info as always Wiccan. I'm going to be reading more into the points you made. :thumbup:

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OfflineNibin
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Re: just came across $30,000 [Re: StreetFreak]
    #7332212 - 08/25/07 07:45 AM (16 years, 7 months ago)

Quote:

StreetFreak said:
Quote:

Nibin said:
true true, but you did say assured, and it isn't assured either. He could lose all of it in a bad investment.




That can happen in any investment. I don't think you can argue the IRAs have sick returns if done correctly. Also, not to get into a grammar debate, but I said "one of the most assured."




But IRAs don't have ANY returns, it's the investment that has returns. IRA's are only a way to avoid paying some tax, same as PEPs and ISAs in the U.K.

I'm not saying IRAs are bad I'm just saying that they are only as good as where the money is invested.

On the gold thing, I always tend to be wary of commodities and bullion (gold, silver, oil etc) they are too volatile for my liking. And I don't know enough about how their market works anyway. But it is true that they can give fantastic returns if you are prepared to take the risk.

If loosing that money won't affect your livelyhood it might be worth a chance. But only gamble with money you can afford to loose, and don't get greedy.


--------------------
Newcomers guide-----> For all things shroomy

Edited by Nibin (08/25/07 07:46 AM)

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OfflineStreetFreak
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Registered: 02/10/07
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Re: just came across $30,000 [Re: Nibin]
    #7332216 - 08/25/07 07:51 AM (16 years, 7 months ago)

Quote:

Nibin said:
Quote:

StreetFreak said:
Quote:

Nibin said:
true true, but you did say assured, and it isn't assured either. He could lose all of it in a bad investment.




That can happen in any investment. I don't think you can argue the IRAs have sick returns if done correctly. Also, not to get into a grammar debate, but I said "one of the most assured."




But IRAs don't have ANY returns, it's the investment that has returns. IRA's are only a way to avoid paying some tax, same as PEPs and ISAs in the U.K.

I'm not saying IRAs are bad I'm just saying that they are only as good as where the money is invested.

On the gold thing, I always tend to be wary of commodities and bullion (gold, silver, oil etc) they are too volatile for my liking. And I don't know enough about how their market works anyway. But it is true that they can give fantastic returns if you are prepared to take the risk.

If loosing that money won't affect your livelyhood it might be worth a chance. But only gamble with money you can afford to loose, and don't get greedy.




touché

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