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beneath
One Way Street


Registered: 10/30/07
Posts: 1,239
Loc: The un-united kingdom
Last seen: 11 years, 7 months
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how can make my money work for me?....
#7774831 - 12/18/07 06:14 PM (16 years, 1 month ago) |
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I'm at college and i have a loan, I've got a some cash and i could use some of it to invest in something that will get me more in the future, I'm 19 so if i save now maybe i could have a cool amount sometime later.
I'll be putting in maybe a few hundred and adding a small amount to it every month or something.
I don't have a job right now so i can't guarantee I'll always be adding money to "it" (I'm in the UK) any ideas?
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Innominate


Registered: 06/12/05
Posts: 2,136
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Re: how can make my money work for me?.... [Re: beneath]
#7774866 - 12/18/07 06:23 PM (16 years, 1 month ago) |
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That's.... kind of stupid. The intrest you are spending to keep that money is going to cost you more than you would make investing such a small amount. Unless you are borrowing a few 10 thousands I don't think you can turn a college loan into an investment.
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2FiNiTe
ConsideratlyKilling Me



Registered: 06/12/06
Posts: 1,635
Loc: New England
Last seen: 7 years, 4 months
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Re: how can make my money work for me?.... [Re: Innominate]
#7774888 - 12/18/07 06:26 PM (16 years, 1 month ago) |
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The interest accrued on a college loan is going to be over a pretty long period. The interest on that money is being loaned at a lower interest rate you could get on any loan anywhere these days.
Its really not that bad of an idea! I'd say your best bet as far as saving/investing money is always going to be bonds if your looking at the long term. If your trying to simply turn that money into more money theres all different kinds of options. Both legal and illegal.
-------------------- "Ours is a world of nuclear giants and ethical infants. We know more about war that we know about peace, more about killing that we know about living." General Omar N. Bradley
Edited by 2FiNiTe (12/18/07 06:28 PM)
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Innominate


Registered: 06/12/05
Posts: 2,136
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Re: how can make my money work for me?.... [Re: 2FiNiTe]
#7774905 - 12/18/07 06:30 PM (16 years, 1 month ago) |
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Using any kind of loan money to invest is always a bad idea IMO, unless it's a substantial amount. It's not enough to trade stocks with, not enough for a CD or money market account, not enough to buy a good amount of gold/silver with, or if it is, the small amount of money you gain will be negated by the interest that is building up on not only the money you invested, but the rest of the loan that you took out for classes and books.
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2FiNiTe
ConsideratlyKilling Me



Registered: 06/12/06
Posts: 1,635
Loc: New England
Last seen: 7 years, 4 months
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Re: how can make my money work for me?.... [Re: Innominate]
#7774918 - 12/18/07 06:35 PM (16 years, 1 month ago) |
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I see your point now...your talking more about money gained vs money lost. Regardless of interest rates, you defiantly have a point.
Thats like :
Quote:
How you gonna front somebody when you got fronted!?
-------------------- "Ours is a world of nuclear giants and ethical infants. We know more about war that we know about peace, more about killing that we know about living." General Omar N. Bradley
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badchad
Mad Scientist

Registered: 03/02/05
Posts: 13,372
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Re: how can make my money work for me?.... [Re: 2FiNiTe]
#7775054 - 12/18/07 07:06 PM (16 years, 1 month ago) |
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It takes quite a bit of money to "make your money work for you". A solid, moderate risk investment will probably get you about 10% a year.
When I was in graduate school, I qualified for about 8k a year in student loans. Because interest does not accrue until after you're done I took out the max amount each year and invested it. I invested it in a larger portfolio and averaged about 10% each year. I can't do the math in my head, but this yielded me a decent return.
-------------------- ...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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Scarfmeister
Thrill Seeker
Registered: 10/31/02
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Loc: The will to power
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Re: how can make my money work for me?.... [Re: beneath]
#7775083 - 12/18/07 07:15 PM (16 years, 1 month ago) |
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When you start making money, save 500 dollars or more each month. Do that every month without fail and you will be really well of when you are 30. Compund intrest is sweet.
-------------------- -------------------- We're the lowest of the low, the scum of the fucking earth!
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