Need some money tips here please

[eLiTeGoodGuy]

I am getting a fairly decent Tax check back (for me that is) and I would like to know what's the best place to invest $1600? I know savings accounts are slow to gain interest off of.

What's the best wait to get the most return on my money? I'm not too knowledgable (sp?) in the stock market, but I would consider going that route. Also what is the safest for my money too?

 

[Gyrene]

A good mutual fund. Find a good broker and set up a good mutual fund account. It's a long term investment, but a good one.

 

[TheGameIs21]

99% of the time, the amount of return is in direct line with the risk. The more risky, the more you can make and vice versa.

You need to answer a few questions.

1. How old are you? Not really as important in this size of an investment.
2. What are you wanting to spend the investment on (if you have an idea)
3. If you lost the entire 1600 (Even in a "secure" stock) would you be in financial trouble?
4. What do you have for interest bearing debt? At what APR?

Start with that.

 

[GasX]

1. Open and IRA
2. Deposit your $1600
3. Buy an index fund (e.g. VEIPX)

 

[dquan97]

Originally posted by: TheGameIs21
99% of the time, the amount of return is in direct line with the risk. The more risky, the more you can make and vice versa.

You need to answer a few questions.

1. How old are you? Not really as important in this size of an investment.
2. What are you wanting to spend the investment on (if you have an idea)
3. If you lost the entire 1600 (Even in a "secure" stock) would you be in financial trouble?
4. What do you have for interest bearing debt? At what APR?

Start with that.

good questions

 

[BassDominator]

TheGameIs21 has some great ideas. I'd just like to add that you really can't go wrong with the stock market right now. Stock prices are still pretty low from the tech implosion and 9/11.... and it looks like the market is about to rebound. I think ING is about the best interest rate (about 2%) you can do right now without a minimum deposit. That would be a good place to keep your money until you find a good investment. Best of luck!

 

[TranceNation]

invest in stock market, buy big names like intel, etc.
avoid penny stocks

 

[eLiTeGoodGuy]

Originally posted by: TheGameIs21
99% of the time, the amount of return is in direct line with the risk. The more risky, the more you can make and vice versa.

You need to answer a few questions.

1. How old are you? Not really as important in this size of an investment.
2. What are you wanting to spend the investment on (if you have an idea)
3. If you lost the entire 1600 (Even in a "secure" stock) would you be in financial trouble?
4. What do you have for interest bearing debt? At what APR?

Start with that.

1. I'm 23, getting ready to be married in 2 months

2. I'm tired of wasting my money on stupid things (ie. new paintball gun, Paintball guns unless made of gold don't gain in value at all) I want to be able to save up, if an emergency arrives I want to be able to say ok lets use this money that I have over here to pay for bills, car repair, hospital.

3. To tell you the truth I completely forgot about this extra check coming in, till the fiance brings in the W2 in the mail. So no, I really wont need this money at all. Would just be nice to do something good with it. ($1600 isn't going to buy me 2 chicks at the same time, office space )

4. I have about $3,000 in CC debt at a high interest rate

 

[dxkj]

Originally posted by: eLiTeGoodGuy1

Originally posted by: TheGameIs21
99% of the time, the amount of return is in direct line with the risk. The more risky, the more you can make and vice versa.

You need to answer a few questions.

1. How old are you? Not really as important in this size of an investment.
2. What are you wanting to spend the investment on (if you have an idea)
3. If you lost the entire 1600 (Even in a "secure" stock) would you be in financial trouble?
4. What do you have for interest bearing debt? At what APR?

Start with that.

1. I'm 23, getting ready to be married in 2 months

2. I'm tired of wasting my money on stupid things (ie. new paintball gun, Paintball guns unless made of gold don't gain in value at all) I want to be able to save up, if an emergency arrives I want to be able to say ok lets use this money that I have over here to pay for bills, car repair, hospital.

3. To tell you the truth I completely forgot about this extra check coming in, till the fiance brings in the W2 in the mail. So no, I really wont need this money at all. Would just be nice to do something good with it. ($1600 isn't going to buy me 2 chicks at the same time, office space )

4. I have about $3,000 in CC debt at a high interest rate

Simple... pay off $1600 of your CC debt.....


What interest rate? Unless its lower than 10% you shouldnt invest it, or otherwise.

 

[TranceNation]

Originally posted by: eLiTeGoodGuy1

Originally posted by: TheGameIs21
99% of the time, the amount of return is in direct line with the risk. The more risky, the more you can make and vice versa.

You need to answer a few questions.

1. How old are you? Not really as important in this size of an investment.
2. What are you wanting to spend the investment on (if you have an idea)
3. If you lost the entire 1600 (Even in a "secure" stock) would you be in financial trouble?
4. What do you have for interest bearing debt? At what APR?

Start with that.

1. I'm 23, getting ready to be married in 2 months

2. I'm tired of wasting my money on stupid things (ie. new paintball gun, Paintball guns unless made of gold don't gain in value at all) I want to be able to save up, if an emergency arrives I want to be able to say ok lets use this money that I have over here to pay for bills, car repair, hospital.

3. To tell you the truth I completely forgot about this extra check coming in, till the fiance brings in the W2 in the mail. So no, I really wont need this money at all. Would just be nice to do something good with it. ($1600 isn't going to buy me 2 chicks at the same time, office space )

4. I have about $3,000 in CC debt at a high interest rate

well then 4) answers your question. pay off the high interest rate cc debt is your best move.

 

[tk149]

Originally posted by: eLiTeGoodGuy1

Originally posted by: TheGameIs21
99% of the time, the amount of return is in direct line with the risk. The more risky, the more you can make and vice versa.

You need to answer a few questions.

1. How old are you? Not really as important in this size of an investment.
2. What are you wanting to spend the investment on (if you have an idea)
3. If you lost the entire 1600 (Even in a "secure" stock) would you be in financial trouble?
4. What do you have for interest bearing debt? At what APR?

Start with that.

1. I'm 23, getting ready to be married in 2 months

2. I'm tired of wasting my money on stupid things (ie. new paintball gun, Paintball guns unless made of gold don't gain in value at all) I want to be able to save up, if an emergency arrives I want to be able to say ok lets use this money that I have over here to pay for bills, car repair, hospital.

3. To tell you the truth I completely forgot about this extra check coming in, till the fiance brings in the W2 in the mail. So no, I really wont need this money at all. Would just be nice to do something good with it. ($1600 isn't going to buy me 2 chicks at the same time, office space )

4. I have about $3,000 in CC debt at a high interest rate

Pay down the credit card. Consider getting a new card with an introductory 0.00% rate for 6 months with balance transfer.

 

[SOONER]

No Brainer! Pay off the debt. Then don't get into more debt.

 

[Quixfire]

Real Estate, you are never too young to start owning some.

 

[RossMAN]

Originally posted by: SOONER
No Brainer! Pay off the debt. Then don't get into more debt.

Thank you.

WTF would you INVEST when you have REVOLVING DEBT???

Pay down or payoff the cc in it's entirety and all your other "bad debt" (anything but a student loan or home) then start INVESTING.

 

[Ranger X]

Originally posted by: Quixfire
Real Estate, you are never too young to start owning some.

I agree. Can't go wrong with Real Estate for right now.

 

[JonnyBlaze]

Originally posted by: eLiTeGoodGuy1

($1600 isn't going to buy me 2 chicks at the same time, office space )

dude that would get 2 chicks for atleast a few hours!


JB

 

[TheGameIs21]

I think it goes without me repeating but you need to pay off the high interest. You are probably paying at least 19%. You won't get more than that in the market short term so you will end up losing $$ in the long run.

Apply the 1600 towards the lowest balance debts first until you have paid all of the 1600. Then take what your minimum monthly payment towards what you have paid off and apply it towards your remaining lowest debt. I can explain it in more detail if you would like.

 

[dullard]

It has been said before: Use it all for your CC bills.

You asked for money tips in your title. So tip #1 is: if you do not have the money in the bank do not use your CC. Simply put, carrying a CC balance is almost the worst thing anyone can do financially. Yes you can do worse, but it would be difficult to do.

Tip #2: you need to look at your life and find out why you have a CC balance. Do you need to earn more, buy less, or just spend differently? Of course buying less is usually the most difficult. So I suggest you consider spending differently. There are millinos of methods to do this. No reason to give up anything you really want, but just shift the method of purchasing them or shift the time that you make the purchases.

Those two things are more important than any form of investment at this point in your life. The difference between an investment that earns 5% and one that earns 6% is not as great as the difference of buying a $100 item instead of going to Hot Deals and getting the same thing for $25.

Tip #3: adjust your withholdings so that next year you don't give the government a $1600 loan without interest.