what should I do with $10,000

[John1234]

I have a question and I would appreciate any advice that anyone can give me.

I should be receiving $10,000 very soon and I am not sure what to do with it. I am 21 years old and I am not too familiar with investing because I have never had the money to invest. I want to do the right thing with my money but I am not sure what the right thing is. I don't want to put my money in a place where I need to wait 10 or 13 years to get it because I could die in 13 years and never get to touch it. At first I thought that a money market would be good but the interest is so low but it still is not out of the question. I was also thinking about gold but I don't know anything about investing in gold. My father has been telling me to put some of it in a money market and buy a car to sell and slowly make profits off the cars (he has brothers and cousins in the car business). My mom wants me to put a down payment on a single room condo down the shore and she says it will begin to pay it'self off within five years. But I don't know what to do. $10,000 is a lot to me so I feel lost and it doesn't help that the economy isn't doing so good.

I will be done college in 2 years so hopefully I will have a good job. I also need some of the money for an engagement ring for my girlfriend so it needs to be accessible.

Anyone have any ideas on what I should do with the money? I have been researching on Google but I keep coming across scams. And I live in the US if that makes any difference.

Thanks

[pins]

no easy money in this world. put it in the bank for five years fixed interest. no body wins gambling only the casino aa few dreamers bwill tell you they win gambling.  they are kidding themselves. think about it the cost of running a casino. the wage bill is huge.  win today lose tomorrow. why do people sell systems. if they worked they would get rich themselves. i spent a lifetime gambling. the only gurantee is that you will lose. i know this advice will fall on deaf ears

[mistarlupo]

Just don't use it for gambling...
I'd put the money in a bank for a while but I'm not familiar with the interest rates in the United States.

[Proofreaders2000]

Here's an idea.  You could use it as collateral for a loan in learning a trade, then contract yourself out for a hefty fee (part-time) while you're in college.  

Also, I've been reading up on this. REITs (Real-Estate Investment Trusts) You could buy into various properties and when they appreciate, you can opt out with a profit.

[Nathan Detroit]

Do some  research for mutual funds. As you  go along by collecting pertinent information  you will get  ideas  of your own what to do. DO YOUR OWN THING!!!

It would  not be a bad idea placing $1,000.-- in  a  3 or  6 months CD. The remainder divide into 3  equal   mutual funds.

There are US mutual funds, some  are more conservative with companies  which have  a long track record others are more   growth oriented. Do not overlook some  international or regional  funds  ( Europe  / Pacific / Asia).

Nathan Detroit

[Shorty]

Put it in the bank and get a job or find a way to make money so you can put a deposit on a house. 10k isn't much in this world, especially if you want to own your own house and start a family.

[Skrizy]

What's the point of asking this on a forum??? Go to u're local bank and ask for good investments! A forum is no place to ask that, and certanly not a forum were gamblers and conmen hide ...

Kind Regards,
Skrizy

[viper5]

shorty   i am with u!

[Coxx16]

  Until you are sure as to what you want to do with the money. you might as well let it gain interest. Check with your local banks for 5% CD accounts.  (certified deposit). Not a bad way to earn a few extra bucks at the end of the year. Its easy money to be sure.

[John1234]

What's the point of asking this on a forum??? Go to u're local bank and ask for good investments! A forum is no place to ask that, and certanly not a forum were gamblers and conmen hide ...

Kind Regards,
Skrizy

That is a good question. But I figured I would ask. It doesn't hurt asking. I figured that someone around here would have some idea on what to do. Plus even though we are all gamblers it doesn't mean that everybody here is going to give bad advice.

[John1234]

Thanks for all of the advice. I am probably going to take one of the safe routes and put some money in the bank. There are some interesting ideas that i will look into. One thing that I am not going to do is use it for gambling.

[Kimo Li]

Invest in a conservative medium, perhaps a CD.  Then pretend you never received this money and live your life.  In the future, when you are educated in the world of finance, then perhaps you will know what to do with it.

You can kiss your money goodbye when you get married because your money becomes her money, now that is a pure gamble. Good Luck.

[Proofreaders2000]

Maybe not gambling directly,  what about writing a book about gambling, like a book of systems you could publish in EBay--or even stories about gamblers.  Remember Twenty One?

[bombus]

I think proof just said the magic word....ebay...

Get an ebay/paypal account

Start attending local estate auctions and buy dead peoples stuff then list it on ebay.

Of course you need to do lots of research into what sells and for how much, but there is plenty of good money to be made like this... it's fun too.

Invovled is treasure hunting, research, writing, photography, people skills, money management, etc.

Good stuff to sell?

Go for demographics with expendable incomes... boys toys are good, fishing gear, diecast cars, coins & stamps, musical instruments, asian artifacts... vintage, vintage, vintage!

I bought a vase for $100 at auction a few weeks ago and sold it on ebay for $1700.

I bought a pottery figurine for $150 and sold it on ebay for $2300.

I bought a chess set for $15 and sold it for $1500

It's not always that good, but you virtually always make some profit, and the list goes on and on...you should try it

Good luck.

[John1234]

Maybe not gambling directly,  what about writing a book about gambling, like a book of systems you could publish in EBay--or even stories about gamblers.  Remember Twenty One?

This is an interesting idea but I don't have the time to write a book about gambl[quote author=bombus link=topic=11289.msg73271#msg73271 ing because of school. At some point I do plan to write a book but not about gambling. Last summer I had an idea similar to this. I made something called poker skill cards and there are all different editions. Each card has a different skill needed to be successful at the game. I have the tournament version, cash game version, novice, advanced and so on. I finished the cards and didn't take the idea any further. Now I can't even access the cards because they are on my old computer which locked away behind a password which I will never remember. My plan was to sell them on ebay but that will never happen.

I think proof just said the magic word....ebay...

Get an ebay/paypal account

Start attending local estate auctions and buy dead peoples stuff then list it on ebay.

Of course you need to do lots of research into what sells and for how much, but there is plenty of good money to be made like this... it's fun too.

Invovled is treasure hunting, research, writing, photography, people skills, money management, etc.

Good stuff to sell?

Go for demographics with expendable incomes... boys toys are good, fishing gear, diecast cars, coins & stamps, musical instruments, asian artifacts... vintage, vintage, vintage!

I bought a vase for $100 at auction a few weeks ago and sold it on ebay for $1700.

I bought a pottery figurine for $150 and sold it on ebay for $2300.

I bought a chess set for $15 and sold it for $1500

It's not always that good, but you virtually always make some profit, and the list goes on and on...you should try it

Good luck.

I decided to take my first chance with ebay about a week ago. It was a chance not worth taking. I found some apple ipod nano's for wholesale. I bought them and after I received them I found out that they were knockoffs and there are also multiple problems with them. So now I'm trying to sell these ipods on ebay that probably wont sell (I am letting people know that they are  not real).

It is great that you made such a profit on the items that you sold. You must have to know what you are doing to have success on that level.

[John1234]

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