I have £5000, and want to know whats the quickest way to double the money. Serious answers only please. :-)?
Answers: Buy wholesale,sell retail.
Give it to me, I'll invest it and double your money in a week.
I won't disappear off the face of the planet, honest.
Go to a casino. Go to the roulette table. Put it all on black. If the next result is black then you will have doubled your money in just a few seconds. You probably won't do it much faster than that.
Of course, as with most investments of this nature there is an element of risk involved and you are not guaranteed to get back 100% of what you invested.
This would depend on how much risk you're willing to take, and/or how much you are willing to loose. As stated, the absolute fastest way to double your money is to place a bet on the roulette wheel, all or nothing on black. This, however, is also the fastest way to loose it all ;p
On the other hand, if you are still a gamblin man, you could you bet it in small increments on the roulette wheel, and could potentially win a substantial amount. I hardly ever walk away from the wheel with less then when I approached it.
Another high risk option is to become a short time drug dealer. Seriously. If you buy the right drug, from the right dealer, you can turn around and sell it for double your profit, or more sometimes. There is of course substantial risk, not only to your money, but to your life and freedom as well. This may not be the best option ;p
For substantially less risk, you could dabble in stocks as a day trader. By choosing the right stocks carefully you could easily double that £5000 in 1 to 4 days.
The safest route, is to go to a bank, and deposit it into a CD or Certificate of Deposit. Check with your local banks (I live in the States) but here, you get 5.3% on a 90day CD (3 months) if you continually re-invest everything plus interest into a new cd, you will have doubled the 5000 in about 4 years. Takes a bit longer then the other options, but no risk at all of loosing your money. And no constant temptation to spend it either, as its unable to be withdrawn for 3 months at a time.
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What should I do near my due settlement?
I am getting $3,500.00. I have $2,200 within credit card debt, and I make 20k a year. I live beside my folks but want to move out by fall, hopefully. If I retribution all my credit, I'm afraid I may rack it up again.How much should I reclaim, pay to debt, spend, invest (or should I invest at all)?
Thank you.
Answers: Paying sour the credit cards is a good theory. But you're only treating the symptom, not the disease. To cure your financial disease, cut up the credit cards.
Instead of credit cards, you're going to start paying for everything near cash, and own an emergency fund for unexpected stuff.
1) Pay rotten the $2,200 credit card debt.
2a) Withdraw $1,000 as ten $100 bills.
2b) Buy a picture frame from Wal-Mart.
2c) Get the frame engraved: "In case of emergency, break glass"
2d) Put the ten $100 bills within the picture frame.
2e) Hide your brand new emergency fund surrounded by the back of the closet.
3) Put the other $300 surrounded by a savings vindication. This is your starter fund for your new apartment.
4) Start making "rent" payments, but the $500/month go into your savings explanation.
5) If your financial situation this year is similar to last year, ask your boss for a spanking new W-4, because he withheld $300/month too much.
I know your folks are driving you crazy.
But, the $500/month your saving instead of spending will be worth it. That'll be $4,000 save by this fall. Don't squander it.
remuneration off your credit card and amass the rest !!
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Pay bad your cards and then afford them to your parents to hold on to-- or better yet, call off all but one and ask that portrayal holder to reduce your curb. You're in a situation where on earth you can become DEBT FREE, and so few people surrounded by America are debt free. Plus when you move out, those credit card bills can quickly find out of control.
Why not recompense off the $2220 symmetry, save $1000 to stir towards moving out, and splurge the other $300 on shopping or something you want, as a reward for being responsible?
If it be me, I would pay sour my credit cards and save the remaining $1,300 (possibly for moving costs when you move out?). If you mull over you may rack your debt back up, cut up your cards.
I'm resembling you, though... I paid sour one credit card with quantity of my tax settlement, but it was the one I know I wouldn't charge on again. I have a few other, much larger ones I could've remunerated down but I knew if I did that I would in recent times charge on them again. It's all a business of will power, I think, and knowing exactly how much surrounded by interest you'll end up paying on those cards :)
First, pay cheque your credit card off and promise yourself you will ONLY use it for emergency purposes. Once you've done this, put the remaining amount into an IRA. At 20k/yr it will be cost-effective to place it into a traditional IRA, as it will lower your overall income for subsequent year, thereby increasing your EIC on your 2008 tax return.
As to your IRA itself, own your financial planner invest the funds inside your IRA into something safe. My personal counsel is bond funds at this time. We are at the start of the downward cycle of our market, and as such, I expect most stock funds to do markedly poorly over the next 2-3 years, so don't consent to anyone talk you into investing contained by any funds that have stocks within them.
Paying down your credit card is like recouping money you are giving to someone else. It's honourable to to pay it to nought.
I like the IRA model, too.
Even with a ahving a child live near you, you should make a plan for yourself for over respectively of the next five years (sounds kinda Russian, but it works). Do you want to build more money? School, living arrangements, taxes, etc. would help you web more of a refund and/or elevate your take home compensate. This is where I would invest it, contained by yourself. That way you are contained by control of it.
For now, put the rest someplace where on earth you can't touch until you make your plan. A US nest egg bonds, a CD, or a Money Market nest egg acct would be great. Get that money working for you!!
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Where can I brass a paycheck if the guard is closed?
My manager get the paychecks in resembling way after the wall closed yesterday and now it's Sunday. Is within anywhere I can cash it?Answers: most Walmarts own a check cashing center for a minimal fee.
Wal-Mart is a biddable place, they only charge $3.00