i have over 10,000 sitting in a savings account and it is not earnng me barely any money and i have no idea what else to do with it. What are some high reward, low risk investments? Additional ...
Today BLT has announced a profit rise of 77% but its shares are falling . Why ?
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say you have a couple 8 G's and u dont have nothing to do with it well u do like buy a car and stuff. but anyways u would prefer to invest it and dont know much about buying houses and all that ...
OKAY MOST BIG things we think of in the world today wal-mart Apple and so on were started small VERY SMALL......There is a gas station company in my state of MT that started small Town Pump and in ...
im sorry but i have had spectacular returns every year of over 100% and before the crash i was totally long on stocks but since i cut my loses right away i lost very little and actually made money ...
lets say I had 20,000 to invest what would be the best way to invest? What is a sure fire bet? Would I just go over to Smith Barney and say hey here's 20,000 do what you will? How do you know ...
Thats what one man said on Opra!He invested $5k into Microsoft in the early 80`s.Would have been worth $50 mill. in 1992,would be worth $500 million by now 2006!But he took the money out and put a ...
I have an Ameritrade account I funded on my own that is a "cash account" ie Not an IRA or Roth. It is my understanding I can use it like a bank account. When I dont have it tied to stocks, ...
please? or something where i can invest money at my age and have money 3 years for now in college? Additional Details umm i think it's 2 late 4 me to get a ...
Is it against the law to buy stock with a credit card or just a stupid idea?
I know someone who claims he bought 10k worth of stock with money he took out from his credit card. He said he wasn't supposed to do it, but did it anyway - talking like he broke the law or something.
Did he break the law or is he just stupid? especially since the stock tanked soon after he bought it! Additional Details Yeah, he's definitely not the sharpest tool in the shed - but the way he was going on about it like he was some sort of bad-a** for doing it. Like he was some sort of outlaw or something.
Money taken out with a credit card may be restricted in terms of what you can do, depending on the agreement.
Borrowing against a credit card to buy stock is a terrible idea. Credit cards charge 15%-20% on balances. The stock market doesn't average nearly as good of a return. Plus, it's extremely risky.
Rick B
No, that is not illegal. If he "took money from his credit card" then he got a cash advance. He can do anything he wants with it.
Very stupid idea though. Cash advances in general are a horrible idea. Using it on a speculative investment is even dumber.
Ernie
It is plain old stupid! Taking on debt in exchange for potentially nothing is not a financially sound idea. Thats alotof money to put in one stock anyway for a guy with no cash.
Hopefully he learned his lesson.
justbeingher
He got a cash advance on his credit card, at a stupidly high interest rate. Dumb move.
He did not break a law. Brokerages don't take credit cards as payment on stocks. It's an option or a cash purchase. He is just really tragically stupid and has no business trading, for obvious reasons.
jglick1999
It's legal...just stupid (get a cash advance and use the money to buy the stocks). On average, the stock market returns 12-13%, while credit cards charge 22-32% interest on cash advances...plus fees. This is a great way to significantly up your risk of losing some serious $$.
It's probably a good rule that if you need to get a "loan" from your credit card you probably shouldn't have $$ in stocks.
Steven C
Using other peoples money is a great idea however a credit card advance is not a good idea. Investing in the stock market is very risky and not advisable.
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