 How can i get money if im only 13?? |
i really feel bad asking my mom and dad for money because they hardly have
so i wanted some ideas on how i can make money!
Additional Details
and what is paper ... |
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Additional Details
Lets say it's less than 100 ... |
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dfpb | I am getting a small inheritance, what can i do with it to live off the interest? |
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Icarus
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If it is a small inheritance, you cannot live off the interest. A $1,000,000 investment in reasonably safe financial instruments will produce (safely) about $30,000 to $40,000 per year in income. So if you received a "small" inheritance, say $100,000, you can expect about $3,000 to $4,000 per year in interest income. |
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src50
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How small is "small"? You can't live off the interest from a "small" amount of money. |
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Andrea
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Talk to your bank and get their advice. You can give them all the important information (like how much $$ you're getting, your current financial situation, etc.) and they can give you the best advice because they will have the whole picture. No one here knows all these details so it's difficult to help you.
Good luck. |
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Earl s
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too many varialbles in that equation. how large is it ? how much interest do you need to live ?
I'd talk to several financial advisors. You want conservative investments to protect the principal. That lowers the income.
Don't quit your day job until you know this really works.
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schoonysnacks
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with the suffering economy your best bet is to invest it in something (General Motors is good, if you think they're going to get the bailout). If you're not comfortable playing the market invest in a CD (certificate of deposit)
With CDs your money gets "tied up" so you won't have access to it until it matures. |
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Garret M
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Invest in a mutual fund now and when the market rises back up you can scoop off the top and probably supplement your income. Try vanguard. Or you can put it in a high interest checking account with a bank that isn't going to go bankrupt in this economy and live off of the interest. |
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Emoney
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You can't live off the interest on a small inheritance. If you had half of a million dollars an account that yielded you 10% you could live off of $50,000 a year. |
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hailfeal
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take the cash, put in box, bury box and wait until the economy isn't so effed up. |
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Goonhilda
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You have not told us the amount that you are inheriting. Therefore, we can't tell you what investment strategy would be appropriate for you to generate an ongoing income from the investment.
Please edit your question and include this information. Then you'll probably get some more useful answers.
If the amount is only a few thousand, you'll not make enough to live off it. However, if you invest it and then reinvest the dividends, you will probably have a nice little nest egg down the track, providing you are careful of capital gains tax and get decent returns without risking capital.
Don't make living off the interest the goal. Instead, invest it, and continue to work to make the most of your inheritance.
Best wishes |
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Yalace
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sell it? or keep it if tis money :) |
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kfrog171
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you can put it in a savings bond and the interest will be higher and you can always invest the original amount in the same thing its called rolling it over. that's a great way to make money but it does have a waiting time but its guaranteed. |
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Lou C
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The very best thing to do is put it in a Certificate of Deposit at the bank and let it accumulate the interest annually and watch it grow.
Slowly but surely the interest will turn it into alot more than you had at the beginning.
If you feel like you need something you can always borrow against it and you can get an interest rate of only 2% more than you are getting.
Of course pay on the loan regularly and keep the same CD drawing interest and you will always look favorable at the bank and building your credit score.
Good luck and lock it in CD at least a year and try to forget about it.
You will be much better off for it. |
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king xtacy
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nothing for now |
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Gold_n_Silver
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DON'T LISTEN TO DANNY -
YOU HAVE GOT TO BE KIDDING. THIS SITE IS FROM
SOME OTHER PLANET....GOOD GOSH !!!! !!!! !!!!!
______________________________________...
If you are not late on any bills or in default on any loans, then the first thing to do (normally) would be to go to your bank.
THE REASON IS THAT IF YOU OWE ANYONE ANYTHING THEY WILL BE ASKING FOR IT BACK RIGHT ABOUT NOW...
Being that things are NOT normal, I would suggest that you make sure that whatever bank you go to is not ready to fold.
Depending on the amount of money you are getting FDIC insured bank accounts will still protect your money. So whatever the amount is needs to under the FDIC amount and you'll have no problems.
A savings account has a miserably low interest rate, so living off the interest may not happen.
You do need to speak with an honest financial consultant. These days they are hard to find.
SOME SAY THAT YOU STILL CAN INVEST IN STOCKS --- I WOULD BE VERY CONSERVATIVE AND GO FOR THE ONES THAT HAVE A GREAT TRACK RECORD OVER THE LAST FEW MONTHS.... |
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Musicman812
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Ladder CD's -- Certificate's of Deposit in a safe bank. Make sure they're FDIC insured, which I believe is now $250,000 instead of $100,000. Check w/ your bank and then get it in writing!!
To ladder CD's, you'll initially buy:
1. A 3-month CD
2. A 6-month CD
3. A 9-month CD
4. A 12-month CD
After 3 months, you'll want to take the interest earned on the 3-month CD as income and then reinvest the principle in a 12-month CD.
Your ladder will look like this:
1. A 3-month CD (initially was the 6-months CD)
2. A 6-month CD (initially was the 9-month CD)
3. A 9-month CD (initially was the 12-month CD)
4. A 12-month CD (matured 3-month CD reinvestment).
The point of the ladder is having interest income every 3-months. Because 12-month CD's offer a better return, after 4 cycles (1-year) you'll have 12-month CD's coming to maturity every 3-months.
Now, there's nothing to say you can't have a CD mature every month. You'll have to buy 12 CD's instead of 4 above.
1. 1-month
2. 2-month
3. 3-month
4. ...
5. ...
.
.
12. 12-month CD
Again, after 12-months, you'll have a 12-month CD come to maturity every month. Take the interest and reinvest the principle at 12 months.
One thing to remember is you'll have to pay a capital gains tax on the CD's coming to maturity.
During the first year, you'll probably be taxed at your marginal tax rate b/c the investment is less than 1-year (short term). But I do believe the 12-month CD's will be taxed at the current capital gains rate @ 15% (long term).
Also remember to spread the money around so you don't expose yourself to anything above what the bank insures. If FDIC is $250,000, don't put more than 250K in that bank.
If you have more than 250K -- spread over as few banks as possible -- and make sure you're choosing reputable banks that are FDIC insured!!
That's my two cents. Don't bury it as suggested -- there are safe investments out there that return some compound interest.
Check bankrate.com for rates.
Good luck.
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denbywatson
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Pay it into a normal savings account, nothing based on the stock market. Opt for monthly interest with the option to withdraw some or all of the capital if necessary, you may get a higher rate if your willing to wait for 30 days etc to withdraw anything over the normal monthly interest. The interest can be transferred automatically to an account you can draw from.
An example based on £100,000 at 5% would be £416/month , if you are a tax payer based in the UK you will also have to deduct tax at 20%, which would be £332/month.
The option to withdraw the whole balance instantly or with some notice is important as no one can tell you what state the economy will be at in 1 month, 1 year or 5 years etc. If the company you invest with is struggling or reduces their rate you can move your funds to make it more secure or get a higher rate. Its also wise to review your interest rate a few times a year to check for a more competitve interest rate.
I have based this answer on my 7 years experience working in savings and investments. |
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cajuninafrica
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I would get stocks that pay dividends and dont touch the interest or the dividends. I would just keep rolling it back into he stock and let it build up for a few years. At least let it stay there until Obama gets out of office. |
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Skater Gall
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I thought your question said im getting a small intestine lol |
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