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miami_39 | I have $20,000, now what? |
I am 19 years old and I currently have $20,000 in a CD that is almost over and I want to turn this money into a lot more money somehow, besides taking it to a casino. What should I do? |
 |
 
Donald B
 |
Your first option should be to fund fully a retirement account. If you do this, and you have extra cash, then one of the best things you can do is open a DRIP Plan.
Go to : low-cost-stock-recommendations
.com
Click on the "DRIP's" Button on the Navigation Bar
These powerful investment plans are seldom talked about because brokers make very little money when they suggest them. Yet, they have proven to be one of the best, if not the best, long-term strategy on Wall Street.
They are perfect for small investors, as well as big investors. They are safe and allow you to not care about whether the market is going up or down. They are a must for any serious investor.
If you decide you are interested in DRIP Plans, click on the advertisement on the same page "$4 to purchase stocks". This will answer your next question, which is, How do I get started? and what is the least expensive way to get started?
I strongly recommend looking into it. They are great plans.
Good Luck |
|
kinder
|
PUT IT IN A MUTUAL FUND |
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mattw642
|
put a down payment on a house |
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amyohamy
|
I'm 20 and just received a large amount of money too. It's awesome to know that you have it, but also kind of shocking cause you dont know what to do with it! I initially put it in a CD like you, but was informed by some close family friends that the best way to increase the amount is to invest it. I went to Allstate, and the had a bunch of information! Good Luck! |
|
Plumeria
|
It depends on what your immediate and long term goals are. Do you have any goals that require money, like buying a car or going to college? $20K is a sizable amount of money. Condering how young you are, it can really grow for you, so long term savings would be a good option for you. With time and a high rate of return, your $20K can double once, maybe even twice over into $80K if you plan well.
If you're considering long term savings, read up on the Rule of 72 http://www.investopedia.com/terms/r/ruleof72.asp and the concept of "Tax now, tax later, tax never" http://www.hftp.org/members/bottomline/backissues/2002/BL17_2/tax.htm. These are two good concepts to be aware of in considering your options. Happy planning! |
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sanddune
|
Rather than go solo like some of these people are suggesting, talk with a financial planner in your area. Pay off any debts, first or continue to save - perhaps use it on a future master's degree program (or bachelors if you're not in college). |
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Alfonso S
 |
invested in stocks, from a company. or buy realstate. something you know is going to be more valuable in the future. |
|
Smartass
 |
Actually, taking it to a casino is NOT an option if you're thinking of making more, not worth the risk.
Diversify in some stocks, buy some mutual funds, save some in CD still ,you'll make a lot more overall. BE CAREFUL. |
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bidhutnet
|
You need to talk to a professinal finicial advisor and see what they suggest. The reason why is if you keep holding onto it and not get it somewhere safe earning you money you will spend it. I had 30G's at age 19 and now 5 years later I have none of it. I learned my lesson from my mistakes and now know how to manage money and I don't want you falling into the same trap. Go talk to a finicial planner and start getting it invested right away. Best of luck |
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stolenkiss061
|
Well,
Only cash is not a wealth...what i would like to say is that i'm running a NGO (Non Govermental Orgination) which i looking after poor & orphans children, i'm giving them food and education which their parents can't afford. If you can help them with your money or if you can finance their education then you will get bless...... if you can get self satisfaction upon others bright future and smile that is your great property.
Now i have finish all of my money supporting them so i'm trying to get work in cruise ship so i can support them more...if you want to participate then you are most welcome. |
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Tyler M
 |
Since your 19 I would use this money to go to college its always a good investment unless your already there or if your parents are paying for it. If that is the case I would put open up a ROTH IRA and contribute 4,000 to it and then invest the rest into stocks. 80% stocks 20% IRA/Bonds |
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FRANK
|
Much more info is needed in order to say what you should do. Are you in college, or plan to go to college? Tuition is one use. If you are workinng full time, then this money may be well sepnt buying a residnece. The marlet is soft, and you can get a good deal. Plus, interest rates are very low now. |
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ahqgd
 |
20k will go by fast. enroll in a community college, buy a used car, save for a apartment rent, also buy a ibond for under 2k, when it matures it'll be worth it. |
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Kitty Lucy
|
Divide it up and do different things with the separate piles. Make sure you do save some of it. Nothing worse that wasting all of it on things of impulse. Invest some and watch it grow and donate a small portion to a needy cause. Good Luck! |
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