£3000/$6000 US... What should I do?

**Will** · 05-10-2007 03:04 AM

Hey guys/girls,

I recently inherited £3000 or $6000 US. I was thinking, seeing as I am on a Gap year in the UK at the moment, that I should make it work for me until I go back to Australia in december and need a car etc. Could anyone give me some ideas as to different options of investing/using this money in order to gain from its money making potential?

Ofcourse, I know I could put it into stocks at any time, though I would like to hear about any new ways in which people are investing their money these days.

Thanks a lot,
Will

Edit: I did think about buying US dollars and leaving it alone as you currently get $2 to the Pound, and could sell it back later for profit, though am a little worried that the conversion rate could go even further apart soon, giving me a loss.

**Young Spark** · 05-10-2007 03:32 AM

With any market (stock or currency) your bound to take risks. The best I can tell you is to sit it in a CD or something of that kind, unless you want to take the risk of investing it into a business that is sure to make a huge return. But be sure that you are clea on what happens if the business goes down that you'll get your money back somehow.

Good luck

P.S. why not invest in a business of your own that could return greatly?

**Will** · 05-10-2007 04:28 AM

Thanks Young Spark, and yes I definately would invest in my own business though this year I will not have the time as I have a full time job here helping with sports. Plus, when Im 18 in December I can sign things for myself, so I am just thinking what sort of venture I would like to get into next year.

So many decisions!

**Mikey1205** · 05-10-2007 05:09 AM

If you don't have much time I would suggest putting it into a high interest savings account. Interest rates are increasing alot so this is good news if you're saving. You could make around 200 for it just sitting around in your account for a year.

**Young Spark** · 05-10-2007 09:22 AM

I see what your saying Will and I admire your "priority planning" as I like to call it. Planning what kind of venture you'd like to get into is the first step so as I said, you seem like your going down the right path, but I would for the time being sit your money in a CD or something like that. I'm not big on high interest savings accounts, reason... hell I don't even know myself, just not big on them in my opinion

lol