Help a n00b work with $15,000.

**fp_23** · 06-22-2011 12:00 AM

Ok folks. I have $15K that i inherited. Normally id get all giddy with joy and piss it away in vegas or something else thats irresponsible.

However since its 15K i wanna make this money make me money.

Im a young kid (early-mid 20s). I don't have much of a savings (beyond the 15K i have another 1-2K stashed away).

Im looking for a way to invest this. im looking for something thats REASONABLY safe (as no investment is truly "safe").

Ideally id like something that pays me monthly.

Ive considered real estate (buying, fixing, and flipping homes) but for 15k theres not much i can do (houses are high in my area and im not gonna get a loan...theres no way) so that seems out of the question.

im also studying the forex market as i find it interesting but im no where near ready to open a "live" account (currently i trade on a practice account).

any ideas? income funds? some type of stock? etc.?

**Kaidea** · 06-22-2011 12:10 AM

Well you could invest in the company I am starting. We will be buying wholesale videogame accessories, (headsets, controllers, keyboards, mice from the leading gaming equipement manufacturing company's.), the resell them on eBay with the ebay store we will make and amazon and places like that. I already have numerous distributor contacts, now I need to figure out a couple legal things, register my LLC, then start buying wholesale. I am buying wholesale, so for the cheapest price I need to buy a lot.

My email is kaiwho(at)gmail(dot)com. If you are interested, I'd love to hear from you.

**fp_23** · 06-22-2011 12:22 AM

anyone else?

**Kaidea** · 06-22-2011 12:37 AM

Oh and where are you located?

**fp_23** · 06-22-2011 12:47 AM

California

**Kaidea** · 06-22-2011 12:50 AM

Ahh, so am I. Socal.

**fp_23** · 06-22-2011 12:57 AM

I need an idea. whats a good way to have my money earn money on a monthly basis (like dividends in the stock market) that doesnt require an incredible amount of risk?

**Kaidea** · 06-22-2011 01:06 AM

In my opinion, buying wholesale and reselling popular products has no risk (what I'm doing). Its like gold, you still have the product so its not like you lost your money in stock. Its a physical item. The only way it's going to lose profit is if it is something out dated, or if its broken. Thats how I think of it.

**JKansas** · 06-22-2011 10:29 AM

If I were you, first I would stash 5k away with your 1-2 and then start with 10k. It really depends on your interest. I'd watch craigslist in your are and see when there is a decent deal on a used car of motorcycle. Call and offer a lower cash price. You might find a car on craigslist that needs to be detailed for 6k, that's worth 8-9 in great shape. call and offer 4500 or 5 and then spend some money fixing it up. New tires if needed, new shocks, detailing, and tune up and then list it for the 8-9K. you'll make 20-30% in a couple months and very little work. This is just and example and you need auto knowledge to do this. You can also only sell so may per year without being a dealer. But our limit here is 4 per year and you could easily double your money with that.

As far as something that pays monthly, I dont know that 10K is enough for that. Maybe something online, but I also don't do a lot of online stuff. 10K can start a lot of small home businesses so again, depending on your passion you might start something like that.

You can always do typical investment routes, but at max you'll get 20% a year in a fabulous fund, more like 7-10 in a risky one, 3-5 in safe bets. I doubt that is what you had in mind, although if your mid twenties, by 65 at expected ROI that money could be several hundred thousand in a retirement account... you just have to wait 40 years!

**fp_23** · 06-22-2011 12:50 PM

Originally Posted by JKansas

If I were you, first I would stash 5k away with your 1-2 and then start with 10k. It really depends on your interest. I'd watch craigslist in your are and see when there is a decent deal on a used car of motorcycle. Call and offer a lower cash price. You might find a car on craigslist that needs to be detailed for 6k, that's worth 8-9 in great shape. call and offer 4500 or 5 and then spend some money fixing it up. New tires if needed, new shocks, detailing, and tune up and then list it for the 8-9K. you'll make 20-30% in a couple months and very little work. This is just and example and you need auto knowledge to do this. You can also only sell so may per year without being a dealer. But our limit here is 4 per year and you could easily double your money with that.

As far as something that pays monthly, I dont know that 10K is enough for that. Maybe something online, but I also don't do a lot of online stuff. 10K can start a lot of small home businesses so again, depending on your passion you might start something like that.

You can always do typical investment routes, but at max you'll get 20% a year in a fabulous fund, more like 7-10 in a risky one, 3-5 in safe bets. I doubt that is what you had in mind, although if your mid twenties, by 65 at expected ROI that money could be several hundred thousand in a retirement account... you just have to wait 40 years!

so since im not an automotive wizard im basically screwed?

i figured this wouldnt be so easy. ive been racking my brain for the past 2 weeks straight trying to figure this out.

whats your take on income funds? i dont know too much about this type of fund but i read it pays monthly dividends. anything worth looking at with monthly dividends? sure 10K wont get me any big checks but any little bit helps.

i do have a home based business already but its somewhat of a "risky" business so im not looking to dump any of the 15K into it as i feel it would be more risky than the stock market.

i do have friends who are very inclined with automobiles so maybe i can ask around and see if anyone wants to go 50/50 on something like you mentioned (ie. buying a car...fix it up...flip for profit)...

then let the money keep building up till i have enough to do the same with real estate (i know a little about real estate and have many family members in the real estate business so maybe something could work idk)

im pretty much up for any idea that makes sense and cents.

**3mf** · 06-22-2011 01:18 PM

Just a word of advice from MY experience...

Don't do Forex, don't to MLM, don't do anything that sounds too good to be true, because it most likely is.

If I could go back in time with the money I lost, I'd network with people and always meet face to face. Online partnerships are okay, but they just lack that security that I wish I had. Have you tried looking on meetup.org for local business/entrepreneurs and going to a group meeting?

Richard

**JKansas** · 06-22-2011 04:07 PM

Ignore the penny stock spammer! 3mf has good advice!

I don't know much about income funds, other than I would safely assume they max out at about 15-20% per year and that's optimistic. If that's comfortable for the level of risk and work you want to put in then I would look into it. I'm not a financial expert.

No you're not screwed because you aren't an automotive wizard. That was just my example because it's what I know and i've done it. You actually don't want to waste yoru time repairing it yoruself. Find someone who will work hourly and provide them with parts. Have them do it for you. I'm trying to map it out without applying it to cars! Where you make money is knowledge. What items do you have knowledge of?

Look for large ticket items you know about. Preferably items that need maintenance and that trade hands often
Find an item that needs to be repaired/maintained, usually if the owner is selling and won't put money into it's becuase they can't afford to
Get it as cheap as possible, you should know what you plan to have in it and what you can sell it for.
you pay for the repairs/maintenance
Sell it for market price, be patient

This is just one strategy and reading your post it sounds like you're looking more at investing. If you're up for some hustling though, you can really make some money this way.

**fp_23** · 06-22-2011 09:05 PM

Originally Posted by JKansas

Ignore the penny stock spammer! 3mf has good advice!

I don't know much about income funds, other than I would safely assume they max out at about 15-20% per year and that's optimistic. If that's comfortable for the level of risk and work you want to put in then I would look into it. I'm not a financial expert.

No you're not screwed because you aren't an automotive wizard. That was just my example because it's what I know and i've done it. You actually don't want to waste yoru time repairing it yoruself. Find someone who will work hourly and provide them with parts. Have them do it for you. I'm trying to map it out without applying it to cars! Where you make money is knowledge. What items do you have knowledge of?

Look for large ticket items you know about. Preferably items that need maintenance and that trade hands often
Find an item that needs to be repaired/maintained, usually if the owner is selling and won't put money into it's becuase they can't afford to
Get it as cheap as possible, you should know what you plan to have in it and what you can sell it for.
you pay for the repairs/maintenance
Sell it for market price, be patient

This is just one strategy and reading your post it sounds like you're looking more at investing. If you're up for some hustling though, you can really make some money this way.

wow its funny how people try to take advantage of the n00b. not only did i get some spam in this thread as you pointed out but i got about 5 or so pm's of spam. i did get a few other ones with actual useful info and ideas but many were the u.s. version of Nigerian scams lmao.

the auto flipping was a good idea to be honest. i considered it...i do know SOME about cars...just not enough to make repairs on my own. never was really a "car guy" if you know what i mean. However...i am a "money guy" in the sense that ive grown to love it.

I know a few guys good with cars who were also interested in an idea like this...im sure i could get one to pair up with me and go 50-50 on the capital and profits.

Whats an "ideal" car for this type of venture (not specific make/model but details) as far as problems with the car?

im sure some issues are less favorable than others such as things that costs lots of $$$ to fix/replace...like engines/trannys or flood damage etc.

**fp_23** · 06-22-2011 09:07 PM

also. why should i stay away from forex? im just starting to get the hang of it (made $4K in 1 hr in my practice account finally going well)

**3mf** · 06-22-2011 11:27 PM

Originally Posted by fp_23

also. why should i stay away from forex? im just starting to get the hang of it (made $4K in 1 hr in my practice account finally going well)

What I meant by stay away from forex is, a lot of sites will make it seem easy, and some sites even say "give us your money and we'll trade for you"... and practice money is monopoly money. You won't know the feeling until you do it for reals, and by that I mean, it's a different feeling when you buy a commodity with real money attached rather than fake money.

As a noob, be careful. that's all i'm saying.

Make sure it's money you don't mind losing, and PLEASE put a stop-loss!