What would you do with 10k?

[Lissa23]

Hi. I know 10k isn't exactly too much but this Christmas my brother, cousins, and I were stunted by my grandma giving us all a 10k check.

I'm not exactly sure where I want to put it or how much I want to put where but I'd definitely like to invest and turn it into more than 10k. I'm wanting to purchase property in the next year or so... so if I'm able to compound my investment that'd be great...

I honestly don't know what kind of direction I should go and before I ask my financial adviser, I'd like to have some idea of the options that I have.

Thanks for all the help!

[BusinessAdviser]

You have just about any option you can imagine. It all depends on your risk preference, opportunities available, current financial situation, age, etc.

[dfveteran]

10 grand and young. I would say, do some research and see if you would enjoy real estate. You probably have no credit and ten grand would be a great way to start out in real estate. Not many banks turn down young buyers with money.



Just a thought. Goodluck!

[BusinessAdviser]

Personally, I would take the route of stocks and startups.

[2gould]

I would first suggest putting your money in a "safe" investment vehicle like a high yield savings account, CD or mutual fund. Then take a step back and start doing some research into different types of investments. Once you have learned a bit about different investment techniques/opportunities, pick one you are interested in and do some more in depth research. Then, and only then, should you decide where to invest your money.

[rogercbryan]

Lisa, if you are not used to having this much money you need to put it into a CD right away. Take some time to figure out what you want to do with it. Don't rush into anything. I can remember my first large bonus check. I think I lost $5K on options trading before I even knew what I was doing. Take it slow... maybe try and Orange account from ING at 4.2% interest. Or try your bank, with $10K you should be able to get around 5% on your money while you figure out what to do with it.

[crackshot22]

I would definetly recommend putting the money in a cd, ing account, or even a bank account until you make your desicion for your future. You want to take your time because Rule #1 is dont lose the principal and that should always be first.

After you determin your financial goals and what you want? Wether you want to pay off your bills, invest long or short term, and what your responsabilities are. Get a finacial advisor and ask other people you trust their opinion.

When you have mad up your mind remember to look for investments that have a fair amount of stability and rember to diversify .

[JosephSBK]

I am a representative from ShoreBank and I would be happy to take a moment to tell you about our High Yield Online Savings Account with a competitive interest rate of 3.50% and $1 minimum balance. It has 24 hour online accessibility, allows for you to link up to six of your accounts for electronic transfer, and is FDIC insured. The great thing about this account is while your money grows you benefit from knowing that you're helping to fund profitable, environmentally sound, and socially responsible projects. If you have any questions about this account please don't hesitate to ask, that's why I'm here.