General Question

Malcolm's avatar

How can I flip my Money?

Asked by Malcolm (48points) September 6th, 2011 from iPhone

I would like to flip some of my saving in a legal way. I’m talking US$85,000. I would like to do something better than leave it in the bank. I live in the US of A New York. Even better banking than cd acct and I’m open to overseas operation also. Any good ideas would help.

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10 Answers

XOIIO's avatar

I heard there is a nigerian prince trying to get money out of his country, you could help that guy out.

I would probably invest, Apple would be good.

zenvelo's avatar

“Flipping” implies a short term investment to make a large return. Such investments exit but carry very high risk.

The stock market has been pretty well sold down in the last 6 weeks, it is definitely in an oversold position. You might invest in SPY (S&P 500 ETF) There is a strong likelihood of it moving from its current level of 116–117 to 125 or higher before the end of the year. But you might have to wait until the first quarter.

You should be investing this though for long term growth until you can use it to buy a house.

Blackberry's avatar

Your best idea would be to invest it for high risk/large return, or low risk, low return like a CD.

bikingcatlady's avatar

Beware of flipping and promises of large profits a la Bernie Madoff. In this environment, safety is king. Greed will get you in trouble.

Judi's avatar

I would invest it into a business you are passionate about and work work work to make it grow.

bikingcatlady's avatar

A business would be a nice idea. Franchises are easier than starting yourself but involve fees even if you do not make any cash in a month. I read this poster as wanting a way to make quick money without starting a business. Interest rates are very low. There is a local bank in New Jersey paying 1.5% on a liquid account- with the treasury rates so low- that is a good deal.

CaptainHarley's avatar

I would invest at least ½ in silver, since precious metals seem to be the only safe haven left. Switzerland has devalued the Franc and in effect linked it with the Euro, a disaster in the making. Until they did this, the Swiss Franc was a relatively safe currency.

wundayatta's avatar

Penny stocks.

Malcolm's avatar

Thank you guys for your prompt responses and your advises are taken into account.

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