What should i invest in?
Asked by
Mtl_zack (
6778
)
August 30th, 2008
i recently got a huge sum of money, and i want to invest it to make it grow. i like GICs, but the interest rates are really low right now. i dont want to put it in the stock market because its too risky. bonds are hard to access in case i need them. im too young to manage property, but some might be set aside for an apartment later on. i dont need to spend it on education because i already have a fund for that. its too early for a retirement fund. i could open a bar with a friend, but its risky. gold or even copper seems like my best bet. any other suggestions?
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8 Answers
oh, and ~10% will go to charity.
It is never to early to plan for retirement. It could be the difference between telling your boss to fuck off when you are 40 or when you are 65. Accountants are cheap. Hire one, they might be able to help with estate taxes and such.
Gold- increased demand in the coming future = increase in prices. In just the past decade alone, it has nearly doubled in value. With the depleading state of the economy, it is safe to predict gold futures will remain high similar to crude oil. Although gold can be erratic at times, it is a much more safer pick then stocks/bonds.
If you need access to the money most banks have money market or CDs that allow you better rates in exchange for “locking” up the money for 3 months plus. If you know you do not need it for the next 3 months this might be your best bet. If you can part with it for longer mutual and/or index funds are your best bet. The market is not risky, it is when you try and time the market or individual stocks that the market becomes risky. In the history of modern exchange markets, stocks have always been the best investment. Just don’t buy individual stocks. Commodities like gold and copper are just as risky as stocks if not more since their exposure is greater than a big basked (mutual fund or index) of diverse companies.
Is this for real? Gold? Copper? Open a bar? Seriously?
I may not have put it quite the same way as John Powell, but I agree w/ his senitment: it is never too early to save for retirement.
Put the money in a money market or savings account for the time being. Then contact a reputable CFP (certified financial planner) for guidance. You wouldn’t perform your own appendectomy should the need arise. Your current need is that of an experienced, educated financial planner who can help you figure out your risk tolerance and goals to figure out what is best for you to do w/ the money.
Good luck!
A lot of people are putting their money in “GLD” instead of actually buying gold. If you’re considering going with gold, check out GLD.
Gold, silver and other commodities are not investments but speculations.
Opening a restaurant or bar carries a high risk of failure
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