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Mr_Saturn512's avatar

What should I do with $223?

Asked by Mr_Saturn512 (532points) 3 weeks ago

In a total surprise, I was given $223.

I’m wondering if there’s some kind of investment I could make on this or something. I always heard stories about how entrepreneurs say you could make thousands out of $100. Stuff like that. Idk. I could just throw it in my savings, or I could just use it to pay a bill, but at the same time I’m kind of itching to grow some money because of recent changes in my life that have given me more expenses. I don’t mean get-rich-quick schemes, and I don’t intend to gamble it all away willy-nilly. I’m just curious if there’s an idea that could grow a lot in a year or two. Is Bitcoin still worth anything? It doesn’t have to strictly be an investment either. Maybe there’s some other unique idea I haven’t thought of to make the money grow.

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12 Answers

elbanditoroso's avatar

Not Bitcoin. it’s a waste.

Open a free brokerage account – Etrade, Fidelity, Schwab, etc.
Buy a cheap stock. SiriusXM is about $7.00/share. General Electric is about $11.00 share. Buy $200 of that stock.

Then let it sit for a couple years.

Chances are it will be worth more then.

YARNLADY's avatar

You cannot make “thousands” out of hundreds unless you are credibly lucky, and it is not done by answering scams. or any “get rich quick” tricks.
One way I did it was to buy $200 worth of candy and sell it for $400. (Each candy bar cost me $.50 and I sold for $1).

Mimishu1995's avatar

If it was me I would just put it into my bank account.

Sure, entrepreneurs can make thousands out of $100, but that isn’t the full story. It’s just a very small distorted version of the truth to get people’s attention. The not-so-nice things about bankruptcy, debt, heartbreak… get hidden because that’s not what people want to hear. Besides, entrepreneurs are equipped with knowledge that a normal person isn’t guaranteed to have. All entrepreneurs make sure they know their risks enough to jump into investments. It’s never an easy business.

Inspired_2write's avatar

Spend some give soe to charity and save some.
Buy a $5 lottery ticket?

Sagacious's avatar

Look at the Fidelity and/or Vanguard websites and find a mutual fund that has a low initial investment requirement and no load (up front fees). Or, just put it in an S&P Index fund. With stock you don’t worry about tax until you sell it. So have the mindset of investing and leaving it alone.

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KNOWITALL's avatar

Go with etrade, it’s your best bet dollar dollar.

ARE_you_kidding_me's avatar

Here is what I would do to turn it into more money:

Take some time and find items at yard sales and thrift stores that are undervalued or the value is often overlooked. This will take some research but we are playing a money game here. Flip these items and repeat until you have a couple thousand dollars. F.B. Marketplace and even still Ebay are decent ways. This is actually reasonably easy to do but it takes time and patience. Now that you have a decent pot of cash you may try to flip larger items like a car that runs and is filthy but could be sold for more with some sweat equity. Repeat if desired. After about $2500 consider a brokerage account. Buy at least one share of an aggressive growth mutual fund and leave yourself $500 or so to learn to buy and sell stocks. Repeat all above and continue. This is how $200 can be made into a fortune over time. Yes you can make thousands out of hundreds. The catch is the reward is at the distant end and you should treat this as a hobby and not a business. It would probably take me a year to turn $100 into a thousand where I live doing this but you can imagine after 10 what that pot would look like.

Caravanfan's avatar

Pay down any credit card debt.
Buy this book
Put the rest here or better yet open a Roth-IRA.with the same fund. (Although you’ll have to look at minimum investment)

You can’t do Vanguard as you need a $1000 minimum investment for those funds.

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jca2's avatar

Put it toward debt. Interest rates will eat you up. Financial advisors usually advise paying down debt before any spending.

nannie64's avatar

If it were give to me, I would do something for myself,,(if I didnt need it for a must have livable expense)
I would go get some botox, lol, but thats me..

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