NWR: Investment question…anyone know this stuff?

posted 3 years ago in The Lounge
Post # 3
Member
693 posts
Busy bee
  • Wedding: October 2011

@peachacid:  It’s doubtful.  Most short term investments with that little money are things like CDs.  They don’t have very high returns over a short period of time.

Something that would get you a higher return is usually much riskier, and there’s no guarantee that it’d make you any money.  Plus, those typically come with requirements to have at least $3-5k, depending on the fund.

BUT, if anyone knows of anything, let me know!  

Post # 4
Member
11772 posts
Sugar Beekeeper
  • Wedding: May 2013

Hmm. If you have insider information, you could try stocks? But the likelihood of making anything is pretty slim!

Post # 5
Member
995 posts
Busy bee

Depending on what you are trying to do. But I know at the credit union I work for, to do any of the mutal funds is a minimum of $250.

Edit–I don’t know how quickly it would grow by June of this year though. Sorry I am not much help.

 

Post # 6
Member
3170 posts
Sugar bee
  • Wedding: May 2012

@melisandescott:  This is what I’m thinking too.

I looked and to give you an idea the interest rate for a CD for 3 months is .025%. So you could get a whopping $12 back at the end of three months. Obviously there are riskier investments like the stock market too. 

Really if you have any debt at all I can’t imagine those types of investments being the way to go. 

Post # 7
Member
180 posts
Blushing bee

@peachacid:  Getting substantially more means making a more risky investment.  You can make a lot of $ in the stock market or lose a lot depending on what you pick.  But then if you’re holding that short a time, you also have to pay capital gains tax on your gain.

CD’s, like to PP mentioned, pay a low rate of return.  Go to http://www.bankrate.com, for a 6 month CD, you can get up to  .70% return for a minimum $500 investment

 

Post # 9
Member
3519 posts
Sugar bee
  • Wedding: March 2012

@peachacid:  I use Sharebuilder.  You can create an account and watch the stocks you choose to see if you would have made money on trades.  It’s very risky though, so don’t invest anything you’re not willing to lose.

lots of things make stocks go up.  You can also do research on Nasdaq.com and find out the stocks that are on the move and get in while they’re climbing. 

Post # 10
Member
3941 posts
Honey bee
  • Wedding: June 2014

@peachacid:   An investment which offers high returns in a short time is likely to carry a high amount of risk.  You’d be better off trying to identify an expense or expenses you could cut back on between now and June.   You might be surprised how much money you can “find” by giving up what seems to be little things – coffee at the convenience store, or cigarettes, or any purchases you don’t truly need.  Best of luck!!  🙂

Post # 11
Member
180 posts
Blushing bee

Generally, you open an account at a online brokerage firm like Fidelity, etrade, etc.  and you usually pay per trade – at Fidelity it’s $7.95 and one “trade” usually means as many shares as you want of one stock at one time.   The terms of each brokerage are different so it’s best to compare…

If it’s your first time, before investing any real money, find the stock you want to buy on yahoo finance and track it for a few weeks before sctually investing – it’ll help you get more comfortable with seeing the swings.  It is risky and you can lose it all if yu invest in a risky stock (not stable ones like Coca-cola, GE, McDonald’s etc) but technically any stock is risky if the stock market or company collapses for you at the wrong time.

Post # 13
Member
920 posts
Busy bee
  • Wedding: June 2015

@peachacid:  hahahah chipotle! I woke up today craving it. to answer your question, you might as well just try to curb your spending to grow your savings. I don’t think 6 months is enough time to grow the $500 into anything that much larger. 

Post # 14
Member
3941 posts
Honey bee
  • Wedding: June 2014

@peachacid:   Chipotle is good!!!  🙂  Maybe you can give it a rest til after June! lol  Your trip sounds wonderful – a real incentive to save!!  

Post # 16
Member
5687 posts
Bee Keeper
  • Wedding: May 2011

Scottrade is pretty cheap but honestly you’re better off putting $5 in a jar each week. 

Let’s assume you are a badass stock picker and your 5 month return is 20%, you net $85 after fees.

You stick $5 in a jar each week for 20 weeks, voila! $100

Banks with tons of resources have trouble stock picking… you could end up losing money in the short term and instead of riding it out you’d have to sell shares for your vacation.

Leave a comment


Sent weekly. You may unsubscribe at any time.

Find Amazing Vendors