Best Way to Invest $1000 ?

Discussion in 'Community Discussion' started by ChefMacDaddy, Jan 18, 2012.

  1. ChefMacDaddy macrumors member

    Joined:
    Aug 14, 2011
    #1
    Hi, I have $1000 USD left over and I would like to save that money for a short amount of time (8 months or so) and I was wondering what would be the best way to do so. If I put it in a bank, I would get less than 1% in interest, which is only $10 a month.

    Is there a smart way I could safely invest this? I may invest/save an additional $1000 in a month or so as well.

    Thanks. I would love to hear your advice or personal experience.
     
  2. eric/ Guest

    eric/

    Joined:
    Sep 19, 2011
    Location:
    Ohio, United States
    #2
    Loan $100 to ten friends at 10% interest.

    But seriously (well, although you could make a bit of money doing that over and over again) idk. I'll be monitoring this thread as well for some good suggestions.
     
  3. McGiord macrumors 601

    McGiord

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    #3
    The old asian way of doing business:
    Buy something(s) at a very low price that you can sell for a big margin.
    Reinvest the profits, and repeat until you get more.
     
  4. acidfast7 macrumors 65816

    acidfast7

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  5. fireshot91 macrumors 601

    fireshot91

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    #5


    By the way, you get 1% APY. That's annual yield. Meaning in a year, you'd get $10.


    Yeah, interest rates are very low right now.
     
  6. SteveAbootman macrumors 6502a

    SteveAbootman

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    #6
    The safest investment is a CD (offered at your local bank) The interest rate on those is higher than their typical savings accounts because once you put the money in the CD it becomes very difficult to get it back out until the term expires. There are usually 3,6,12 month CD's available so look into it.

    If you want a higher return than what those offer, you'll have to gamble a bit with your money in the stock market (or other various non-guaranteed investments).

    Key is just looking around and finding the option that makes the most sense for you.
     
  7. Demosthenes X macrumors 68000

    Demosthenes X

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    Oct 21, 2008
    #7
    The interest rate is 1% annually. So even if you compound monthly, on $1000 it's only $10.04. Less than $1/month.

    If you need to have access to it in the short term, then there's not much you can do with it besides save it. Interest is only really relevant on big sums, because even with higher rates, you're making a few dollars a month. My savings account makes about $5/month in interest... not really worth worrying about.

    Just put in a savings account so you don't spend it. That's about as effective as you'll get, imo.
     
  8. acidfast7 macrumors 65816

    acidfast7

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    #8
    actually, the bank is the worst idea, as you'll lose money compared to inflation.

    gold, if the way to go, they're not making any more
     
  9. renewed macrumors 68040

    renewed

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  10. acidfast7 macrumors 65816

    acidfast7

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    #10
    ssssssshhhhhhhhhhh, i've got to sell mine and i want to demand high

    PS - I've got some stolen bitcoins as well for sale.
     
  11. ucfgrad93 macrumors P6

    ucfgrad93

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    #12
    If you have any debt, then I would suggest putting the money towards paying that off. If not then, I would just stick it in the bank if you are going to need it in 8 months.
     
  12. wrinkster22 macrumors 68030

    wrinkster22

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    #13
    This is the second time I have seen you post this...
    Something about this and the OP's signature made me wonder.... LOL

    Maybe Canadian/American/watever country saving bonds?
     
  13. wordoflife macrumors 604

    wordoflife

    Joined:
    Jul 6, 2009
    #14
    Invest in Apple stocks?
    I don't think you would make that much off of it.

    Nothing else comes to mind.
     
  14. steve2112 macrumors 68040

    steve2112

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    #15

    What can I say? I went to the Charlie Sheen School of Investing. It's getting really expensive, though. :D
     
  15. firestarter macrumors 603

    firestarter

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    #16
    Queue overnight and use it to buy 2 new iPads when they come out in March.

    Then sell them for a profit.
     
  16. SuperCachetes macrumors 6502a

    SuperCachetes

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    #17
    Good point. Catholic hookers and blow? :D

    On a more serious note, chances are you could make more than 1% on AAPL over the next 8 months, but it is by no means safe or guaranteed.

    That said, if you didn't need the money after 8 months, you could just let it ride, and either catch back up to your original investment (if you lost money) or continue to accumulate. Regardless of how much gold there is or isn't, Apple has a pretty bright future and is a lot more fun to track IMHO.
     
  17. acidfast7 macrumors 65816

    acidfast7

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    #18
    actually the bank is the worst idea, as you'll lose money compared to inflation.

    8 months is too short time horizon to do anything meaningful.

    also, why do you need it in 8 months?

    have you maxed out your roth/401k match/403b/529b for the year?
     
  18. Plymouthbreezer macrumors 601

    Plymouthbreezer

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    #19
    Another vote for gold (and silver).

    CD rates blow. So not worth it, especially short term ones.
     
  19. 4JNA macrumors 68000

    4JNA

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    #20
    invest some of that in a better signature would be my vote.

    with limited funds, limited time, you really don't have many options for a safe money building play.

    stocks and hope for a long shot, but you still have limited funds, and would be paying commission twice (or more) to get in and out.

    cd, savings, or just save it and be happy to still have it still a few months later. best of luck.
     
  20. lbro macrumors 6502a

    lbro

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    Jan 22, 2009
    #21
    Definitely. If you have debt, pay that off first.
     
  21. IBradMac macrumors 68000

    IBradMac

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  22. Abstract macrumors Penryn

    Abstract

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    #23
    So..... hookers and blow.

    Actually, blow is probably more profitable.
     
  23. Eidorian macrumors Penryn

    Eidorian

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    #24
    CD rates are worse than what I get on my savings account. :eek:
     
  24. steve2112 macrumors 68040

    steve2112

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    #25
    Another convert to my investment strategies!
     

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