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Forums - General Discussion - I have $6,500 What Should i Do?

Dive into it scrooge mcduck style



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I'd consider talking to a couple investment putting about 3,000 in a mutual fund. 2,500 in a bank savings fund for later emergencies and 1,000 on whatever, you like.

I DEFINITELY wouldn't do what the above poster suggested above with day trading... you want most investments to be long term.

Mutual Funds are relatively safe compared to stocks... but still get an ok ROI, if your reinvesting your profits, by the time you need some real money, you should hopefully have much more.



d21lewis said:
Go to Vegas. Bet it all on "Red 22". Trust me on this one.

I think Wesley Snipes knows a bit more about finances then you.

 

I mean, look how many times he's been audited, he has to know about it now.



Thats a lot of Twinkies.



Put that money in the bank! You would get 5-10 a month from the bank just for holding the money in a savings account. You could look at investment options like others have suggested. Either or I would save that money for as long as possible for really important purchases or opportunities. 



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I have that much. So,there.



get me work



Save it man, you'll need it in the future. $6,500 is not that much as an adult.



No troll is too much for me to handle. I rehabilitate trolls, I train people. I am the Troll Whisperer.

You should always keep a good chunk of change on hand. Never spend all of your reserves even when you go to purchase something. I was in the same situation at 17. When I turned 18 I had $8,700. I needed a car at that point. So I found a very good running 1981 Corvette for 8K. I spent 3K cash and co-signed with my parents for the remaining $5,400 after taxes. I still lived with my parents and my dad said to buy a car I wanted, and that I would always have access to their Cherokee.

Within a year I had the car paid off and I had saved up more so I was at 10K. I got a better job, and then had opportunity to make even more. I wanted a winter vehicle of my own, so I ended up finding an 87 YJ Jeep with air lockers front and rear for 5K. The guy I bought it from even let me make monthly payments of 350.

At 21 I had saved up 32K. I ended up putting down 25k on a 3 bed, 2 bath house on 2.5 acres. Since then I try to keep 15k at all times. I put 3k down on a cheap back and forth to work car, and have slowly bought appliances.

(Here is why I say save your money) I had an issue with the Corvette and had to pay 3K to fix the transmission and some new engine parts. I ended up spending 3K more in tools. then the next month I got hit with a 8K septic issue. Even with 15K sitting off to the side debut can accrue quickly. Luckily I had all that cash on had so I am not 15K in debut.

That's were I sit right now, and I feel pretty good about how I have handled my money. I do have a 401k also, Which you should really consider if available when you hit 18.

It's your money though, and all we can do is give you examples from experience.

Good Luck



Stop hate, let others live the life they were given. Everyone has their problems, and no one should have to feel ashamed for the way they were born. Be proud of who you are, encourage others to be proud of themselves. Learn, research, absorb everything around you. Nothing is meaningless, a purpose is placed on everything no matter how you perceive it. Discover how to love, and share that love with everything that you encounter. Help make existence a beautiful thing.

Kevyn B Grams
10/03/2010 

KBG29 on PSN&XBL

I would say not to put your money in a certficate of deposit because the rates are rubbish, but there really is no reason not to if you don't care about using it since the rates are higher than normal savings accounts.



"Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth." -My good friend Mark Aurelius