19 year old with $10,000. What should I do with this money???
I am a 19 year old college student.I will not have any loans to pay back after college and have no debt. What should I do with this extra 10,000? I dont just want to go and blow it on stuff. I want to invest it or put it in something that will grow. I remember my economics teacher was telling us about something...RIF or something like that, but you put money in it and it has a high interest rate like 10%-14% and you can keep putting more money into it. So if there are any suggestions to what should be done witht his money please post. Thanks
How can I turn $10,000 into $1,000,000 in one to five years?
In order to turn $10,000 into $1million in one to five years, you'll need to use leverage. There are several ways to do this, which I'll only touch on. If any of these sound appealing, then you'll need to research the method you chose in much more detail. PLEASE know that all of these are risky, and there is potential with all of them to lose your $10,000 and more. Do not do any of these without a good education about these methods. I list these as hypothetical ways to achieve your goal: Method 1: Real Estate. Hypothetically you could develop a piece of property to be an income producing property using very little of your own money, by getting a loan for the property, for design and construction, and then once constructed, you'd sell the property hopefully for $ 1million more than the loan cost, and then you pay off the loan. Whether you could do this for as little as $10,000 is the big question. If you have other collateral you could use, it would help. Method 2: Futures. Are you willing to risk all of the $10,000 in order to earn $1 million? Futures are leveraged 1000 to 1, meaning for every $1 invested you could earn $1000, but the big catch is for every $1 you invest, you could lose $1000. This means that when you start, you could not invest more than $10, because with a risk of 100 to 1 you would lose it all. There are ways to limit your risk, and you'd need to learn how to do this before you could consider this method. Method 3: Equity Options. Similar to Futures, you'd have to be willing to risk all of the $10,000 to earn $1 million. Options are leveraged 100 to 1. Meaning for every $1 invested you could earn $100, and vice versa. Again there are ways to limit risk with spreads, and this takes time to learn. I don't know that 5 years is long enough to learn to do any of these methods, but it could be possible. As with any high reward method, there is high risk. Let's say you take the $10,000 and use one of the methods above and turn that into $500,000. But the next day, you make a trade in futures or options and lose all of that. Are you willing to live with that risk? That's what it would take to achieve your goal. I do not recommend any of the above methods. I use these only as hypothetical methods to turn $10,000 into $1 million.
If I earned 1% per day on $10,000, how much money would I have after a year, if the gains were compounded daily (day trading essentially)?
If you aren’t able to do the math for this one yourself it is highly unlikely you will be able to earn 1% a day in any way you can possibly invest your money. After 365 days of daily 1% returns on your $10,000 you would end up with $377,834.34. If it was really that easy to make money day trading everyone would be millionaires by now. Notice how none of the day traders you know actually turned their 10k into hundreds of thousands? My guess is that you’ll end up at zero long before you end up at 20k, much less $377,834.34.
How do I save up $10,000 in one year as a student making $150 a week?
So, let's make simple calculations:You make around 52x$150 = $7,800 Even if you have no expenses to cover, you'd still be below your goal.Hence, a healthy advice would be - make more money.There are 3 easy steps to do it.#1 Don't spendWell, if you can currently live with the money you make, then don't increase your costs once you start making more.#2 Understand how much you need to earnSo we gotta make around $27.5 a day to reach your goal...if you work every single day. Considering that it won't be the case, let's say $35. How can you make this kind of money? Lots of jobs...if you are an English native - think of writing some content and / or proofreading it. If you are good, you could make $35 in 2 hours. You would certainly be able to work 2 hours each day, just try to stay more organised and you will find time, if you really want to reach your goal.#3 Always account for the worstA rainy day may come. Well, it will come. For sure. If you are going towards your goal, and, one day, you have to cover an expense of some few thousands, you can easily lose you motivation. Hence don't go for $10k, go for $12k. Don't know where to find time? Try to make the most out of your weekends.Also, as you are a student, I would suggest you to focus on establishing something that could provide you with $100-$250 a month without many efforts than just simply working hard for some fixed money goal. This would pay back much more over the long run. For example, I am running my own page here Forex Bonus Lab - a trusted source of best forex bonus 2015 and it generates quite nice passive income for me.
If i can buy a car today for $5000 and it is worth $10000 in extra income next year to me because it enables m?
It depends on the fine print. For one thing, a loan at 90% could easily cost you more in interest than the amount of principal due to compounding, how long you need to repay the loan, etc. The expected future cash flow will give you a clue: You would be expected to receive $5000 in loan proceeds now, you would be expected to receive extra income ($10,000 total over a one-year period), but you would have to pay back the loan somehow: would this repayment add up to more than the extra cash receipts from the loan proceeds plus the extra income. Also, factor in the reputation of the loan shark. The steroetype of a loan shark is that of someone using brutal collection techniques. Consider what would happen, for instance, if the car broke down or you had a medical problem and you lost the expected income from the job. I can make a case for legal loan-sharking: It provides funding to people who have no other means of getting the funding. However, it only benefits society if the people who use these services are well informed about the costs involved, what their options are, and don't get caught in a trap where they constantly have to take out more such loans in order to pay for the previous ones.
How much do you have to deposit today so that beginning 11 years from now you can withdraw $10,000 a year for the next 5 years interest=6%?
Use Present Value annuity due "PVad" to determine the amount you need at beginning of year 11 when you start making the $10,000 withdrawals... PVad = PMT [(1 - (1 / (1 + i)^n)) / i] * (1 + i) =10K[(1 - (1 / (1.06^5)) / 0.06] * 1.06 = 10K[(1 - 0.747426) / 0.06] * 1.06 = 10K[4.21236] * 1.06 = $42,123.6379 * 1.06 = $44,651.05617 Next, use PV = FV / (1 + i)^n to determine the amount you should deposit today in order to have the above amount in 11 years...(you'll have it invested for 10 years - value at end of 10 years = value at beginning of year 11) PV = 44,651.05617 / 1.06^10 = $24,932.91654, round to $24,932.92 =
How many pennies would it take to save $10,000 dollars?How many quarters would it take to save $10,000 dollars
I was wondering how many pennies exactly would it take to save $10,000 dollars and altogether how many pennies would I have to put in per day if I wanted to do this within 3months. Also, for the quarters? How much do I need to save per day to save this within 3 months. I've went to the math problems websites and I still can't get an exact answer. Are there any mathematicians out there that would be kind enough to assist me? Thank-you in advance.
Can I become a millionaire if I save over $10000 every year?
Given your savings history just with your current salary, you should be well on the way to being a millionaire. As others have shown, if invested wisely (using a 10% historical average of the stock market) taking advantage of compounding, you could have a million by your early to mid-forties. Age Balance 22 $54,471.35 23 $70,389.83 ... 42 $966,202.45 43 $1,073,294.04 The problem is you apparently aren't investing for that type of return instead putting it in a savings account; that would need to change. Hopefully your salary will grow as you progress in your career. Taxes and expenses will increase as well (married? kids? owning/maintaining a home?) but your annual savings should grow too. Take advantage of employer matching contributions to retirement (401k plan). The next question is whether being a "millionaire" is enough (see second link). With inflation, you may want to aim higher than that. But again, given your savings mentality, I think you are on your way. Keep at it!
Calculating Interest Help?
I have been trying this for the past 30 minutes. Please help. I don't know what I'm doing wrong. I included my wrong answers as well for reference. Here's an example: What is happening with this savings account? •You have $10,000 in a savings account that pays 2% interest per year. •You make $200 in interest in one year. •The inflation rate is 3.24% per year (the average between 1913 - 2011). •You would need to have made $324 for your spending power to keep up with inflation. Oops. Now, you try it: •You have $55,000 in a savings account that pays 2% interest per year. •The inflation rate that year is 3.24%. •To calculate simple interest: Principal x Rate x Time = Interest •How much do you make in interest in a year? $ 1100 •How much would you need to have made for your spending power to keep up with inflation in that year? $ 17820 •How much buying power did you lose in that year because of inflation? $ 55000-17820=37180 please help me... I was cruising through my homework till I got to this section.
Anyone know an easy way to turn $5000 into $10000?
Invest wisely and Beware of Investment Scam!!! http://www.sec.gov/investor/pubs/cyberfraud.htm DO NOT take any offers or click any links from people that post on yahoo! answers... they maybe ALL SCAMS.