$1000 -> $more than 1000???

#1
i huys

I've got $1,000 to work with. I want virtually nothing. Opening a bank account would be dumb - the interest is so small that with price inflation and degrading economy any interest I may acquire would be at least even and therefore not matter. Considering I'm 15, I'm still getting food, transportation, housing, etc, free, so I have no use for it there.

I've decided since I have about 2.6 years left before I am on my own, I want to use the time to put together as much money as I can using the $1,000 I have right now. Anyone have serious ideas how to make something out of this?

Keep in mind I am 15 so that limits some options, I am not willing to become a drug trafficker either.
 
#5
GIC's
fixed interest rates (read: don't have to deal with the economy)
no fee's
and thanks to the economy probably the best interest rates around anyways.
 
#6
put it in a certificate of deposit (CD) account. You won't be able to withdraw the money without losing some (but seeing as you're 15, you probably won't need immediate $ anyways.
 

Deck Knight

Tornadic Cyclohm
is a Forum Moderatoris a CAP Contributoris a Smogon Media Contributor Alumnus
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#7
Unfortunately since you are not yet 18 some investment vehicles are not available. When I was 17 I had a little bit of money saved up and grandmother helped me open a CD. Since you have 2.6 years left see if you can get a CD with a good interest rate on it. You'll need someone to co-sign the investment with you.
 
#8
Reading this makes me want to open up a CD. Travis Credit Union requires a minimum deposit of $500 and the interest for a 6 month CD is 0.40%.
Is that a good interest rate? And is it like a savings account where the dividend is posted monthly, or only at the time of maturity?
 
#9
Save it until you actually want something, instead of saying "Gee, I could really use $1000, too bad I wasted it on that stupid shit a few years ago". You may not want anything now, but in a little while, you're going to wish you hadn't wasted that money.
 
#15
Well, since you're still in high school, you can do what I did which earned me $200 my freshman year and it costs very little but I'm just putting this here because you're being wise with money. Warning: It's illegal, so don't do it in front of business teachers or anything like that, and if your school still doesn't want you doing it, you should be fine to continue doing so before and after school hours.

1. Buy an up-and-coming candy (like a new Wrigley's 5 Gum or Skittles flavor [I used Crazy Core Skittles]) IN BULK. The more you buy the cheaper it is usually
2. Sell it at a convenient price that earns profit (I sold at $1)
3. Buy more
4. Profit

And it gets you slight popularity and whatnot. But the majority here says that setting up a CD is a good idea, so I don't doubt that they're right. But, adding a few hundred bucks to the CD would also improve interest
 
#16
Invest 900$ of it in stocks.
Lol not this. You'd get screwed by commission on such a small investment.

There really isn't much you can do profitably with such a small sum. Just stick it in a bank or pick one of the following:

[ ] hooker
[ ] holiday
[ ] red or black ONE TIME BABY
[ ] Vegas (all of the above)
 

WaterBomb

Two kids no brane
is a Forum Moderatoris a Battle Server Moderator Alumnus
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#18
CD with a good interest rate.
These exist?

If you want to make more money than you started with, you'll want to be more aggressive with your investment. CDs aren't really going to help you because they usually don't outpace inflation, but you're talking about such a small time frame that you probably won't even feel the difference. If you're comfortable with your own knowledge/research or you know someone who knows alot about it, stock market is your best way to noticeably increase that money. Any other "fixed rate" investment is only likely to earn you 2-3% a year, which over that time period nets you what, like an extra 100 bucks if you compound continuously?
 

Cooky

Banned deucer.
#21
Well, since you're still in high school, you can do what I did which earned me $200 my freshman year and it costs very little but I'm just putting this here because you're being wise with money. Warning: It's illegal, so don't do it in front of business teachers or anything like that, and if your school still doesn't want you doing it, you should be fine to continue doing so before and after school hours.

1. Buy an up-and-coming candy (like a new Wrigley's 5 Gum or Skittles flavor [I used Crazy Core Skittles]) IN BULK. The more you buy the cheaper it is usually
2. Sell it at a convenient price that earns profit (I sold at $1)
3. Buy more
4. Profit

And it gets you slight popularity and whatnot. But the majority here says that setting up a CD is a good idea, so I don't doubt that they're right. But, adding a few hundred bucks to the CD would also improve interest
Do this and say its for a homeless charity to both double your demand and gain teacher consent. Higher demand = price inflation as well so remember to charge extortionate amounts.

You can't have a conscience if you wanna make money, I mean just watch the social network, betrayed friend --> angel investment. boom
 
#23
Well, since you're still in high school, you can do what I did which earned me $200 my freshman year and it costs very little but I'm just putting this here because you're being wise with money. Warning: It's illegal, so don't do it in front of business teachers or anything like that, and if your school still doesn't want you doing it, you should be fine to continue doing so before and after school hours.

1. Buy an up-and-coming candy (like a new Wrigley's 5 Gum or Skittles flavor [I used Crazy Core Skittles]) IN BULK. The more you buy the cheaper it is usually
2. Sell it at a convenient price that earns profit (I sold at $1)
3. Buy more
4. Profit

And it gets you slight popularity and whatnot. But the majority here says that setting up a CD is a good idea, so I don't doubt that they're right. But, adding a few hundred bucks to the CD would also improve interest
I like this one, but I would stay away from gum, if possible. It's easier to get away with when it's candy with a finite chew time. Kids smacking gum all day gets noticed. I used to have a dude who drove a nabisco truck that lived down the street and would break into his garage and steal boatloads of bubaliscious brand gum and sell it at school. I got put out of business within the month, but the guy who sold jolly ranchers managed to stay in business for the rest of the year. Gum just pisses off school administrators.

Also, you should not do B&Es to steal your supply. Use costco and/or sams. The profits won't be as high, but still.