What should I do with my money?

Question

I am getting $8000 from a law suit and it is all tax free.  Instead of spending it all on a car or a bunch of junk I don't need like any 20-year old would, I want to invest it.  I want that money to grow.  I thought about putting the money in a CD or mutual fund but I don't know.  What is the best thing to do with the cash instead of buying stocks?  Thank you.

? · Accepted Answer

I would put it all in a high interest term deposit. Research a few banks, and find the one with the highest interest offered (usually online banks offer better rates) and then lock it up for a few years. With $8000 and an interest rate of 5.95% pa then at maturity you would have an extra $2380 just from the interest!

Mike · Answer

Gold or silver is a VERY solid investment. Invest in METAL BULLION or COINS, never in some gold fund or stock. If the market crashes, you may not be able to cash in your paper assets, but EVERYONE will accept metal. Coins have been skyrocketing in value (made of gold or silver) more even for the metal content than the numismatic value. BE CAREFUL: there are hucksters in every business that will try and cheat you. If you get into coins, KNOW what the rare coins are because no matter what happens to prices of metal, the collector's value continues to increase over time as rare coins become more and more demanded.

Tina · Answer

Your best bet is to find a Financial Planner who can guide you.  They will ask you what your goals are and give you adviced based on those goals.  I am proud of you for being responsible with the money and with some planning you can grow that $8k into a great nest egg.

Bill · Answer

Put it in a CD. Don't gamble your money on stocks. You could also give to charity.

Ernesto Rojas · Answer

Tax liens. look it up.

Anonymous · Answer

spend it!!!

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What should I do with my money?

6 Answers