What is a good alternative investment for someone with $10k?
I am looking for advice on small time investments where I can make a return but also share a bit of my entrepreneurial spirit.
No idea is too crazy.
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M$4 Answers
Do you have a Roth IRA? I would open one up with a major brokerage (try Vanguard, Charles Schwab, or T. Rowe Price). Depending on your age and amount of time you have to invest the money, I would diversify my investments and buy some stocks, index funds and bonds. Keep some in a money market account as well. If you are quite young, you can just get a lifecycle fund.
Additionally if you are looking to buy a house, you can potentially use the $10k as 10% on a $100k investment. I'm not sure where you live but in my area in CA, $100k can get you a condo. You can rent it out and make more money monthly, in addition to hopefully selling the house in the long-term future for making profit. That's risky though, and you mentioned small time investments.
You may also want to check out www.lendingclub.com and become an investor. It's based off of peer to peer lending, where you directly lend out money to people and earn returns of 9%.
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M$
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M$Do your due diligence by searching for complaints on any program/guru.
Just ask if you want more info.
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M$Visit
http://earnstayinghome.blogspot.com
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M$
I don't really know how to get into real estate, and I currently don't have enough lead time in terms of salary. Also, the real estate market might not be at its lowest.
Even if real estate was a feasible option, 10k wont buy me much.
I definitely know it's important to diversify. Thanks for your answer.
I am actually a customer at lendingclub.com and I really love it. I am just a little scared about the micro-lending field. It has popped up and an slightly worried that the bubble is going to pop. A similar site, prosper.com has had negative cash flow for the last few years and I don't know where LendingClub fits here.
My story is I'm 24 and I am just starting a real office job. I love to look for the best opportunities to invest but big finance scares me to bits.