RXM9600

This has probably been asked a million times but I don't have the time to look into this forum right now. Will be reading the threads when I get back.

So here's my dilemma.

I saved up 5k cash and would like to do something productive with it( ie no car parts, partying, etc.)

What would be my options in using that 5k to make a profit over the next year?

I have no investing experience. Always just blew my money on things beyond my earning potential.

I really appreciate your input.

jcianfrani

Maybe post this on an investing forum?

BrutalDawg

Less then a year? Go fixed income.

Long term (3-5 years) Put in a no load low cost index fund (SP500).

RXM9600

Isn't this an investing sub-forum?

What type of fixed income?
Which no load low cost index fund?

Thanks

Christian555

I've in a similar dilemma. I'm going to use saved money for training/qualifications I think. Depends on what you think of your current job & salary. Offshore is where I wish to spend a career.

Skeero

My advice is find a GOOD financial planner. Try to avoid the ones with new mercedez and that type of car, they're only after your money. Easy example, one could put you in something where they make 1% of your 5000, and you make 9.5%. And the other will put you in the one where he makes 5%, and you make 5.45%. My percents might not be spot on, but close. I'm in the process of becoming a financial planner, so I realize how many financial advisers aren't out to actually help you. It's all about unmet needs driving them to grow their wealth, and truly not really care about yours growing.

If you haven't seen Wolf of Wall Street, Matthew Mcconaughey said the truth about it. It's not about making you money, it's about moving your money to my money via commission. It's the truth, thats why I suggest you finding one that wants to help people. You'll probably have to check around with people you know.

s.hasan546

thats stupid reasoning. I want a good financial planner who is successful. How is a financial planner in a new benz worse than a planner driving a civic? If anything that planner might not be in business too long. If you are in the business you should know most new/beginning FAs burn out or get laid off.

anyways find someone you trust through family & friends. Referrals are the best way to find a good FA.

Heyitsgary

Referrals are an excellent route. If you know people who trust their planners, that's an excellent place to start.

However, I'm not sure you'll find a planner who will want to step in and 'plan' what to do with $5K for a 1 year window. My planner is all about tomorrow, next year, 10 years, and then 15-20, hitting retirement age and being ready. She works with me on goals for today and tomorrow, helps build both wealth today as well as plan for retirement later.

As for the Mercedes - if the planner's payment structure is set as a % of what you earn, then seeing them in a Mercedes is a good thing. My planner actually works off a % or flat fees, pending on how much involvement they have in the situation.