How can my money make money?
By norahfaith
@norahfaith (163)
Indonesia
April 15, 2009 1:40am CST
I just got a large amount of money and I want to just go and spend it but I remember what it's been like lately not having any money and so I'm wondering how can I avoid this happening again how can I make the money that I received continue to make money for me? I don't want to do anything that has to do with people borrowing the money and then paying it back with interest. Any suggestions?
1 person likes this
12 responses
@carpenter5 (6782)
• United States
17 Apr 09
Well, the most stable thing would be to go to a bank and purchase a certificate of deposit. Your money is safe, it earns money and the best part, you can't accidently spend it on something that you really don't need. The thing I like about cd's versus money markets is that their value goes up...not down.
@drannhh (15219)
• United States
15 Apr 09
Here we have a saying "A dollar saved is a dollar earned." So by not spending you are money ahead even if you do not earn a high rate of return. What you do not spend is not taxed. The taxes saved by not spending is far more than any interest you would get. My advice is to put that money in savings and then also set aside a certain amount of your earnings every pay period and add it to the savings too and never ever touch your savings.
If you truly got a very large amount of money, you might wish to buy good real estate with it, as real property is a good earner and also a good tax shelter. Good luck.
@gitfiddleplayer (10362)
• United States
15 Apr 09
Open a CD at the bank, they will pay you interest for it.
@Canellita (12029)
• United States
15 Apr 09
The only way for your money to multiply itself is for it to be invested and interest is earned via some sort of borrowing and lending but government savings bonds are at least guaranteed. They are slow earners but they do earn.
@minvsminvsmin (29)
• China
16 Apr 09
The economic conditions is not well now.You don't know how to invest.You'd better find a financial management staff to help you to solve this problem.
@cuttyrish (2667)
• United States
15 Apr 09
put it in a bank, so that i can gain interest, or you could always use it as capital to start a business. you could also invest the money in some businesses. you also engage in buy and sell, by buying some things for a lower price and then sell them in a little high price..there you will get profit..
@kun2349 (23381)
• Singapore
15 Apr 09
Invest your money.. haha =D That's the only way for your money to earn u more money in return.. Other than that, it will be saving it in the bank and earn those little interest rates which banks offer u.. hehe ^_^
INvestment will be a much wiser choice, but do not go for short term investments for it's high risk, and greed might get to your head if u are not careful ^_^
@tamarafireheart (15384)
•
15 Apr 09
Hi norahfaith,
If I were you , I'll just put it in the bank in a ISA account and watch your money grow, you'll never know when you will need it.
Tamara
@chookie1971 (2271)
• Australia
15 Apr 09
The safest way for your money to make money is in high interest Financial accounts.
There are other things but they are at a risk.
So really safe investments are really the best option if you want to make money with money.
@pink_lady (361)
• Philippines
15 Apr 09
hi, you can invest your money in stocks and money market instruments. you can also deposit it in banks. You must be patient in selecting banks which offers higher returns on investments, so that you can earn from those investments. Or just like our fellow mylotters said, you can start your own and simple business if you like. And if you like you can buy things that will be beneficial to you in making business. For example if you must run your simple business like invitations making or the like, you can buy a good printer and start your business right away. You can start your business with your friends and relatives in order for them to appreciate your simple business. Hope I can give you a little advise. Goodluck.
@caffeinedrunk (246)
• Philippines
15 Apr 09
you may want to use your money to start a small business. Buy low & Sell high. If you have time, you can go check out the book Rich Dad Poor Dad by Robert Kiyosaki. You'll learn a lot from his books.