How to invest $500
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Anonymous
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Yes, you read that right folks.. not, 5mil, not 500k, not even 5k…just $500 bucks.
How can I invest so my money can grow?! I know nothing! |
Anonymous
| High dollar scratch off tickets. They have pretty good payouts. I bet you double your money. |
Anonymous
Do you already have a retirement account? What's your goal for this money? How much do you have saved otherwise? It's hard to tell if you're like, "i do pretty good in my retirement account but I randomly have $500 extra, what to do?" VS "I have $0 saved AT ALL but now I have $500" So if you have nothing saved for retirement, open a ROTH ira with vanguard and put this in there. |
Anonymous
Hopefully you can come back to this thread 20 years from now. You are off to a great start. But VTI from vanguard and every month add to it. |
Anonymous
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Is that your only investment money? If so put in IRA, Roth if eligible. Pick a market index fund like Vanguard.
If it's a random $500 and you have other assets, I would put it on NVIDIA. |
Anonymous
Do the scratchoffs and come back in 20 minutes and tell us how well it did. |
Anonymous
| Crypto |
Anonymous
Yeah, buy the ETF named ETHA or if you’re feeling lucky a 2x or 3x leveraged version of that like ETHU and hold it at least until November or longer. ether is on a tear. Bitcoin is high right now but I’m concerned we are entering “alt season” territory soon. So yeah, buy some ethereum etf or a Solana etf like SOLT. Watch them grow for like 5 months. Double or triple your money. |
Anonymous
Imbecile |
Anonymous
+1 |
Anonymous
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Open a Roth IRA with Robinhood. Make sure you sign up for Robinhood gold membership first. It will cost you $5 a months, but it's worth it. Make sure you qualify for Roth and read all about it.
Now you are going to learn to double it by buying your stock low and selling high. Pick your stock and do your homework. NFA. That's what I did and get awesome returns. But I really wait for the dips. One dip can give me 20% easily. |
Anonymous
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Loan shark it out.
Collect a 25% vig. |
Anonymous
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Don’t pick individual stocks if you’re just starting out. Pick a low cost, total stock market fund.
Do you have a $1000 saved in an emergency fund? At least save that first just in a high interest money market or savings account. Once you get to $1000, aim for three months of living expenses. Once you have that, start paying off debts that are higher than market rate interest so anything that is more than 5% interest right now, pay off all those debts. Once you have that, start saving in your 401(k) or 403B if you have that, at least up to the employer match. Just pick a year based fund like retirement 2050, or something that covers a broad swath of the market. Not an individual stock. Once you have that, start your other retirement savings account stuff. Open a Roth IRA with Vanguard or Fidelity and buy a very low cost total stock market fund. VTSMX is one symbol. The reason you want this is, it is the safest return for the biggest amount of return. Because it covers the total stock market, it grows with the value of the total stock market. You really only need one fund. Then automate your savings into that ROTH account. So every month, add as much as you can like $200 a month or whatever. |
Anonymous
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Last thing, start checking out personal finance books from the library. Or reading things like NerdWallet or bogleheads.
I personally like the book A random walk down Wall Street. It’s older, but it tells you a little bit about stock markets, and bubbles. |