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How to quickly turn $1000 into more money

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Livengood44
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How to quickly turn $1000 into more money  Reply with quote  

I'm a 15 year old high school student, I have $1000 in my savings account. My question is how can I turn that money into more money quickly? I want to do this because I want to buy a good website that makes at least $2500 a month but websites like these cost around a couple thousand at the cheapest and I only have a thousand. So how can I turn my $1000 into at least $2000 with the internet?
Post Sat Oct 26, 2013 7:53 pm
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coaster
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I think the first lesson to learn is that if everyone's money can be doubled "quickly", we'd all be billionaires (and a hamburger, fries and a drink at your favorite fast-food place would set you back about $10,000). You know that's not the case, so it must be that it's not very easy to do, and many who try, end up losing the original $1000 instead.

~Tim~
Post Sun Oct 27, 2013 5:04 am
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Radix3d
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Re: How to quickly turn $1000 into more money  Reply with quote  

quote:
Originally posted by Livengood44
So how can I turn my $1000 into at least $2000


Get a job.
Post Sun Oct 27, 2013 5:23 am
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Wino
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Re: How to quickly turn $1000 into more money  Reply with quote  

quote:
Originally posted by Livengood44
I'm a 15 year old high school student, I have $1000 in my savings account. My question is how can I turn that money into more money quickly?

The best way to make a million dollars quickly is to start with two million dollars and invest in get-rich-quick schemes.

There's only one sure-fire way to build wealth: Earn money and save more than you earn in a good investment.

You're 15. If you were to take that $1000 and invest it in a good mutual fund that averaged 10% per year, you'd have over $140K when you retire at age 65. If you were to add $10 per month to that amount, you'd have over $300K.

The best thing you can do is to put as much as you can into mutual funds such as oldguy's S&P500 suggestion, and leave it alone until you retire. You're 15. You made and or saved $1000 already. If you can do that every year, but put it into a 10% return fund, you'd have $60,000 in your fund when you're 35, and over $1.3 million when you're 65 (assuming 50 years at $80 per month, or $960 per year). Add your present $1000 to start, invest $80 per month, and you'll have over $1.5 million at age 65, on a total investment of $49,000 dollars.

Don't try to get rich quickly (and fail). Try to get rich slowly and succeed.

I know that's a lot of numbers, but they all say, "Just invest your money in a high-return account."
Post Mon Oct 28, 2013 4:15 am
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Paul.Ashworth
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I like the ambition but buying a website doesn't guarantee success either. A website that makes the kind of money you're hoping to generate "quickly" won't be sold for $1000. Unless you have some amazing idea and just need to buy the right URL.

I'm not sure whether to worry for the next generation that seem to be FASCINATED by money. I know we all like money here (who doesn't and that's what this forum is all about) but today's youths seem to be inspired by rappers and people like Floyd Mayweather who glorify the art of 'making money'.

Not saying it's a bad thing of course but when people start to think that their only goal in life is to make as much money as possible then I wonder what the future will be like.
Post Tue Oct 29, 2013 10:09 am
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payment proof
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Speak to a financial planner and invest it in a diversified mutual fund (my advice anyways).

See Proof. You can make free money online.
Post Mon Nov 11, 2013 3:31 am
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Rajagrawal
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In money matters,,we should not think to double or triple in a short time because in this situation,,,risk factor is also high to lost money so keep patience and give genuine time to double or triple your money.
Post Mon Nov 11, 2013 7:57 am
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morrismartinez90
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reply  Reply with quote  

As individuals face the numerous fluctuations of the economy currently affecting the work market, a requirement for work alternatives is beginning to rise. These alternatives are being focused on the money making opportunities that can be potential with the house primarily based business.
Post Tue May 27, 2014 6:12 am
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AnaMiller
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Considering that you may have no financial education I would suggest that you keep the money there for a while, educate yourself about finances and investments and only after you feel prepared start thinking about what is the best thing to do with them.
Post Tue Jun 03, 2014 8:32 am
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john bradford
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Focus on education  Reply with quote  

LG,

Some thoughts on getting to financial freedom...

First, a million isn't the target. The target is whatever it takes to get to your definition of freedom. It could be much less... it could be more.

I would study the financial markets. Education is key! Go to the library and get a book or two on:
a) stock market
b) fundamental analysis
c) technical analysis
d) stock options

With $1000 and a good understanding of stock options, you can turn it into a large number over time. But.... BUT... only with a "good understanding" and "time".

I just published a book on generating income with options. It might give you some ideas. Look for it on Amazon. But be sure to practice for 6 months before you even consider spending any real money. Even then, I would just paper trade until you had much more than $1000 saved.

As someone suggested above... saving it for your education isn't a bad idea either... perhaps you could spend it on finance books?

John
SMInsuranceTrader.com
Post Thu Jun 12, 2014 5:10 am
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stockbrokers
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get a job,people at your age must have as many experiences as possible


What your stock broker doesn’t want you to see.
Post Mon Sep 29, 2014 4:28 pm
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SwGupta
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I see some really wonderful answers already! I won’t go the direction of investments because I think it is overly complicated. Turning $1000 into $10000 is far simpler when one forgets about annual returns and market investment strategies. You are not dealing with millions, which makes it possible to do without having to pay investment fees.
Post Tue Nov 06, 2018 5:47 pm
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