Have $10,000, now what?

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#152054 14-Sep-2014 17:39

Am curious to know what thoughts yall have around making the best use of $10,000?

The person is a single male and working/renting in Auckland.

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#1128422 14-Sep-2014 17:41

I have some magic beans.

mattwnz

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#1128426 14-Sep-2014 17:45

Depends on your risk profile. It isn't really enough to do too much with, apart from perhaps buying some shares (higher risk short term) or just putting it on term deposit (you'd make around $450 a year before tax off it). Also you could use it for a part deposit on on property. Maybe use it to start up a startup company?

corksta

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#1128430 14-Sep-2014 17:50

Have one hell of a night?

Jase2985

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#1128431 14-Sep-2014 17:52

pay off any debt you have

nakedmolerat

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#1128435 14-Sep-2014 17:58

Pay off all debt and save the rest.

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#1128441 14-Sep-2014 18:04

You could spend it all or invest it all or save it all

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dcole13

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#1128443 14-Sep-2014 18:06

kush, mushrooms, coke, all that stuff

Home ADSL: School:

Zeppe

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#1128468 14-Sep-2014 18:23

Otherwise I'm selling an eBook called "How to become millionaire with $10 000". I'm sending it by email after you made me the payment of $9 999 by Western Union. Seems a pretty good deal...

lxsw20

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#1128470 14-Sep-2014 18:27

Go have a mini OE.

JimmyH

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#1128472 14-Sep-2014 18:31

Without knowing your other circumstances, it's hard to give unambiguous advice. But based on what you have said, I would think that you should:

1. Pay off any debt; then

2. Then stick it, or what's left of it after (1) above, in the bank.

I recommend (2) based on the fact that, in the scheme of things, $10,000 isn't actually that much if your car blows up or you have a spell of unemployment. You need some sort of emergency fund. Putting it in the bank should be relatively safe, and ensure you can get it something comes up.

If you have other savings and are confident that you won't need to use it for the foreseeable future, then stick it in your Kiwisaver for the very long term, or another managed fund. It isn't that easy to get any sort of diversification investing just $10K by yourself. The returns from a fund over time should beat what the bank will pay - although you can lose money in the short term if markets go south.

wsydgx

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#1128473 14-Sep-2014 18:31

give me half of it
LOL

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turnin

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#1128483 14-Sep-2014 18:41

Buy something that holds or increases in value whilst renting it out to others.
eg campervan/caravan/trailer/

Import something ( that you know a lot about)

Buy some shares in a company that makes war munitions. eg ( boeing/lockheed/haliburton)

Join a collective and buy a piece of land, or better still make a website to coordinate this for others.

Inphinity

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#1128488 14-Sep-2014 18:53

Do you have any interest-bearing debt? Pay off the highest-interest debt first. If not, what are your goals and, as asked by someone above, your risk preferences?

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#1128496 14-Sep-2014 19:03

No specific debts/goals/risk pref, just unsure what to do with it. A few of the comments look interesting...I guess the bank is safest?

johnr

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#1128500 14-Sep-2014 19:17

As above post by dcole13

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