How can I turn £16000 into more?

thebigdipper

Hello all

Firstly, as I'm new here but have been reading for a while, I'd like to say thank you for one of the most useful websites on the internet.

As to my topic...

I am currently unemployed (having left my previous job to travel Europe with a friend) and I have £16000 in a savings account which I'm happy to leave in there. But...

I was hoping to ask if anyone has any ideas/suggestions of ways in which I can use this money to make more of it. I'm open to any ideas, no matter how risky or whacky (but of course more realistic and sensible ideas would be appreciated)

Thanks for taking the time to read this everyone.

Starscream-08

Im sure you will find many more reasonable answers from others on here but I know if I had any sizeable savings such as those id be looking to invest in gold as from what im told the price of gold seems to keep rising!

NigeWick

thebigdipper wrote: »

I was hoping to ask if anyone has any ideas/suggestions of ways in which I can use this money to make more of it.

You could have a look at the Stock Market. If you Google Dr Stephan Cooper and The Market Guys you can find some free information. I looked at this a couple of years back and there are systems that work as demonstrated by the two parties I have mentioned. I started an account with eTrade and spotted an opportunity using the Worden software that I paid for. Unfortunately eTrade told me that I had the wrong type of account for the Options trade I wanted to do and it would take three months to sort out. SWMBO decided that we needed a sun shade for the lounge and my "float" was used for that. I checked up on the trade I wanted to carry out and would have made a bit over 100% in two weeks. That was on the 20% of my capital I would have used for the deal. Had it gone sour, I would have lost 10% of that 20% invested by using the appropriate mechanisms. Never put all your eggs in one basket. The system should show a profit on two to thee out of five trades. By maximising profits and minimising losses following the system, your initial stake can be built up until their is enough to continually live off part of the profits made. Reading between the lines, discipline is one of the main keys and greed will bite you in the bum. You must read up on the subject and make sure you have a good grasp of the risks before making a decision as to whether the stock market is for you.

Personally, I would not use more than £2,000 of your savings to give this a go. If you do decide to try it, the risk is all yours! I hope that you find something that suits your requirements.

thebigdipper

naijapower wrote: »

Ebay trading is an option. I have links with UK and Chinese suppliers you can use but these links would be sold...not for free.
Also, you can set up a clickbank affiliate review site like this one *** and watch money roll in on auto pilot. But of cos you have to select products in high demand and spend time plus money promoting your site. This doest happen over night but in the long run, you would see result

Thanks for the suggestions.
Ebay trading might be a good idea, but I'm a complete novice. Is there anything you read about it when starting up that I should read?

Starscream-08 wrote: »

Im sure you will find many more reasonable answers from others on here but I know if I had any sizeable savings such as those id be looking to invest in gold as from what im told the price of gold seems to keep rising!

I like the idea of investing in Gold but I think I'll need to study a LOT about investments before I try anything. Thanks for the idea though.
　

NigeWick wrote: »

You could have a look at the Stock Market. If you Google Dr Stephan Cooper and The Market Guys you can find some free information. I looked at this a couple of years back and there are systems that work as demonstrated by the two parties I have mentioned. I started an account with eTrade and spotted an opportunity using the Worden software that I paid for. Unfortunately eTrade told me that I had the wrong type of account for the Options trade I wanted to do and it would take three months to sort out. SWMBO decided that we needed a sun shade for the lounge and my "float" was used for that. I checked up on the trade I wanted to carry out and would have made a bit over 100% in two weeks. That was on the 20% of my capital I would have used for the deal. Had it gone sour, I would have lost 10% of that 20% invested by using the appropriate mechanisms. Never put all your eggs in one basket. The system should show a profit on two to thee out of five trades. By maximising profits and minimising losses following the system, your initial stake can be built up until their is enough to continually live off part of the profits made. Reading between the lines, discipline is one of the main keys and greed will bite you in the bum. You must read up on the subject and make sure you have a good grasp of the risks before making a decision as to whether the stock market is for you.
Personally, I would not use more than £2,000 of your savings to give this a go. If you do decide to try it, the risk is all yours! I hope that you find something that suits your requirements.

I appreciate you taking the time to reply. Trading stock is something that's appealed for a while but I've never known where to begin (or who to trust!)
Thanks for the help.

mrmitchell78

Have you thought about franchising? you could take a look at http://www.whichfranchise.com/ which has a lot of interesting information.

NigeWick

thebigdipper wrote: »

Trading stock is something that's appealed for a while but I've never known where to begin (or who to trust!)

You trust yourself! :beer:
I went to a Tony Robbins seminar five years ago and AJ Monte of The Market Guys was one of the speakers. He was very down to earth and gave sound advice. Dr Stephen (I spelled this wrong) Cooper has a pay site that may be worthwhile when profits will pay for the access. You certainly need to do plenty of research before taking the plunge in the markets. Minimising risk and maximising profit strategies are available and work as long as one does not try and "buck the system."

I am still having a crack at The Thirty Day Challenge information and trying to get into earning some cash from the internet. I have got one site up that I think may have been in the wrong niche but I have what looks like a profitable area to move in to.

I work in a school for entertainment and I have so much fun that I tend to not concentrate too hard on making money. I have learned a bit, but, do not do the required work to be successful at it. Good luck with whatever you decide.

justjohn

OP
Gambling is high risk
Gold is sky high at moment, gold will fall again(ok if you buy local then sell on, if you know what you are doing)
Ebay if going down that route keep your margins high(been doing it for last 8 years myself and doing well). I have stock if you want it LOL

All depends how much risk you want too take.
My savings are in premium bonds at moment.

What about purchasing a house at a knock down price and rent it out, thats still viable if you are carefull??

wazza121990

golfhandicap25 wrote: »

You could gamble it using financial spread betting, bet as to whther or not nasdaq etc finishes higher or lower than it started, you can bet 10p per point, there are loads of sites out there that can explain it better than I can. I have not tried this myself.

I have found a roulette sysytem that works, you place say £1 on red, if it lands on red you win if not you place £2 on it and continue doubling your bet until it wins when red does win you repaet the same process with black. It works you have to quit while your ahead, I would stop and switch casinos or bookies when you have increased your initial allowance by 40%. Finanical spread betting I believe works on a similar doubling principal.

There are also loads of money making schemes out there, some good some bad. I have tried a few and failed an tried others which work.

Good luck with whatever you decide

That roulette is a silly silly idea, table limits? would definately pose an issue. Also if you have a string of blacks, you could end up having to gamble thousands!

littlemrtinkle

from me experience of using free money in casinos i have seen 16-17 blacks in a row. Very risky indeed.

Officer_Dibble

justjohn wrote: »

OP

Gold is sky high at moment, gold will fall again....
What about purchasing a house at a knock down price and rent it out, thats still viable if you are carefull??

If you think gold's sky high at the moment, you ain't seen nothing yet. There's no better safe haven at the moment, now that every major economy seems determined to print money on a Zimbabwean scale. Shares in gold miners are probably the best way to capitalise - companies such as Medusa, who can get the stuff out of the ground at $200 an oz...they can still turn in a good profit even if the price of gold did fall back. You can put them in an ISA too.

As for buying a house at a knock down price - that might be possible in 3 years or so. Today's knock down price is tomorrow's negative equity.

justjohn

house's will only go so high/low
gold will only go so high/low

Gold is only safe at moment due too the recesion it will come back down like most things. Gold is at an artificial high just like houses.