Can I Invest In Anything?

gohan2091

I am currently 24, living with my parent and am unemployed so things aren't too good for me at the moment. I do have almost £4000 in the bank though and was going to use that towards getting my own place, but I want a job first to give me financial backing.

I was wondering if anyone could give me ideas on what I could do to increase this money a bit? maybe even invest it so I can double it? I have little business experience which is why I am asking the experts here. I do online surveys and eBay which brings in around £50 a month. I'm guessing if this was so simple to do, everyone would be doing it, but I thought I would ask anyway.

Thanks

ViolaLass

When you say 'get my own place', do you mean rent or buy? Do you have any other savings? What are your outgoings? How much of the £4000 could you afford to lose?

gohan2091

ViolaLass wrote: »

When you say 'get my own place', do you mean rent or buy? Do you have any other savings? What are your outgoings? How much of the £4000 could you afford to lose?

Hi,

I don't think I am in the position to buy a property, £4000 is all I have in my bank, I have no other savings. My outgoings are just board I pay my mother and the odd computer part. How much can I afford to lose? It depends on what it is I am gambling with, I guess all of it, but it would have to make sense to.

OldGreyFox

The Savings and Investments forum is here
http://forums.moneysavingexpert.com/forumdisplay.php?f=17

ViolaLass

gohan2091 wrote: »

Hi,

I don't think I am in the position to buy a property, £4000 is all I have in my bank, I have no other savings. My outgoings are just board I pay my mother and the odd computer part. How much can I afford to lose? It depends on what it is I am gambling with, I guess all of it, but it would have to make sense to.

OGF is right that there are better boards for you to ask this on. For now, all I would say is that if I were in your position, there is no way I would be risking anything more than perhaps £500. If you're going to move out, you need to build up a buffer of at least three months outgoings, preferably six. You should only ever gamble money that you can afford to lose.

gohan2091

ViolaLass wrote: »

OGF is right that there are better boards for you to ask this on. For now, all I would say is that if I were in your position, there is no way I would be risking anything more than perhaps £500. If you're going to move out, you need to build up a buffer of at least three months outgoings, preferably six. You should only ever gamble money that you can afford to lose.

I'm sorry about the wrong forum, perhaps a mod can move this to the correct forum?

Does anyone have ideas on what I can use my money on or would you recommend I just keep saving?

GavB79

Double it? You're being optimistic and/or naive. Read up on what is a sensible return or you're going to be VERY disappointed. I assume you are not looking at a ten year period?

gohan2091

GavB79 wrote: »

Double it? You're being optimistic and/or naive. Read up on what is a sensible return or you're going to be VERY disappointed. I assume you are not looking at a ten year period?

I believe the more you invest, the more return you get, but yes, I am naive but smart enough to ask the experts here

ViolaLass

We're not experts and if I did know of a way of doubling my money in a short period of time, I wouldn't tell anyone else about it!

You need to work out what you want before you can decide how to get it. What level of risk are you happy with? How much of your money are you willing to risk? How long do you want to invest for?

Personally, if I were you, I would concentrate on getting a job - it's a much quicker and safer way of making money.

thor

GavB79 wrote: »

Double it? You're being optimistic and/or naive. Read up on what is a sensible return or you're going to be VERY disappointed.

To be fair, I think the op will still be disappointed even after reading up. Making money is an unpredictable thing these days and your investment can go down even in the long term.

hermum

Maybe look at buying into a business or stating one up, that way you are no longer unemployed & hopefully will be able to earn as well.
What sort of business depends on your skills & interests.
If you have any hobbies are you able to sell anything to do with them on ebay for a profit, if it's something you have an interest in you will already know something about it.