How can I turn 60k thousand dollars into more money?

Question

I have about 60k dollars to invest. How should I invest the money?

Answer 1

I had traded fx for years.  My suggestion is:'Don't.' Think about it, what would you trade right now?  As bad as our economy looks, there are 2 things in our favor:

1.  Middle East tension lessens.

2. New president

Market is reflecting early cheers already.  Oil price is down to $122.  There is more breathing room for USD as compare to $147 a barrel.

Answer 2

Consult a professional investment specialist, after you do your own research in basic investing.  Be sure that whoever recommends an investment doesn't have an overwhelming self interest in how you invest your money.  A reputable independent financial advisor is probably your best bet.  He will charge a fee, as opposed to taking a commission from the companies whose products you buy.

Answer 3

When do you need it to be liquid again (when do you need to use it?)

Long Term, Mutual Funds -- depending on the amount of risk you are willing to take you can invest in Money Market Funds (which dont make much money) if you are worried of losing money. If you are a risk taker, invest in riskier mutual funds. Dividends funds are generally good.

Short Term, I would invest in a CD or high interest savings account

Answer 4

Whatever you do, don't put it in a CD and don't allow any broker or investment house invest for you because you will lose it and they are not all that knowledgeable themselves. You may want to set up a demo/practice account in a forex house and currency house and demo different investing methodologies for about 6 months to 1 year until you feel perfectly comfortable about what you are doing and the variables of the marketplace. A demo account is just like reality when you use real money except you are using play money. Then begin to try it out with small amounts of real money when you are ready and see how you do? You may do great and surprise yourself.

Answer 5

the stock market will be the best bet for you to succeed very well, when properly guided. i would have recommended forex, but due to its high volatility,the profits are very high with high risk levels.

To wade into the stock market and succeed, i am advicing you as a longterm stock market investor to go for the doubling stock option