I am getting inheritance, and I want to invest

Question

I will get a little over 100,000 but I want to be a gazillionaire, what is something I can do to turn my money into more money?

Answer 1

You need to interview a fee-only (not commission) Certified Financial Planner or three and ask them what type(s) of investments they would recommend.for you given your age, income, etc.  Then pick the Planner who has the best plan that you are most comfortable with.

Answer 2

Don't get too excited.  Turning your money into more money isn't that easy.  However, in order to do so, you will need to invest.  What you choose to invest in will depend on how much risk you are willing to take.  Stocks offer the possibility of very high returns, but they come with a lot of risk.  If you want a more conservative alternative, you should look into mutual funds.  They are diversified and professionally managed, thereby reducing the risk.  You can learn more about stocks, mutual funds, and investing in general at Investopedia ( http://www.investopedia.com/ ).

Regardless, of what you choose to invest in, you will need to open a brokerage account.  I currently use Firstrade ( http://www.firstrade.com/ ).  They are cheaper than big name brokers such as Scottrade, Etrade, Ameritrade, and Schwab.  Their website is very easy to use, making them great for beginners.  I would definitely recommend you to check them out.

Answer 3

ask here.  unbiasedstockanalysis.blogspot.com.  But what ever you do just save most of your money.  You can lose money very easily if your new to investing.  Here is a tip though.

Investing is sort of like being a bank.  You lend money to companies and they are supposed to pay you interest on that money.  That is the basic premise.  There are always people who need to borrow money.  As long as you have money you can lend it to people and charge them interest.  So SAVE most of your money.  Good Luck.

Answer 4

That depends on how hard you want to work and what skils you have or what people you know have skills that can help you. If you want to sit back and watch money grow the the stock market requres very little effort but you need a good broker to watch out for you. If you have time on your hands to maybe look for a good house repo opportunity and are willing to sweat alittle or have someone to sweat for you you could get a higher return more quickly but be sure you can read as to what may sell or not sell. Or you could do a little of both.

Answer 5

You can invest in stocks.  I am not sure how experienced you are at investing, but if your a beginner it is probably best to go with mutual funds.  I would look for Morning Star 5 star funds and try and spread the money around (large cap, small cap, international companies, different industries).  Good Luck!