How to invest 500 dollars wisely? 500$ is not a sum that can bring large profits but it’s always a good start. As far as investing is concerned many would suggest going into stocks or mutual funds. However, it’s doubtful if 500 dollars meets the minimum investment balance at most brokerage firms. Online brokers tend to be cheaper and some require minimum deposit. Going into stocks might not be the ideal solution for first time investment. But if you like to try new things and options there’s nothing that could stop you. Remember albeit, to have some training on demo account first.
How to Invest 500 Dollars – alternative options
Firstable, mind that education is the best investment. Therefore, you might try to visit a bookstore or amazon to pick up some kind of book on investing. The key in investing is to find something that might grow over time and pay you back for your time and money invested. It’s the same with aquiring software or taking lessons. Learning and doing what you learned is something that grows over time extensively.
Ok, let’s move now to alternative options on how to invest 500 dollars. There are social lending sites like prosper.com that allow everyone to lend their own money to other people with higher interests. You can also move to ebay auctions and garage sales – simply find something, buy it, fix it up, and resell for higher price. Other alternative is to start your own business or your own network of few sites or blogs. If you don’t where to start take a look at what sites people sell and buy on flippa.com auctions. Looking for internet opportunities is a good way to find your own online business ideas.
Next option I’d like to mention when it comes to how to invest 500 dollars is buying silver, gold, copper or something else valuable and is expected soon to go up in value (paintings, houses etc). What else to do with 500 dollars? If you are a teenager – start your college fund, buy a work equipment (grass rake, mowing machine, petrol grass trimmer) that will help you turn that $500 into 300 dollars a week. Simply invest in yourself but always remember to set your goals and see in your mind the path to reach them.
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