What to do with 1k?

What to do with 1k?

Author
Discussion

Celt

Original Poster:

1,264 posts

198 months

Thursday 17th June 2010
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Iv got about 1700 sitting in my current account. The 700 I will need to pay help off mot tax and insurance. I will be adding to it with my monthly wage. I might need the money back by the end of the year to put towards a new car. Im not earning a great deal per month as its only a part time job while im at college and uni.

What am I best to do with 1k? Was thinking about putting it in BP would I get much return short term? Im guessing not, would probably take quite a while to make anything. I know very little about this sort of thing and I can appreciate that most people here deal with many times my measly sum. But I would be interested to see how much I could realisticaly make from this.

Welshbeef

49,633 posts

204 months

Thursday 17th June 2010
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Honestly if you invest in equity you have to be 100% prepared to lose the lot/afford to lose it if you cannot accept that scenario then sorry but you have to either v astly reduce the amount you'd invest down to a level where by you can afford to lose it or not go in at all.

Frankly £1.7k isnt a lot and lets say you were lucky enough to get 7% return for the 6 months then thats only £60 less the buying & selling costs i.e. pretty much nothing in it/potentially loss making. You have to be in for longer or make a much higher margin.

Best bet I would say is the high % regular saver accounts & cash ISA.

blindswelledrat

25,257 posts

238 months

Thursday 17th June 2010
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Celt said:
What am I best to do with 1k? Was thinking about putting it in BP would I get much return short term? Im guessing not, would probably take quite a while to make anything. I know very little about this sort of thing and I can appreciate that most people here deal with many times my measly sum. But I would be interested to see how much I could realisticaly make from this.
In my uniformed opinion, given a 6 month window you have exactly equal chances of either doubling your money or halving it.
On a 2 year 'bet' I'd be pretty confident in BP, but anything less than that you cannot predict.

Odie

4,187 posts

188 months

Thursday 17th June 2010
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Buy yourself a nice watch, an omega or something

The watch forum is that way >>>>>

jon-

16,525 posts

222 months

Thursday 17th June 2010
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Premium bonds. You'll probably average a pathetic <2% but there's always that "chance" you might hit big and your money is safe.

Celt

Original Poster:

1,264 posts

198 months

Thursday 17th June 2010
quotequote all
Yeh im willing to put in a fair amount of risk. And I could wait for slightly longer if it has lost money down the line. I am under no illusions that its easy to make money from stocks and shares.