10k to 60k

Hi Guys,

I've never invested before.

How do I turn my 10k into 60k..

What timeframes? I'm open to being fairly risky.

And yes I've read rich dad poor dad.. investing books etc.. also dabbled in FX but
thats speculation not investment as such..

 

Hi honestjon

It will take 19 years to make $61,159 if your annual return is 10%. Remember, inflation will have a large effect over this time period.

Another thought, is to get a franchise with your $10,000. My friend got into Jim's Cleaning and made it work.



Johny.

 

The returns on small franchises like jims seem negligible, might as well just start up a micro business. If I had more startup funds then a franchise might make more sense.

19 years is not really an acceptable timescale for me. 5 years maybe. I know risk will have to increase proportionate to return. Maybe just put it all on black?

 

Mate! You need a guaranteed 43.1% return for 5 years. Tell me where I can get that and I'll put my money down.



Johny.

 

Yep, put it all on black

Of course, that'll only turn your 10k into 20k, so you'll need to get your colour choice absolutely correct two and a half times in a row in order to get to 60k. You stand about a 1-in-8 chance.

But really, it is worth thinking about risk and your appetite for it. How would you feel if you lost your 10k. If the answer is 'philosophical', then go for it with some high risk/return investments. But if the answer is 'remorseful', then maybe ameliorate the risk a tad.

I used to have a far higher appetite for risk until a couple of things went the wrong way, then 'risk' changed from a somewhat abstract concept into something more visceral.