What should I do with the 10k I just got for college...

[onlyrp]

many things have been suggested here for stuff to buy, if you already have what you need and want, save your money. But compared to savings CD, I prefer to waste some money and spoil myself a little, at least I can enjoy it upfront.

 

[marhlfld]

I am currently attending college but can handle the costs with my current income.

This money was just released to me and was a savings account that was meant to be used for college.

I already have 1k invested in precious metals.

I have a decent safety net in my savings & checking.

I have no debt.

What should I do with the 10k?

Right now I am calling around and comparing savings account %'s and CD %'s

Buy a safe, a large one, that cannot be carried, cash the 10K, put in safe.
Buy storable food, for at least a years worth.
Buy years worth of paper products, ie. toilet paper,... don't laugh, it can be traded for things.
You could buy at least another $1,000 of gold and silver.
Do not keep cash in bank, only to pay bills.
Do not put into CD's or Savings.
Think of buying heirloom seeds to be able to plant a small survival garden.

This is all going to come crashing down, even with Ron Paul in office, it is still going to be a struggle while this country recovers, for at least a year.

Max out to Ron Paul!

 

[Cowlesy]

I was being facetious, the only serious side of it (as a matter of principle) being to look for anything you know is going to be relatively more scarce and also more in demand, especially in the short term.

Man, one never knows on the internet tubes!

 

[AmericasLastHope]

Use $2,500 to buy more gold/silver, $2,500 to buy stocks, $2,500 for a downpayment on a house, and keep the other $2,500 in cash to buy more gold/silver or stocks when one of them dips significantly.

 

[Seraphim]

Here's is the key for my generation when it comes to investing (So basically if you are under 40 years old):

AS LITTLE COUNTER PARTY RISK AS POSSIBLE. Say that sentence 4 million times over and over if you must.

I'd go 8000$ for silver, the rest for a good gun and ammo.

As a college student, simplicity is your friend when it comes to investing/saving.

 

[eric_cartman]

i think you should buy two or three ounces of gold and maybe some silver (depending how much you have). and then convert the rest to some foreign currencies. maybe buy government bonds from countries like Australia, New Zealand, Singapore, Norway, etc.

 

[mediahasyou]

Right now I am calling around and comparing savings account %'s and CD %'s

The inflation monster will eat your money.

Ask investors, not activists. Talk to an investor that you know personally or try Peter Schiff/Doug Casey.

http://www.europac.net/contact_us

http://www.caseyresearch.com/contact-us

 

[Seraphim]

i think you should buy two or three ounces of gold and maybe some silver (depending how much you have). and then convert the rest to some foreign currencies. maybe buy government bonds from countries like Australia, New Zealand, Singapore, Norway, etc.

This is conventional wisdom - in this case it is wrong. Sorry dude.

If you think the USD is doomed one way or another, then purchasing foreign currencies and their bonds is folly - THEY ARE ALL TIED TO THE USD.

 

[Zippyjuan]

Use $2,500 to buy more gold/silver, $2,500 to buy stocks, $2,500 for a downpayment on a house, and keep the other $2,500 in cash to buy more gold/silver or stocks when one of them dips significantly.

Even the whole $10k isn't enough for a down payment on a house. Unless it is selling for say $50,000.

 

[Zippyjuan]

Is it a loan? If it is, you will want to find something you can get a higher return (total return after costs including expenses and taxes on returns on the investment)than the interest costs.

 

[1000-points-of-fright]

Hookers and blow.

 

[bolil]

Well, an excellent investment is good karma... you can get some by investing in me lol.

 

[AmericasLastHope]

Even the whole $10k isn't enough for a down payment on a house. Unless it is selling for say $50,000.

You can certainly get a loan for a $150,000 house with less than $10,000 down. If you think we're eventually going to see a recovery in housing coupled with inflation it would be worth it to have the PMI wiped out with cheaper dollars and the equity you've built up.

 

[Zippyjuan]

You can certainly get a loan for a $150,000 house with less than $10,000 down. If you think we're eventually going to see a recovery in housing coupled with inflation it would be worth it to have the PMI wiped out with cheaper dollars and the equity you've built up.

Lending is mostly tighter than it was during the housing bubble- it is harder to get a loan with less than 20% down and if you do find one, you will definately be paying mortgage insurance (PMI). Under 10% (which would be $15k on a $150k house) would be even tougher- especially for a student.

But if somebody can afford one, it is a pretty good time to try to buy a home. Selection is high, prices are down, and interest rates for borrowing at all time lows.

 

[Barrex]

DO NOT GET IN CREDIT!!!!!
If you can: buy small apartment.You could use some of that "safety net in my savings & checking" apartment could be your safety net. This way you will save on rent (if you are not in dorm). If you got good friend you can buy it together.
Gold and silver should be bought after you have your own your own place. You will spend more money on rent than earn on metals. Food for few months (because of inflation) is not going to save you that much money.
Look for investments that are going to help you cut your expenditures too. You cant begin saving money if you are spending it unnecessarily.

 

[kylejack]

..go to college..?

 

[AmericasLastHope]

Lending is mostly tighter than it was during the housing bubble- it is harder to get a loan with less than 20% down and if you do find one, you will definately be paying mortgage insurance (PMI). Under 10% (which would be $15k on a $150k house) would be even tougher- especially for a student.

Not true. My wife and I just bought our first home in November with only 5% down and of course we are paying PMI.

 

[PaulStandsTall]

Start a small business!

And buy silver.

 

[libertybrewcity]

www.lendingclub.com

www.prosper.com

 

[WilliamC]

Just ask yourself...