Investments (Not just stocks)

Ok so for the rich folks here, I’m gonna admit that I’m generally pretty bad with money and not good at holding on so bear with me.

I know nothing about stocks, but if I were to use a nice round number like $10,000, where would y’all put it?

if I play in stocks, I’ll need help as I don’t know shit. Is that number a good one to make money?

right now, I am doing well on used bikes so was kinda contemplating just taking that and keeping it just on bikes to flip. Generally I make approx $1000 per used bike.

my legit question is, should I put that $10k into something better, or is my return on the bikes better/faster?

Yes I know this is the beeb so I know I have some good answer mixed with bullshit but at least steer me so I don’t light 10k on fire and waste it.

 

Make as much money as possible. Isn’t that always the goal? Not being a smart ass but what other goal could I have?

 

Mutual funds. Or Pokemon cards.

 

Is it $ you need next week? Next year? In 2062?

 

Not losing your shirt can be a good goal to have as well.

 

I don’t know what a mutual fund is. I’ve heard them on tv commercials maybe??

pokemon, my youngest has that covered.

 

mid all of the above a valid response?

 

Perhaps you seek the advice of a certified financial planner.

 

In a nutshell, someone is buying a basket of stocks for you and you pay them for their expertise. There are different levels of risk which also carry potentially different levels of reward. Putting all your money on a single stock is extremely risky. The fund spreads the risk around: even if some of the stocks in your basket go down, you don't lose everything.

 

Not really. If there is a chance you might need the money next month, you can't really afford for it to go down. If it's money you will need in five years, you can take more risk with stuff that will go up and down over short periods of time, but will generally be growing when you look at it over those five years.

 

Ok if I wanted to turn that 10k into 100k in a year, is that possible? Without running drugs or other illegal stuff?

 

Well you would need 1000% rate of return, so probably not.

 

Ok someone better than me at math help me out.

how many bikes would I need to sell with an average profit of $1000?

some bikes have $1500-2000 and some only have $500 so I figure $1000 is a good estimate.

 

If it were possible to reliably turn 10k into 100k each year few people would be wasting their time doing anything else.

 

Assuming you're into the bikes for ~$5K each and turning them over every month or two, that's not a rate of return that you'll be able to match in the stock market.