Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
This is probably a very broad question as I am not knowledgeable much when it comes to investing. Let's say you have 50k(just picking that number) and you want to use that to create another form of income. What would be your first choice to actually go towards creating that income?
I figured that was the case. I would like to create something that would act as an additional income. I would not need something that would turn enormous amounts immediately but something that would provide something slow and steady I suppose. Would looking into properties be my best option?
I can see you are about to stir up the same debate that's been discussed here dozens (or maybe hundreds?) of times over the years. I'll suggest that this debate will only confuse you, and you'd be better off buying a good beginner's book on investing, such as Bogle on Mutual Funds.
I figured that was the case. I would like to create something that would act as an additional income. I would not need something that would turn enormous amounts immediately but something that would provide something slow and steady I suppose. Would looking into properties be my best option?
The thing about property is that even though the IRS classifies it as passive income, it really isn't.
It requires a fair amount of knowledge and know how and time/effort.
So it really depends on both your ability and willingness to do the work, which we don't know.
This is probably a very broad question as I am not knowledgeable much when it comes to investing. Let's say you have 50k(just picking that number) and you want to use that to create another form of income. What would be your first choice to actually go towards creating that income?
Difficult to answer this question. Is this your first 50K?
First thing is to payoff all credit card debt. No more borrowing for you. Payoff here is not paying 18% interest.
Second to set up 3 months expense in emergency fund. This goes into savings, to be used for emergencies. If you spend 5k/month fund could have $15-30K.
To this fund can you add $500/month? When you get to $20+k now you have funds to invest & contribute $500/month?
With these 2 items covered don't know your risk tolerance to do CD, stocks, funds, ETF.
I can see you are about to stir up the same debate that's been discussed here dozens (or maybe hundreds?) of times over the years. I'll suggest that this debate will only confuse you, and you'd be better off buying a good beginner's book on investing, such as Bogle on Mutual Funds.
Keep in mind, always---until there is a huge sea change in the Real Estate Market: prices for brick-and-mortar, physical properties today are way too high, already. If you buy a physical property to create an income stream, you'll be chasing your own tail to try to catch-up with the money you've already sunk into it. BUY SHARES in a REIT, instead..... Sure, there are inexpensive properties around, but they are all in places where no one wants to live, like OLEAN, NY, where it snows from October to May, even AFTER the daffodils have bloomed. You can buy a house there for $60,000.00. But is it a good idea? Hell, no. Anyone who can find a way out, LEAVES. https://en.wikipedia.org/wiki/Olean,_New_York
Under current conditions, it makes no sense to buy actual, physical properties. Unless you're buying it yourself, to LIVE IN IT.
OK, once again, I sign-off with: "Break a leg!"
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
