What to do with a little money?

[DWarrior]

Hi, I'm a college student and I managed to put together around 20k this semester. 10k will have to go into paying for my school, but I'd like to be able to do something with the remaining 10k.

Unfortunately, I've never had this problem before, so I don't know what to do. Is there a business I can start with 10k, or should I just save it? So far this semester, gambling has been my only source of income, but I'd like to start getting into other things, so I won't mind taking some time to run a vending machine-type business. Any suggestions?

I saw Bankrate.com has 6-month 4.6% APY CDs, I'm planning to purchase those until I can figure out what to do.

[The4Aces]

S&P index fund

[DWarrior]

OK, so I opened a Scottrade account, I guess I'll go with SPY

Anyone else have better suggestions?

Thanks.

wfmi

[buffett]

[ QUOTE ]
Anyone else have better suggestions

[/ QUOTE ]
My suggestion is that if you have never had much money before, then you post a question on a poker board about the possibility of starting a vending machine business, and you only get one reply, and that reply tells you to buy SPY, and doesn't give you any reasons why or ask about anything else from your circumstances, and you're actually thinking of doing what he said, then ....
....well, I've forgotten where I was going with that, but I think you get my point.

[DWarrior]

[ QUOTE ]
[ QUOTE ]
Anyone else have better suggestions

[/ QUOTE ]
My suggestion is that if you have never had much money before, then you post a question on a poker board about the possibility of starting a vending machine business, and you only get one reply, and that reply tells you to buy SPY, and doesn't give you any reasons why or ask about anything else from your circumstances, and you're actually thinking of doing what he said, then ....
....well, I've forgotten where I was going with that, but I think you get my point.

[/ QUOTE ]

No, it's just that this is the best advice I have received yet.

[buffett]

OK, here's a real suggestion: put your money in an FDIC-insured instrument (HSBC, ING, and Emigrant Direct seem to be good choices with high yields), read five or ten books about investing and/or starting a business, sign up for some business & finance courses at your school. Give yourself at least a year of diligent study before you allow yourself to try for more than an FDIC-insured return on your investment.

[wickedgoodtrader]

If your going to invest it... margin it to give you mroe buying power. Don't let anyone tell you otherwise... you only live once and gettin rich quick is the only way to do it! I took out a home equity loan to drop and margin in da market. Im gonna be rich real quick.

[Ray Zee]

pay off all debts with any rate higher than say 6%. consider being totally debt free in life. it makes your decisions about living to the fullest easier.

put what you have left into an acount that you can feel safe about and get to your money quickly if needed. have enough for unexpected things.

whats left that you wont need for a few years look into alternative investments that you know alot about and inveswt wisely and very causiously. if you amass alot more than you need than speculate if so inclined.

if you are on these boards you are a gambler. gamble your money at your gambling specialty and invest your profits conservatively.
you will become very rich one day as opposed to the risky way where you may become very rich or may become not.

[Maulik]

[ QUOTE ]
pay off all debts with any rate higher than say 6%. consider being totally debt free in life. it makes your decisions about living to the fullest easier.

put what you have left into an acount that you can feel safe about and get to your money quickly if needed. have enough for unexpected things.

whats left that you wont need for a few years look into alternative investments that you know alot about and inveswt wisely and very causiously. if you amass alot more than you need than speculate if so inclined.

if you are on these boards you are a gambler. gamble your money at your gambling specialty and invest your profits conservatively.
you will become very rich one day as opposed to the risky way where you may become very rich or may become not.

[/ QUOTE ]

This is good advice.