Received CDN 36K need tips on how to make more money with it

Hey guys,

I just turned 19 and received an insurance claim for 36K canadian dollars. i was wondering if anyone here can give me some insight on how to invest the money to make more? My dad keeps telling me to do Forex but i have no experience at all in it and i know its harder than it seems. So can you guys give me some tips on how to invest it? Like I do i have general business knowledge, currently im pursuing a business degree which kind of (not that much) exposes me to the business world.

Thanks.

Put it in savings, get a part time job that doesn’t sap your brain, and study up on forex trading. I’m almost exactly where you’re at, except I don’t have the money you do. By getting the part time job, you’re disciplining yourself to follow a schedule, and you’re maintaining a minimal level of income that can support you while you learn. There’s no shame in being a gas station attendant or shelf stocker if its part of a larger plan.

Don’t touch your savings! Learn how to trade Forex first. Read up as much as you possibly can, until you’re sick of it, then take a week off, and start demo trading. Familiarize yourself with the software you’re going to use. MetaTrader is the most commonly used trading platform, so it’s probably a good idea to use that. Check out OANDA. Easy to get set up, unlimited demo accounts, and by all reports, it’s a good company.

Once you’re ready to start trading, you’ll know how much you want to start with, and how much you’re going to earn. Don’t jump in with both feet without being absolutely certain of what you’re doing. You have the opportunity of a lifetime here.

Do NOT allow someone else to invest your money for you, without being absolutely certain of what they’re doing and what strategy they’re using. This includes the millions of EA “bots” that are out there.

Be cautious, because Forex is risky. Be paranoid, because there are a bunch of asshats out there who want your money. Learn money management, and learn how to read the markets, and you’ll be a millionaire.

There are no shortcuts.
None.
You’re either a trader or a gambler, and gamblers always lose. If you’re going to be a trader, you have to put in the work to learn the system, and that will take time. Time will cause your money to shrink unless you’re supplementing it with other income.

Work out a plan with your dad, and prepare for a whole lot of boring study and demo trading before you’re ready to start. Get input from as many sources as possible. You’re definitely in the right place to start learning!

Yea, what he said. You’ll get all sorts of people willing to “help” you out of your money. It usually takes 2 to 5 years of study and demo trading to learn to trade for consistent profit. You have enough capital to fund a standard trading account, but don’t. People jump in and lose $36,000 every day. Some of them are worth millions, so it doesn’t hurt them. For some, it’s all they have and they’ll never have this chance again. As suggested above, put the money in savings and don’t touch it until you know full well what you are doing. In financial matters, trust no one.

is your dad a forex trader? is he good at it? If you are new to forex you are a lot more likely to loose money than make money. And it can take a long time to get good at it. And even after you think you have gotten good at it you might find out you were wrong and that you actually aren’t good at it after all.

Currently I’m on about th e 4th or 5th time that I think I’m getting good at it. we’ll see how it turns out this time… so far so good… :slight_smile:

I would say to invest in the best product thats right in the reflection of your mirror. YOU!!! you are 19 and unless your school is completely paid for by a scholarship covering everything I would say pay for your education first!!! This degree will make you more money in the long run. If you have some $ after all your school costs are taken care of then put it away in a mix of Bonds, stay short term to middle term (2-10) years and put it under a trust or deferred tax program (like the the US has IRA and 401K) keep a eye on your $ because no one else can watch it or care for it better while all the time deferring to someone more experienced and has your portfolios best interest at heart.

Dont put your full faith on a Financial advisor because they are all just jack of all trades and master of none. What I mean by that is IF for now you have all bonds I would say speak to a bond advisor in your local area and feel him out, there is no shame in “shopping” his prices on bonds, put bond broker vs bond broker against each other and see who really has the cheapest paper out there.

IMHO that is…

good luck and dont go on a shopping spree!!! lol

For instance Reddy ice (FRZ.n) is a corporate entity in the US that produces packaged ice products, they are the largest distributor in North America, as we approach the summer season you could expect their financial outlook to remain stable or to move up.

They have 11.25% bonds maturing at 2015 and you can get it at a discount under par so your total yield would be somewhere around 12-13%, taxable.

Tell me where else you can get a return like that without lifting a finger but to buy it and hold it? Granted its rated speculative im not telling you to blow your whole wad on 1 investment but to diversify and see whats out there

Good luck

Spend some time learning. Don’t be too eager.