OK help me get smart about my money

PartyGirlUK · #1 09-18-2007, 12:27 AM

I basically have all of my money in checking accounts or in online poker accounts, accruing little return on my money. I want to change that.

As I'm young, single and have hopefully good prospects, I'd like to go the route of fairly high risk/high return investments. Things that appeal to me

i) Emerging markets index
ii) Small business index

etc.

I have about $500k. I'd like to keep 200 or so for poker/living. I'd presume that I'm going to continue to make good money from poker over the next few years, but obviously that isn't guaranteed.

I'd like to have some flexibility over withdrawing at least a chunk of my invested money just in case I want to start/invest in a business, or go busto, or decide to buy a property etc. I'd like my money to grow so that when I have kids in 10 years time I can provide nicely for them.

I'm open to all suggestions [img]/images/graemlins/smile.gif[/img]

d0nkaments · #2 09-18-2007, 12:33 AM

Put it on red.

d0nkaments · #3 09-18-2007, 12:34 AM

(Serious Answer)
The market is super volatile right now. Why don't you wait for it to settle down and then make your decision where to move it. I would just put it in Vanguard's Prime Money Market for now. As of today the yield is 5.07% which is pretty good.

Thremp · #4 09-18-2007, 01:08 AM

Dean,

I'm in a similar situation except with like a zero taken off.

I'd suggest taking out the part you don't need and dumping it into Vanguard accounts. You'll need to do a ton of research to find out where you can put your money with tax benefits, etc etc. I think the FAQ has a good basis for reading on this subject.

I probably wouldn't try any "ideas" until you have a grasp of the basics. Going busto sucks.