$20 Question

[genchan]

If you had $20 and you wanted to turn it into $100 in under a month, how would you go about doing it?

[mjrube94]

Re: $20 Question

Wow, when I first saw your question, I thought it was nuts to think that you could get that kind of return on your money. Then I thought of a way: Use the cash back deals from ING and other banks. Say you have a husband and two kids. You could get referrals from Jeffrey (or anyone else who already has an ING account). You can open an ING account for each of you ($5 initial deposit). You'll each get a $25 bonus thanks to the referral, that needs to remain in the account for 30 days, after which time it can be withdrawn. So after 30 days you'll have $120 total. Personally, I would then take that money and look into other banks offering similar promotions, and do the same thing. Over a few months, this could turn into a nice little emergency money or fun money account for you...Good luck.

[jmjj215]

Re: $20 Question

I would invest it in penny stocks and hope for the best!

Just kidding

[genchan]

Re: $20 Question

I guess I should have been more specific. I don't necessarily mean through passive investing - even if it takes time and effort, if it can be done with an initial $20 investment and create a return of $100 in a month, I would be interested.

[robex]

Re: $20 Question

I would spend the $20 on beads etc. and make jewellery. Then I would sell those items to buy more beads to make more jewellery to sell...and so on and so on...

[CJsoccerchic]

Re: $20 Question

Got some junk laying around the house? You'd be surprised by the people on ebay who will buy it, you could make a killing doing that... $20 could easily become $100 with just a little bit of work!

[jmjj215]

Re: $20 Question

I'd buy hosting for 3-4 months and work on a website. It would take me longer than one month to get the $100, but then it would happen month, after month, after month...

[rchiang]

Re: $20 Question

I'll add something useless first and say that I agree with what everyone has said before.

But for my two cents, when you're talking about smaller amounts of money (i.e. you can't invest in stocks or real estate), then you're talking about hobby-style businesses. In those, you have some form of knowledge or skills to create something sellable. This is what a lot of people call spending "sweat equity".

You'll have to analyze your own skills, but some examples:

1) Buying raw ingredients, making food, and selling it (if there's some kind of forum for you to do this in.

2) Buying a particular tool so that you can charge for fixing, repairing, or help with some similiar service (e.g. gloves for pulling weeds).

3) Buying something you know is underpriced (collectables, baseball cards, CDs, rare book, vinyl records, etc.) and re-sell it (say, on eBay) for a profit.

You can probably find a million more examples in most personal finance books aimed at kids.

-Ray

[Armywife]

Re: $20 Question

Got some junk laying around the house? You'd be surprised by the people on ebay who will buy it, you could make a killing doing that... $20 could easily become $100 with just a little bit of work!

LOL funny you should mention that! They opened a new store around my way called SnappyAuctions that does JUST that lol They take your 'junk' and when they sell it on ebay, they send you a checkat the end of the month lol. What will they think of next!

[CJsoccerchic]

Re: $20 Question

I'm seious about the junk thing!!! I'm thinking about selling my "junk" on ebay too, I'm just slightly scared about it.. One day I'll get my nerves!!!

[34saving]

Re: $20 Question

There's nothing scary about eBay. For your first auction: 1) Make sure you sell something you really don't care about. 2) Be VERY honest in your description. 3) Use all 55 characters you're allowed in your title. 4) Take ONE picture and make sure the lighting is good. 5) Start your auction at 99 cents. 6) Make sure you end your auction on a weekend. 7) Don't buy any of the eBay extras. 8) Watch the whole process and learn learn learn. Don't be concerned about making money . . .yet

[rdeel2000]

Re: $20 Question

Great advice 34saving. That is how I started a few weeks ago and I too was scared. The first item I listed was something I had picked up at a garage sale for $5 and it sold for $78. I am now hooked. I have sold everything I have listed so far but the profit margin hasn't been as large as that first sale. You never know until you try.

[jmjj215]

Re: $20 Question

My tax professor's wife bought an old board game at a garage sale for $1 and sold it on Ebay for $120.

I guess there's money to be made. She does this stuff regularly.

[jillymcnilly]

Re: $20 Question

go to the casino and cross my fingers...hey it's only $20 you might even come home w/ more than $100 in a few hours