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Author Topic: $1000 to invest - what to do?  (Read 3054 times)

Massacre Mike

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$1000 to invest - what to do?
« on: February 13, 2009, 09:22:06 AM »

Hey fellow Snowtroopers,

I've been slowly stashing away money and I've managed to save up about $1100.00 over time. Now I'm thinking this is a somewhat significant lump of coin and I'm wondering if anyone out there has any unique ideas about how to inverst it and grow it?

I'm not much into stocks and whatnot and with the economy today, I'm thinking that would be a bad idea all around. What I'm looking for is a different idea, something inovative - unique.

One thought I have is that I make and sell artwork in my spare time so perhaps I should re-invest in more tools for that line of work. Or, there is always buying something low and hoping to sell it high (flipping) at a later date. However, I'm not certain of what I could do that with. On tv I always watch the house flipping shows... but I'd be looking at something on a decidedly smaller scale.   ;)

Soooo, if you've got any bright ideas I'd love to hear them. I'm thinking this could wind up be a pretty fun and maybe enlightening thread for a lot of us, especially in such a financialy strained time.

Mike  :artoo:
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ambasah

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Re: $1000 to invest - what to do?
« Reply #1 on: February 13, 2009, 09:45:15 AM »

it is boring, but an rrsp 100% in the equity market is the way to go imho. There isn't a better time to invest in the stock market.
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Canadian Jedi

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Re: $1000 to invest - what to do?
« Reply #2 on: February 13, 2009, 10:35:31 AM »

Invest in yourself always.  You are the best investment you will ever make.

Four years ago we invested a rather large amount in education for my wife.   In the last 4 years she has had 4 promotions and her income has more than double.

The stockmarket is going to go up - but no where even close to what you could achieve with investing in yourself.


« Last Edit: February 13, 2009, 04:25:35 PM by Canadian Jedi »
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FamilyMan

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Re: $1000 to invest - what to do?
« Reply #3 on: February 13, 2009, 10:59:25 AM »

me personaly, I would not invest it, I believe it is always best to keep some cash handy. Store it in small amounts around the house.
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richd

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Re: $1000 to invest - what to do?
« Reply #4 on: February 13, 2009, 11:10:24 AM »

Also a boring suggestion but you could put it in one of those new TFSA (Tax Free Savings Account).

http://canadaonline.about.com/b/2009/01/04/tax-free-savings-account-introduced.htm

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HomieBear

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Re: $1000 to invest - what to do?
« Reply #5 on: February 13, 2009, 11:15:45 AM »

You are in luck because just this morning i was contacted by the son of a Nigerian diplomat who just needs a thousand bucks to sort of get the ball rolling towards smuggling $25 million out of the country- and if you give him your thousand he will give you a nice cut.
But seriously, a thousand bucks isn't going to get you very far on he stocks or anything so spend it on yourself like Canadian Jedi said. Or keep it as an emergency fund.

ambasah

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Re: $1000 to invest - what to do?
« Reply #6 on: February 13, 2009, 11:29:23 AM »

lol !

I think I was contacted by that same Nigerian!

Canadian Jedi's advice is steller - nothing beats a good education.

Having said that, an RRSP is a good way to reduce your net income (tax savings) and I  would also suggest small monthly contributions. It will pay in the long run, especially if you have a ways to go before retirement. It is also a real bonus if you don't own a home yet ($25k can be used as part of your downpayment with no penalties).
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Canadian Jedi

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Re: $1000 to invest - what to do?
« Reply #7 on: February 13, 2009, 04:48:20 PM »

Ambasah advice is also stellar.   We always max out on the RRSP and RESP and TF SA and they are all good ideas.  And working towards saving for a house and owning a home should be on the top of the financial list of things to do.

Based on what Mike said, I got the idea that for him there was fork in the road invest the money financially or in himself.  I look at this way $1000 with 20% growth for the next 5 years is $2489.  Mike investing $1000 in himself and selling a drawing every month for $100 would net him $1200 every year which he could turn around and invest every year and get a much larger return.

Mike have you ever thought about drawing real people into your Star Wars drawings?  ie FamilyMan sends you a shot of him and his kids and you draw them into the star war scene from your collection of drawings.   This would add alot of value for the purchaser and make every drawing a one of a kind - even though you might have already completed 80% of the work in a template.
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pegger

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Re: $1000 to invest - what to do?
« Reply #8 on: February 13, 2009, 05:57:13 PM »

Vegas.

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Canadian Jedi

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Re: $1000 to invest - what to do?
« Reply #9 on: February 13, 2009, 06:03:08 PM »

Vegas.



Now I know why you and jreason have been banished to the outer rim territories of Kitchener and Waterloo.
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napseeker

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Re: $1000 to invest - what to do?
« Reply #10 on: February 13, 2009, 07:14:40 PM »

My own two cents:
- I'd avoid the stock market completely, especially the US stock market (that country is the definition of a shopoholic that just can't stop spending... bad things are headed their way in the future in terms of their currency).  If you must invest, I'd wait until things settle down and look at China (huge budget surplus, growing domestic economy that is more like the US in its infancy of consumerism) or perhaps commodities like oil and copper.

- investing in yourself is a better route but in times of recession I generally tend to assume that artwork is a much harder sell to wallet-weary consumers. HOWEVER, people drop the really expensive upper end purchases (electronics, rock concerts, cars, etc) and will still reward themselves with small indulgences (lipstick, Star Wars figures :) , comic books, etc).  You could easily price yourself into that small affordable indulgence category - the popularity of the Clone Wars cartoon should generate strong appeal by the young kids for that style of art too.

Someone with good overall artistic talent would also be able to find alternate related work e.g. I wrapped up a contract myself last month to do some artwork for an iPhone game.  It wasn't that much money but it was a) fun, b) paid me enough to cover my rent for about 2 months, and c) fun!   Sadly, the company had to cancel the game shortly after due to insufficient resources to finish the remainder of the programming (sigh). 

Still, a career as a game artist can be lucrative, especially if you are willing to work in BC or in the US.   Keep in mind that 3d modelling and animation knowledge are a must nowadays, so that's where you might want to invest your money: buy the 3d software, and buy either some tutorials or enroll in a 3d animation course.  You could then take those skills and expand your services to do guerilla videos (titling, CGI fx, your own instructional videos) or find work doing commercials. 








 



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pegger

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Re: $1000 to invest - what to do?
« Reply #11 on: February 13, 2009, 09:05:21 PM »

Vegas.



Now I know why you and jreason have been banished to the outer rim territories of Kitchener and Waterloo.

It's worse than that!  It's CAMBRIDGE!
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darthbooger

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Re: $1000 to invest - what to do?
« Reply #12 on: February 14, 2009, 07:11:26 AM »

Put it in a safe bank kiddo!  Times is tough. :yoda:
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Rotaxxx

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Re: $1000 to invest - what to do?
« Reply #13 on: March 09, 2009, 02:41:41 PM »

I agree with Sanjay, the markets are taking a beating right now..I have some tied up in mutual funds and cannot believe how bad they are doing, just a year ago I was making some pretty good returns but now they are pretty friggin sad :shakehead:  rrsp's are safe, interest is small, tax the crap out of you if you cash them in early, but you can claim on income tax and maybee get some cash back for you investment. Talk to an advisor if you have the chance to, they'll know better than us Star Wars geeks :cool0037:
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Nighttrain

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Re: $1000 to invest - what to do?
« Reply #14 on: March 09, 2009, 03:14:24 PM »

If the market is doing poorly right now - isn't this the perfect time to invest? Buy low, sell high and all that jazz???
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