Best way to invest $5000

[if6wuz9]

Hey all,

I've socked away a spare $5,000 and was looking for suggestions/opinions on the best way to invest it.

Looking for something with a good return and willing to accept degrees of risk...not sure if I should look towards stocks or something else.

I'm open to ideas and would appreciate some pointers.

Thanks in advance...

P

 

[saxon]

Start by putting the $5000 in a TFSA. This way whatever you decide to invest it in will grow tax free.

 

[Big Sleazy]

How long are you wanting to hold ? It's tough yielding anything these days that can keep up with the rate ( real rate ) of inflation and that's prior to paying the tax man. So how long you need to hold needs to be answered before making an investment decision.

BS

 

[if6wuz9]

Not sure about how long I want to hold...I made a point of saving $5K that I don't need as an emergency fund so open to any suggestions...just looking for ideas to get the best yield...lobger is fine if it's worth it

 

[if6wuz9]

Start by putting the $5000 in a TFSA. This way whatever you decide to invest it in will grow tax free.

Good point...txs.

 

[George The Curious]

if you are in 40s and have only $5000 in savings, you better think of making more money FAST.

 

[superstar_88]

I probably had that much as a teenager.

 

[if6wuz9]

if you are in 40s and have only $5000 in savings, you better think of making more money FAST.

That's not all my savings, it's $5K I put aside SPECIFICALLY to invest in a new way and was looking for suggestions on the best way to invest it.

 

[if6wuz9]

I probably had that much as a teenager.

I'm happy for you...so did I...I mentioned a condo but I've done a lot more than that...sorry I didn't provide a complete inventory.

Again, that's not all I have..it's $5K I specifically put aside for the purposes of getting some new insights or ideas on how to invest it..I didn't realize this would turn into a pissing contest but I suppose there will always be some people who have nothing to add except to comment on themselves.

If anyone else has any constructive suggestions, it would be appreciated.

I've edited my original post...in a nutshell if you had a spare $5K in your pocket and didn't want to hobby/buy toys with it, how would you invest it?

 

[GPIDEAL]

Start by putting the $5000 in a TFSA. This way whatever you decide to invest it in will grow tax free.

Was going to say the same thing.

However, if you have credit card debt, pay that down first.

Also consider RRSPs if you have contribution room.

 

[canchi]

If you have debt, pay it down.
If not, or don't want to do that as "investment", then put it in Tax Free Saving Account then invest within.

High risk investment? Start a new spa, $5000 investment gone in a second.

 

[interactive]

OP - I had $5k burning a hole in my pocket last July that I wanted to do something different with.............take a risk etc etc.
I bought 2 100 ounce RCM silver bars - cool to own - I paid $2,242 each - hit $2,575 3 weeks later, slowly slid back to $2,300 - went up then down - today they are selling at $2,321. Don't regret it and I still have them and they are a 'cool' portable investment. I'm not touting precious metals etc and don't want that argument but if you are looking for something different then............
They are heavy and have volume and that makes them cool in my mind. Gold wouldn't have the same wow factor.
Also keep in mind that selling them back to the dealer will yield less than the posted purchase price - likely $1.50 ounce less.

 

[if6wuz9]

Was going to say the same thing.

However, if you have credit card debt, pay that down first.

Also consider RRSPs if you have contribution room.

Appreciate the input...no credit cards debt and RRSPs topped up...this is $5K clear that I'm looking for ways to invest in something that has potential for good yields.

 

[if6wuz9]

If you have debt, pay it down.
If not, or don't want to do that as "investment", then put it in Tax Free Saving Account then invest within.

High risk investment? Start a new spa, $5000 investment gone in a second.

Thanks for that...will definitely put in a TFSA to invest from...no CC or 'bad' debt and small mortgage so wanted to use $5K on a 'good' investment idea...spa is an interesting outside-the-box idea but not really my bag

 

[if6wuz9]

OP - I had $5k burning a hole in my pocket last July that I wanted to do something different with.............take a risk etc etc.
I bought 2 100 ounce RCM silver bars - cool to own - I paid $2,242 each - hit $2,575 3 weeks later, slowly slid back to $2,300 - went up then down - today they are selling at $2,321. Don't regret it and I still have them and they are a 'cool' portable investment. I'm not touting precious metals etc and don't want that argument but if you are looking for something different then............
They are heavy and have volume and that makes them cool in my mind. Gold wouldn't have the same wow factor.
Also keep in mind that selling them back to the dealer will yield less than the posted purchase price - likely $1.50 ounce less.

Txs interactive...funny, something similar has crossed my mind...like you said, there's a definite 'cool' factor to it...I appreciate you sharing your experience with it.

 

[superstar_88]

If you're asking how to invest 5 grand it implies you have absolutely no other investments. Even if with or without a mortgage you should still have investments in tsfa and rrsp at the minimum.

 

[if6wuz9]

If you're asking how to invest 5 grand it implies you have absolutely no other investments. Even if with or without a mortgage you should still have investments in tsfa and rrsp at the minimum.

Maybe my initial post wasn't entirely clear and/or I didn't include enough info...I didn't mean to imply I had no absolutely no other investments...I've got real estate and some stocks...clearing bad debt, opening a tfsa, topping up your RRSPs are all good points and I already have those covered...I simply wanted to pose a question....if you had an extra $5K to invest, what would be some good ways to do it?

 

[bestman007]

Well, I am no financial advisor so do your due diligence. But mark my words. IMHO Netquin Mobile (NQ) will be worth a minimum 30% more than what it's trading @right now (around $6.70 per share).

Based on technicals it may be had in the low $6s so IMHO that would be a decent entry point to scale in a small stake & add if it pulls back further. I bought a boatload @$4.75 a bit more than a month ago.

The company has been victim of a Muddy Waters Report that alleges fraud though there is not one shred of evidence to date.

 

[dominator]

High risk TFSA--- over the past year mine have done very well.

 

[George The Curious]

Buy gasoline etf "UGA". It's cheap with recent pullback, but you know gas prices always bounce back!