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How can I turn a lump sum of 8000e into more money in 8months?

  • 23-02-2009 12:21pm
    #1
    Overblood
    Closed Accounts Posts: 1,359 ✭✭✭


    I'm saving up for travel, I have 7000e at the moment in my current account. I'm leaving in september, so how can I make the most interest out of it in about 8 months? I will be topping it up with more money of course. What would you do with it to maximize the interest? I hope to finish up with over 10,000 by september, preferably 12,000. Any crazy investment ideas?


Comments

  • #2
    TestTransmission
    Registered Users, Registered Users 2 Posts: 19,106 ✭✭✭✭TestTransmission


    The 16:10 at Catterick tomorrow :P


  • #3
    Overblood
    Closed Accounts Posts: 1,359 ✭✭✭Overblood


    jackncoke wrote: »
    The 16:10 at Catterick tomorrow :P

    AHhahahaahah!Hahhaahha oh jesus thats funny HAHAHAHHAAHAHAHAHAA!!!


    em, what?


  • #4
    Ogham
    Registered Users, Registered Users 2 Posts: 1,844 ✭✭✭Ogham


    Buy a load of Prize Bonds - you can cash them in after 3 months. No risk - possibly win a prize of 1m. Worst that can happen - you get your money back.


  • #5
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Overblood wrote: »
    I'm saving up for travel, I have 7000e at the moment in my current account. I'm leaving in september, so how can I make the most interest out of it in about 8 months? I will be topping it up with more money of course. What would you do with it to maximize the interest? I hope to finish up with over 10,000 by september, preferably 12,000. Any crazy investment ideas?

    You lost my interest with what you said above. A 50% return in 7 months? You might as well invest in an block of coke because you're not living with reality at all.


  • #6
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,805 ✭✭✭GerardKeating


    jackncoke wrote: »
    The 16:10 at Catterick tomorrow :P

    Or us the eight grand to purchase a fast car, some shotguns and joing the banking industry...


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  • #7
    Overblood
    Closed Accounts Posts: 1,359 ✭✭✭Overblood


    stepbar wrote: »
    You lost my interest with what you said above. A 50% return in 7 months? You might as well invest in an block of coke because you're not living with reality at all.

    Sorry but I'm not here to interest you mate! I'm going to be topping it up with savings as well, as much as I can every week. It's just that right now I have 8000 and I'm wondering if there are any quick saving/investment opportunities. I'd like to know how I can get to my target of 12000 a bit quicker. And I don't have a clue about personal finance really.:confused:

    About these prize bonds, how wise would it be to invest 8000 in these? Do people gain much on average using this method?


  • #8
    bills
    Registered Users, Registered Users 2 Posts: 952 ✭✭✭bills


    just put it in the highest interest rate a/c you can find & keep saving. Thats the safest option


  • #9
    kaiser sauze
    Registered Users, Registered Users 2 Posts: 1,558 ✭✭✭kaiser sauze


    Overblood wrote: »
    Sorry but I'm not here to interest you mate! I'm going to be topping it up with savings as well, as much as I can every week. It's just that right now I have 8000 and I'm wondering if there are any quick saving/investment opportunities. I'd like to know how I can get to my target of 12000 a bit quicker. And I don't have a clue about personal finance really.:confused:

    About these prize bonds, how wise would it be to invest 8000 in these? Do people gain much on average using this method?

    Prize Bonds are 100% secure, unless Ireland Inc goes bust, which is not as likely as the doomsdayers would have you believe. Typically, you don't stand to gain much from Pbs.

    Grossing 8,000 > 12,000 in the timeframe you have is extremely unlikely, and could not be realistically done without taking a huge risk.
    bills wrote: »
    just put it in the highest interest rate a/c you can find & keep saving. Thats the safest option

    +1, just make sure that the deposit account allows for easy, and free, withdrawals and is not any kind of investment product.

    It is disappointing to see the joke being made of OP's question. He admits his failings on financial matters, yet some of you have treated him with contempt.


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