My current savings account intrest rate is low like 1% or lower. I noticed some of these online savings account that offer like 3-3.5% interest. What's your input? Looks like a better option then locking up funds in a CD. Thanks.

http://www.capitalone.com/investments/hys/index.php?linkid=WWW_Z_Z_Z_SP20_L1_02_G_SP25

Paypal pays interest on money that sits in your paypal account or on your average balance, but al that interest is annual interest which is like 35 bucks at 3.5 percent interest on 1k bux, not worth it imo for what you are wanting to do. Start looking around and finding parts that are cheap and buy them and resell or find parts cars to part out or something like that.

I think half my car is used parts and it's a 99

http://finance.yahoo.com/

Live, eat and breath it.

If you are trying to invest money so that you can have more of it to buy mods for your car, you need to be thinking of what kind of mods you are going to be needing in the year 2028. Damn, sorry to be such a smartass there...

But seriously, short term investments that make lots of money carry very high risk. Mutual funds earn on average 7 - 14% per year, but there's a fee to get into them, so you would have to keep them for a few years before it's worth it. But it's a very, very smart long term investment plan. But for shorter term, not too good. If you had $1,000 and left it alone for 3 years, and they were very good years, you may make $450. So, save for 3 years and you could buy half of a turbo.

I'm assuming that if you had much more than $1,000, then you'd just buy the parts you need. That's why I used that in my example.

For short term, you can buy stocks low and sell them high. Keep in mind, though, that you have equal chance of taking a little money to a casino and winning big bucks. Or possibly by playing online poker. It's the same thing.

1 to 3% may suck, but it's simple, easy, and it's guaranteed. 7 - 14% is better, but it requires time and patience, and while safer than stocks, it's not guaranteed. 50 - 80% is really nice, but there's a better chance of you losing it all than making anything.

You're better-off to buy things to sell on eBay. Just remember it's a job, and takes your time to make money at it.
If you have a job, the easiest money's in overtime.

My one suggestion in dealing with investments at a young age, is this:

Do something that you enjoy.

For instance, my biggest hobby is cars. I just really like working on them, fixing them, modding them, whatever. I was in the same boat as you with not having any extra money to play with. About 2 years ago, I was all but broke. I bought a $1,200 91 CRX as my one and only daily driver. The CRX had always been a car that I had wanted, but I quickly realized it was not what I thought it was cracked up to be. I ended up building a motor for it (JDM ZC DOHC) on the weekends and in my spare time. Swapped it in, along with an LSD tranny on another weekend, then turbocharged it a few weekends later. This was done over a period of a few months, and I spent alot of time shopping around, finding the best deals. I ended up selling the car for $4,500. Making back all the money that I put into the car plus about $1500. Not a bad investment for a few months. I used that money to buy a 90 Nissan 300zx NA. I fixed it up a bit and traded it straight up for a 90 300zx TT that needed work. After investing about $1500 into this car and making it run right (and friggin fast), I turned around and sold it for a cool $8,600. That money is now invested in my Supra and now a Talon TSI. (all of which I bought for cash.) Some say that I didn't include my "labor" when dealing with the cars and working on them, and that I am pretty much breaking even, if not losing money. I argue that working on cars is my hobby, it's what I do to get away from things. Therefore, not only do I make money on the cars, but I'd probably be doing it anyway in some shape or form.

This is what has worked for me, and I plan on continuing with the trend until I'm finished with college next year. I'm sure this could be done with computers, small engines, woodworking, or whatever it is that you find enjoyment in. Good luck!

2 words, real estate

another two words...rich parents

2 words, real estate

Click to expand...

holla. that's where the money is. But of course it takes money to make money.