Alright /biz/, I'm a poorfag and I have exactly $1,117.95 in my account and want to expand it instead of having it slowly be dipped into for bills or random things. What's the best way I can start doing this?
Assuming that's all you have saved; put it into a high interest online savings account. Continue to build it until you have 3-6 months of living expenses.
Start building a legit retirement portfolio after that.
Personally I'd put it all into Ethereum.
Here's the truth OP.
With investing, you need to have money to make money. You have $1,000. If you invest it and make a 10% return in a year, at the end of the year, you'll have $1,100.
Now let's say Joe Millionaire invests his $1,000,000 and receives the same 10% return, he's now at $1,100,000.
Now, both of you received the SAME return on investment, but, one of you received $100 in profit while the other one received $100,000 in profit. Do you see where I'm going with this?? With investing, you need to have money to make money.
Your best opportunity would be to start a business or something with that money. Search Craigslist and buy items you can flip on eBay or Amazon for a profit. Buy an item for $100 and sell it for $200. Then use that money to buy an item for $200 and sell it for $400.
You actually have to do *work* if you want to build wealth. But, if it's worth having, then it's worth working for.
OP, if it is bill money, then it is bill money, there is no changing that. Needs are defined and influence your view of resources.
The most valuable aspect here is that you are asking the question. That puts you light years ahead of most.
If I sent you on a journey to discover some get rich method, you would eventually wind up asking the same question about a bigger number. The people you might ask may or may not be better qualified, but I can assure that with a bigger number, they would be trying a lot harder to convince you they are. Enter the neck-tie.
My point is that your attitude is the product of a successful mindset, a perspective towards resource that is not being immediately allocated. Perhaps this is because having extra resource is so novel to some that they cant immediately compute that there is no need attached to it. Whether you know it or not, you instincts are already showing some higher level discipline.
My advice is to allocate it AS Savings. You can then subdivide it into what you might be saving this percentage or that percentage for. You percentages become like folders, envelopes or sub-accounts. Now its not '$1,000' but maybe 20 smaller accounts of $50 that all deserve attention and prioritization.
Wealthy youth have money to 'invest' young. By definition, someone already started on their behalf. The rest of us are typically stuck with time that we either convert to labor or prospect enhancing education.
And for some, that means sales and trade, because it is more aggressive than actual investment. Its both work and education, and sometimes, a bit of risk...
So after you allocate your 20 fifties, or however you look at it, take the other hundred and simply allocate it as "Capital". Now the other '$1,000' is safe and not burning a hole in you hoped-for portfolio. Use the remaining 18 bucks for a lunch, coffee and desert while you start to read on what sort of trade or sales you would like, because the next goal is to replace that lunch money and a dollar more.
Some might advise Fx for the hundred, as a way to begin a practice account later (*after a demo) where you learn the trade in leveraged nano-lots. Not to make a lot of profit obviously, but to learn the trade which you scale up later. The barrier to entry is low, so its a place to start putting roots in your knowledge base.
Good luck OP. And congratulations on a nice little stack to care for.