euro10,000 by next June

R

rodger

Guest
Hi

I need euro 10,000 to next June

I have euro2,000 and can save about euro 500 per month

Which makes euro6,000

Is there any investment that can grow the euro6,000 into euro10,000
 
rodger said:
Is there any investment that can grow the euro6,000 into euro10,000
Click to expand...
In c. 8 months? Almost certainly not. Particularly not guaranteed. You're talking about a compound annual rate of about 115% net there. There may be non guaranteed schemes that might do it but they would have to involve taking quite a bit of risk. Why do you need the money and can you not get it some other way (e.g. borrowing)?
 
I suggest you lodge the 2,000 to local Credit union, lodge the 500 savings each month, and you are Guaranteed a loan of 10,000 next June
 
Or maybe you could get a zero percent credit card (on purchases as well by the way) paying off a small amount every month as long as you have an income at the end to pay off any amount left over. I know I a not being very detailed in my idea but I hope you get me.
 
True - so the return required is even higher than I originally estimated!
 
good suggestion from Mizenhead re the CU , savings and then loan option in June.

if you want to try and generate that kinda return yourself then I think you need to buy a copy of the racing post.

Paddy
 
Maybe open a US Dollar account and lodge/save with that. It's not guaranteed what way the dollar will go but I can't see it going any weaker against the Euro without the US Gov. doing something about it. You 'could' make a little extra by converting it back to Euro when you needit next June.
 

I think its generally accepted that amateur currency speculation is a mug's game. Given its inherent risks, its a bizarre option to present to someone who is already under some financial pressure.
 
I think 'amateur currency speculation' is too harsh a term for my suggestion. All I was suggesting was that he place the deposits in dollars instead of Euro. The gains/losses are minimal and so would not place him under any further financial pressure, if indeed he is already under it.

It was not a suggestion to try and make a speculative killing in the current market. It was merely a suggestion to his query... that being a possible way to make a little extra money over the short term. I hardly see that as 'bizzare'.

As I stated, it is not guaranteed, but that doesn't make it unworthy of suggestion.
 
rodger said:
Hi

I need euro 10,000 to next June

I have euro2,000 and can save about euro 500 per month

Which makes euro6,000

Is there any investment that can grow the euro6,000 into euro10,000
Click to expand...

Rodger, if you find a way without having to "bet" somehow either on stocks or currencies you'd be a hero... I wish you all the best!
 

If the dollar depreciates by a further 5% or 10% by next June (on top of his currency exchange costs) could the OP afford the loss?

'Nuff said...
 
ubiquitous said:
If the dollar depreciates by a further 5% or 10% by next June (on top of his currency exchange costs) could the OP afford the loss?

'Nuff said...
Click to expand...
Can he afford it?... I don't know, and that's the point. The OP has not said he is in financial difficulties, or what he needs the money for. For all we know, it may be for something he just wants to splash out on, and not neccessarily all that important. What if the dollar appreciates by 10% by next June?

If the OP comes out and says that he is strapped for cash and absolutely can't risk losing €1 of his savings then he can dismiss the suggestion and we'll move on.
 
Yeah - until the original poster explains the situation in a bit more detail it's difficult for people to give constructive and appropriate advice.
 

If you're going to engage in currency speculation, then actually going to the trouble of opening an account in another currency with the intention of withdrawing later at a more favourable conversion rate is a fairly hamfisted way of going about it. Simply open an account with Onanda or some such, leverage yourself up to 200 times your investment capital and best of luck!
 
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