I've reached 15,000 in my bank... what do I do now

[Xyrax]

Damn what did you do

Thankfully wasn't me. Uncle on my father's side ended up buried in debt off of a similar situation. Fist fight gone wrong, and no umbrella policy to protect his life. Ended up struggling like a broke nikka even TODAY behind that mistake despite being college educated and earning a good salary. My father scared me constantly with that story. Made me understand you could do everything right and still end up destitute if you don't protect yourself properly.

 

[Amerikan Melanin]

Get a mentor and invest in real estate.

 

[TheBoyDuddus]

Do what you did to make 15k and triple it.

 

[Perfectson]

I need the best option to put this money to good use so I'm seeing over 100k in the next 5 years..

first things first

temper your expectations or you will make bad decisions.

$15k is your savings, try to shoot for 10% annual return which is more than reasonable. If you're happy risking the 15k to make $100k (meaning you can lose it all) you can look at other investment vehicles that are riskier.

 

[winb83]

first things first

temper your expectations or you will make bad decisions.

$15k is your savings, try to shoot for 10% annual return which is more than reasonable. If you're happy risking the 15k to make $100k (meaning you can lose it all) you can look at other investment vehicles that are riskier.

Where will you get 10% annual return on that?

 

[Perfectson]

Where will you get 10% annual return on that?

mix of stocks, mutuals, and bonds. Look at the S&P the last 3 yeas, you would have easily cleared 10% annually.'

look at this thread

Official Coli: Money Growth Discussion

small tips like this adds up and you can easily start diverisfying and making money from your investments

 

[winb83]

mix of stocks, mutuals, and bonds. Look at the S&P the last 3 yeas, you would have easily cleared 10% annually.'

look at this thread

Official Coli: Money Growth Discussion

small tips like this adds up and you can easily start diverisfying and making money from your investments

That still involves risk and past performance is not a reliable indicator of future performance. For all anybody knows we could be on the verge of another financial collapse.

Risk of loss is just part of the game. The safer your money is the less you make to the point that inflation can slightly eat away at it.