If you are trying to figure out where to invest $10,000, there are a ton of investment options for you to choose from. To some people, $10,000 is small dollars in terms of investment, but if you aren’t one of those people, the advice given to all investors is to think of and treat that money as though it’s your last $10,000 in order to ensure safe, wise investing. Acting as though you can’t afford to lose it will help you make better, more rational and balanced investment decisions.
Since the markets really tanked in 2008, fewer investors are treating money as though it’s no object, but old habits can be hard to break. If you are one of the individuals who made a habit of blindly investing as a financial manager advised you to invest and lost a good bit of money, now is a great time to learn the market, learn about what is available and make some decisions for yourself.
One investment item that has been talked about extensively in the last few years is investing in gold. There are many ways to invest in gold. You can buy stock in companies that deal in gold, you can buy gold futures, and then you can buy actual gold. You may also have in the last year, via the “cash for gold” culture that has sprung up in our weak economy, that gold prices are at an all- time high and thus, people who sell their gold are getting unprecedented amounts of money, even for scrap gold.
In this sense, gold is not a wise investment. After all, who buys when values are at an all- time high? However, there are a good number of investors who, after losing a tremendous amount of wealth when markets plummeted more than four years ago, do not trust traditional methods of investing or the current state of the economy. For those who feel that the market isn’t as stable or trustworthy as it was and should be, then investing in a hard asset like gold may be a good choice. Know going into that type of investment, though, that there is a good chance that you could lose money. But if you feel that you would lose more money by investing in the market, then this may be an okay risk for you.
Before pushing ahead with gold, check out other valuable and precious metals. Palladium, for example, is also at a record high. A blend of platinum and white gold, palladium is a very strong, heavy and scratch resistant material that many are turning to as an attractive and valuable alternative in jewelry settings. My wedding band is palladium and I couldn’t be happier with it. Metals like palladium, sterling silver and others may actually be a better investment as they haven’t gotten the excessive press that gold prices have.
Regardless of what you do and how you choose to invest your money, it’s critical to do your research before making any final decisions. If you have one, bounce ideas off your money manager before executing any plan, but be comfortable with your decision and be flexible enough to make changes as you go. Investing $10,000 is never an easy decision to make, but with good planning and proper execution, it could become the growing nest egg that everyone wants and needs.