How can I make money real fast, like overnight with a stock?
I lost my job and have a lot of debt, the government has taken over 3/4 ths of my salary in taxes, plus everything I buy, do is also taxed. I need to make money fast with a little bit I have saved up. I need to pay off all these debts because the interest rate alone is killing me.
Answers
4085 points
EthanR answered 5 months ago …
Sounds like s sure fire way to gamble away what monies you have left. The only way to make money overnight with a stock is either to have inside information, or to learn how to day trade (takes years and a lot of money lost before most are successful), or to just be lucky.
A better plan: If you have enough in reserves, pay off the debts with the highest interest rates. If you don't have enough in reserves, then go to the credit card companies, or whomever you have debt with, and work out a "charge off", in which you pay a lump sum payment of a smaller percentage of what you owe. For example, you owe Visa $20,000, in a charge off, you might settle that debt for $9000 in one lump sum. Just get it all in writing for anything you do.
Will this hurt your credit scores? Probably. But I think your credit score is the last thing you need to worry about right now. Sounds like it was credit that got you into trouble in the first place.
I know you didn't want to hear this, but don't gamble with the reserves that you have. Until you secure work again, it's all you have. Not sure why the government has taken 3/4 of your salary, but perhaps you have a tax refund coming? Good luck to you.
435 points
larryat36 answered 5 months ago …
Please listen to Ethan. Sounds like the last thing you need to do is be gambling with money you obviously do not have.
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381 points
SirCrashton answered 5 months ago …
Ethan is giving you sound advice. Based on the description of your circumstances, any money you invest with the hope of making a fast profit will be “scared” money that you cannot afford to lose. “Scared” money decisions are inherently governed by the highly charged emotion of fear of loss and will adversely affect your investment strategy.
As with any gambling endeavor, attempts to make a fast killing involve a high degree of risk. I would venture to guess that if you don’t already know some ways to “bet” on overnight profits, you don’t yet have the knowledge or experience to place that kind of wager. Desperation + Lack of Knowledge/Experience is not the formula for success.
Also, be very cautious if you are thinking about paying for an investment advisory service. Their advertisements are often seductive in their promise of quick riches but you can often do as well (or better) on your own, if you exercise due diligence in formulating a trading strategy.
426 points
MONEYTREE answered 5 months ago …
FIRST THING PEOPLE TELL U BEFORE U INVEST IS ONLY INVEST MONEY U CAN AFFORD TO LOSE, IN THIS CASE U HAVE NONE, KEEP THE MONEY U HAVE TO GET U ANOTHER JOB IN THIS CRAP ECONOMY... GOOD LUCK TOO YOU.. SERIOUSLY
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3963 points
MNSL answered 5 months ago …
In addition to above good answers, I like to add some more:
Those who earn fast will lose fast as well. Whenever there is a bubble there will be burst soon.
Yes, some can earn fast by manipulating market, by having inside information etc. Even they cannot succeed forever. They will fail at the end. History has taught them good lessons time to time.
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362 points
smi answered 5 months ago …
No1 makes money over night in this field. It needs keen observation and study of the trends. It also involves risk. There are examples of who made billions here and also many more examples of who lost everything. So be carefull and study the market properly before you invest. All the best
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102 points
candsgould answered 5 months ago …
If you find out will you let me know????
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