When you are low on funds and want to turn $500 in to $1,000 or more, where is the best place to invest money? What about stocks you may ask? I'm biased so I say absolutely, especially if you: 1) Know what you're doing. 2) Have someone onside who knows what they are doing. Most come under category number 1. Maybe you know someone who is an investor, who studies the market and knows exactly what they are doing. Hold onto that friend! For the rest of you it is wise to have some knowledge of the markets. One place you won't be able to grow your money satisfactorily is a savings account. Only the banks get rich from your savings. They give such a low return I would steer clear if you have a small sum to invest. Think outside the box when it comes to investments. Maybe your child really wants a new brand of jeans or a hot pair of sneakers, perhaps you could get a supply of those for $500 and sell them to double your money. Where is the best place to invest money if I want to sell stuff? Places like garage sales and charity shops are great. A friend once worked in a charity shop and a man came in and made a bid for a plate. He bought it for £70. Turns out it was worth ten times that. The idea is to grab something as a bargain before people know it's true value.
The same value concept applies to penny stocks and small-cap stocks. You need to do some homework, or know someone who is a successful investor in these, before you start. Pick sectors you are familiar with and use a cheap broker like Trade to buy your stocks. Do not put all your money in one stock or sector, spread it around. If you find the best place to invest money one day those penny stocks could triple in value and you'll be on your way to creating a fortune.
