# euro10,000 by next June



## rodger (23 Oct 2007)

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


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## queenlex (23 Oct 2007)

sounds impossible to be honest thats nearly doubling your money!


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## ClubMan (23 Oct 2007)

rodger said:


> Is there any investment that can grow the euro6,000 into euro10,000


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)?


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## Mizen Head (24 Oct 2007)

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


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## queenlex (24 Oct 2007)

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.


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## Thrifty (25 Oct 2007)

Another job


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## rmelly (25 Oct 2007)

ClubMan said:


> In c. 8 months?


 
He won't have the 6k for the 8 months - he's only starting with 2k and increasing monthly with savings.


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## ClubMan (25 Oct 2007)

True - so the return required is even higher than I originally estimated!


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## extopia (25 Oct 2007)

Yes, it's more like a 250% annual return he's looking for.


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## paddyodoors (25 Oct 2007)

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


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## colc1 (25 Oct 2007)

paddyodoors said:


> 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


 
And that wouldnt be prudent : )


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## ButtermilkJa (26 Oct 2007)

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.


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## ubiquitous (26 Oct 2007)

ButtermilkJa said:


> 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.


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## ButtermilkJa (26 Oct 2007)

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.


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## Godfather (26 Oct 2007)

rodger said:


> Hi
> 
> I need euro 10,000 to next June
> 
> ...


 
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!


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## ubiquitous (26 Oct 2007)

ButtermilkJa said:


> 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.



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...


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## ButtermilkJa (26 Oct 2007)

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...


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.


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## ClubMan (26 Oct 2007)

Yeah - until the original poster explains the situation in a bit more detail it's difficult for people to give constructive and appropriate advice.


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## room305 (26 Oct 2007)

ButtermilkJa said:


> 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.



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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## ClubMan (26 Oct 2007)

Do you mean www.Oanda.com rather than _Onanda_?


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## huggybear (26 Oct 2007)

For what its worth, steer clear of get rich quick schemes.  If something appears to be to good to be true, it usually is.  Credit Union is a good suggestion.  Financial markets are too volatile to risk your hard gotten gains.  Only buy shares if you can afford to lose the money.  Look at BoI for example.  Turned Approx EUR 18 a share into E 11 a share in 8 months.... and thats a blue chip company..ahem !


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## sapmanie (29 Oct 2007)

To get a 250% return on €2k is fairly simple: you need only four things1)A balaclava; (2) A shotgun; (3) A cash-in-transit van; (4) A fast car; Easy! And it won't take you 'till June: probably 'till lunch time.


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## Godfather (30 Oct 2007)

sapmanie said:


> To get a 250% return on €2k is fairly simple: you need only four things1)A balaclava; (2) A shotgun; (3) A cash-in-transit van; (4) A fast car; Easy! And it won't take you 'till June: probably 'till lunch time.


 
Without risking to go to jail I think that in order to get 250% RoI you need to bet and lots of luck... 

...Or a great business idea...


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