Monthly Archives: March 2013

That Investing Thing

About a year ago, my grandfather passed away and left me a modest inheritance. I’ve been hanging on it, trying to figure out what to do with it. Personally, I think it’s enough money that I want to learn how to invest it instead of just blowing it on something dumb with it. I guess I should say that it’s enough money that I feel I can have a decent return, but since it’s money I didn’t expect, I have a little room to play with it and to learn from it. I’m pretty young and have a lifetime of opportunity to stash some cash, but if I can learn how the markets work now, then I can use that to my advantage all throughout the rest of my life.

While I have a lot to learn, I’ve taken an interest in Forex trading, specifically binary options after reading about them on this site. Binary options interest me because there is a bit of skill and a bit of risk involved, but the payouts are much higher. Basically, instead of directly investing in a specific currency, you watch the market and learn patterns / trends. You watch the market and if you believe that at a specific date and time, a certain currency will follow a specific trend, and then you invest. For example, if I believe that EUR will be worth a certain amount at the end of the day today, then I buy a $100 option that the EUR will be worth xxx at 5:00PM EST. If it hits, I will get a preset amount of money back (sometimes as much as 10x higher). If it doesn’t hit that benchmark, then I lose my entire investment.

As I said, trading with Binary options carries a certain level of risk but for a person who watches the markets closely, more money can be made in a shorter period of time. Sometimes a person can invest thousands of dollars over the course of years to see a return that barely keeps up with inflation if he invests in the traditional Forex market. A person who tries the binary option can see a 100%-1000% rate of return in as little as a day, but on the same token, a guy can lose that much in a day as well. Forex trading using binary options is interesting to me solely because of the possibility to win big, which is why I’m definitely interested in learning more about it.

It’s That Time

I have had my current car for over 6 years and am ready to trade it in. I know I won’t get much for it but it needs to go. I’m afraid that it is going to leave me stranded on the side of the highway in the near future with how it has been acting. I am no mechanic nor do I really care to take it to one but I think the transmission is going out on it. It has almost 150,000 miles on it so it is getting up there.  That’s pretty good.  I’m not one of those people who buys a new car every few years.  Of course, that’s because I couldn’t really afford to do that, but still!

My main concern with getting a new car is I’m not sure if I’m going to qualify for any decent financing. I took a look at my credit report last night and it isn’t pretty. I got into some credit card debt a few years back that got me into trouble with some collection agencies. I guess I’ll just go and see what happens because it isn’t like I can afford to pay in cash.

I will be looking at used cars of course and in the 10k range.  I need to make sure I can get some cheap car insurance in Lakeland, too, because I don’t want to spend any more than I have to.  I would like to be able to afford something a little more expensive but that’s not going to happen. I think I can still find some decent vehicles for that much. I was looking around online this morning and the best one I saw was a 2007 VW Jetta. It is black which I like and has a sunroof which I’ve never had before. It is a stick shift which I’m not too crazy about but it only has 41,000 miles on it and they are only asking $10,500 for it.  I think between my trade in and bargaining with them I could get that down closer to 9k.  I’m going to call up my friend Adam to see if he wants to go with me to look at it tomorrow morning.  It’s a good idea to bring a friend with you when you look at cars because you can get a second opinion.  Plus, Adam knows a bit about cars so he’ll be informed.  He can also keep from being talked into something I may not want.