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Ask HN: How to Flip $1000

I'm sitting with 1k in my account right now well checking account but I also have few other thousand that is my final that I have to my name. I'm sitting here on my laptop on line browsing offerup and looking at cars or bikes and wondering what can I do to flip $1000 or even $5k to make it double atleast and learn investment or stocks? I'm lost right now I feel like as a 25 year old I should know how to flip this.

t0mmyb0y 6y ago
Start small. Goodwill for stuff, ebay to sell it. The more you hustle the more opportunities you see & hear about. The part about stocks lost me.
cosmic_shame 6y ago
Don't you think if there were a magical way to 2x your money, everyone would be doing it?
- mrwantthegreen 6y ago
  I guess I should ask what is the smart thing to do with that money to make it more
ganoushoreilly 6y ago
Your first step is to have a realistic goal / timeline. You can't just "flip" money. You can invest and have gains, you can also have losses. As for where and how, it's all based on your risk profile. Ie. What can you lose without causing any issues. You have to get out of this flip mindset though, it's an unhealthy way to look at it and could lead to making mistakes. Visit robinhood.com (they get some flack) but they're really a good way to get into stocks. Watch some youtube videos, tons out there some good, some bad. Take an average of their suggestions then build your own plan.
- lhorie 6y ago
  Honestly, if the plan is to spend time learning something, learn something that can give a baseline steady income first. Trying to double your last thousand dollars in the stock market (at the risk of losing it all) is not a great strategy compared to even the payout from a part-time McDonalds job. If you're going to learn skills, then might as well learn some marketable ones that can land a 5-digit salary job. Many people learn computer programming online (that's what I did), but there are many other paths, some with passive income potential, even. Once you have a more comfortable situation, and can afford to spend free time on risky bets without fear of losing the roof over your head, sure, go learn stocks.
Bakary 6y ago
>I'm lost right now I feel like as a 25 year old I should know how to flip this. This is a result of too much hustle porn in the media and in fiction. In reality for every successful flipper of the sort you're picturing in your head there will necessarily be many suckers who have a cargo-cult understanding of the problem. Please don't take it the wrong way but I am seeing a little bit of that here as there seems to be some magical thinking going between "I'm young" and "I should be able to hustle successfully just by taking the time to learn a bit about it" If there was a reliable (the keyword here)and/or freely accessible way of just doubling your money like this, we'd all know about it. In reality, you will have to observe your current environment and find opportunities there. Usually people will either not be aware of the opportunities available to you or will not spend time educating you about them instead of pursuing them themselves. If they do, it means that the opportunity is in the teaching (think pick-axe salesmen during the gold rush). In the end, keep in mind that you might also be successful or not for reasons entirely beyond your own strategic choices.
quickthrower2 6y ago
Ethereum wouldn’t be a bad bet IMO but you might need to wait 12 months for it to double. Crypto vs USD is looking bullish so take it for a run. This is not advice and I am not a financial advisor.
- mrwantthegreen 6y ago
  how does this work?
  - quickthrower2 6y ago
    https://ethereum.org/en/get-eth/ https://ethereum.org/en/get-eth/

t0mmyb0y 6y ago

Start small. Goodwill for stuff, ebay to sell it. The more you hustle the more opportunities you see & hear about. The part about stocks lost me.

cosmic_shame 6y ago

Don't you think if there were a magical way to 2x your money, everyone would be doing it?

mrwantthegreen 6y ago
I guess I should ask what is the smart thing to do with that money to make it more

ganoushoreilly 6y ago

Your first step is to have a realistic goal / timeline. You can't just "flip" money. You can invest and have gains, you can also have losses. As for where and how, it's all based on your risk profile. Ie. What can you lose without causing any issues. You have to get out of this flip mindset though, it's an unhealthy way to look at it and could lead to making mistakes. Visit robinhood.com (they get some flack) but they're really a good way to get into stocks. Watch some youtube videos, tons out there some good, some bad. Take an average of their suggestions then build your own plan.

lhorie 6y ago
Honestly, if the plan is to spend time learning something, learn something that can give a baseline steady income first. Trying to double your last thousand dollars in the stock market (at the risk of losing it all) is not a great strategy compared to even the payout from a part-time McDonalds job. If you're going to learn skills, then might as well learn some marketable ones that can land a 5-digit salary job. Many people learn computer programming online (that's what I did), but there are many other paths, some with passive income potential, even. Once you have a more comfortable situation, and can afford to spend free time on risky bets without fear of losing the roof over your head, sure, go learn stocks.

Bakary 6y ago

>I'm lost right now I feel like as a 25 year old I should know how to flip this. This is a result of too much hustle porn in the media and in fiction. In reality for every successful flipper of the sort you're picturing in your head there will necessarily be many suckers who have a cargo-cult understanding of the problem. Please don't take it the wrong way but I am seeing a little bit of that here as there seems to be some magical thinking going between "I'm young" and "I should be able to hustle successfully just by taking the time to learn a bit about it" If there was a reliable (the keyword here)and/or freely accessible way of just doubling your money like this, we'd all know about it. In reality, you will have to observe your current environment and find opportunities there. Usually people will either not be aware of the opportunities available to you or will not spend time educating you about them instead of pursuing them themselves. If they do, it means that the opportunity is in the teaching (think pick-axe salesmen during the gold rush). In the end, keep in mind that you might also be successful or not for reasons entirely beyond your own strategic choices.

quickthrower2 6y ago

Ethereum wouldn’t be a bad bet IMO but you might need to wait 12 months for it to double. Crypto vs USD is looking bullish so take it for a run. This is not advice and I am not a financial advisor.

mrwantthegreen 6y ago
how does this work?
- quickthrower2 6y ago
  https://ethereum.org/en/get-eth/ https://ethereum.org/en/get-eth/