Asked on 27 Oct 2018
I have about 10k spare cash, and will be graduating in 4 years. My school fees total to about 34k, and I'm currently not on any scholarship.
Will definitely be applying for a scholarship though! But as it's not guaranteed, would really hope to know what other ways I can grow this 10k as much as possible within 4 years!
Firstly, it appears that you are new to investments, so I would recommend that you take some time to read up on the basics of personal finance through seedly articles.
Next, understand your personal risk profile.
Lastly, it may be possible but difficult to triple your money in 4 years.
But there are some opportunities that may work in your favour if the market crashes within the next one year or so and you manage to select the right stock or investment vehicle.
I always emphasize on personal finance education first before taking the leap to investing.
27 Oct 2018
You can diversify, put some low risk, med risk and high risk
high risk ones stocks and options will give you the highest and fastest returns
I make videos about interesting stuff at youtube here
Look at your current expenses and try to cut them as much as possible! This way, you will have more spare cash which will serve as your principle to invest regularly, aside from doing a lump sum investing. The power of compound interest should not be underestimated! Always be investing into your future regularly, you will be grateful to yourself in the future :)
I would recommend putting half the money into money into S&P500 which will guarantee about 10% returns. (around 14k after 4 years) and half into more risky individual stocks. You may consider disruptive tech company stocks, as they have shown exponential growth rates in the last few years.
Congrats on saving up for that $10k! Scholarship is a bonus, so let's not rely on it. Would be awesome if it comes through!
Earn More X Spend Less X Invest Wisely
Earn More: Given that you are currently studying (I assume full-time), this would probably need to wait until you have graduated and are generating a monthly income. Of course, you could decide to run a business as well, but that comes with its own risk/reward profile.
That said, you can always give tuition in your free-time (it was quite lucrative in my time, just that it definitely ate into my social life), or other side gigs (like even dog-walking).
Spend Less: Cut back on non-essentials. Set aside a target amount you want to save (in this case $34k or more), and work back on how much you need to earn Less spend each month.
Invest Wisely: Once you've amassed enough to pay for your own monthly expense, you can start looking at allocating some of your capital into investments. Many resources online that are free, start small and be informed.
If only got 10k and want to reach 34k in 4 years, you need to be earning around 34% every year. Not easy.