I know it's risky, but I wouldn't count out the stock market.
With the whole financial meltdown, the stock market tanked, and there was no doubt they'd go back up. A year ago, even though I was 15, only had a grand or so, and needed the money a year and a half from then for college, I considered the stock market because I knew they were going to shoot back up (and they did).
So if it were a year ago, I would be screaming stock market at you. But now the Dow is back over 10k, so I see it as a much more risky move. That seems pretty high considering the current state of the economy.
But if you see it fall back down toward 8k, I would buy, as one can be pretty certain that it will be back around 10k sometime in the next 2 years. Also, right now, interest rates are in the toilet, but stock dividends from most companies are actually paying decent rates.
You'd have been SCREAMING stock market at him? It went down to... 7k? So if he had invested in an index fund he'd have made 33%... another 8k? I don't think that qualifies as GRQ, but ok
Note: not saying it's a bad idea, but he's asking for something to quickly make a LOT more money. Your advice, while likely sound, isn't going to accomplish that, unless he can pick one of those lucky stocks (like Akamai was at one point) that goes up 33x in a year.
Second note: What he is asking for is a pipe dream. If it was that easy to turn 24k into millions, there'd be a hell of a lot more people doing it. 24k isn't really that much.
With the whole financial meltdown, the stock market tanked, and there was no doubt they'd go back up. A year ago, even though I was 15, only had a grand or so, and needed the money a year and a half from then for college, I considered the stock market because I knew they were going to shoot back up (and they did).
So if it were a year ago, I would be screaming stock market at you. But now the Dow is back over 10k, so I see it as a much more risky move. That seems pretty high considering the current state of the economy.
But if you see it fall back down toward 8k, I would buy, as one can be pretty certain that it will be back around 10k sometime in the next 2 years. Also, right now, interest rates are in the toilet, but stock dividends from most companies are actually paying decent rates.