Remember those enchanting fairy tales where some angels or genies or kings used to ask the mere mortals "Tell me your 3 wishes and I will grant them?" There would be money asked for, gold, jewelry, and the like. If there would have been a genie asking this to a commoner now, the one would surely ask about financial management - how to earn money and save it?
You just need to put on your thinking cap and give a serious thought to where would your money be the safest with reasonable returns with regards to it. The safety and assurance that your money is secure is pivotal in the first place.
If you have kids and are worried about their future and education expenses, you can opt for a 529 plan account. It will be a government facility, and every state has such accounts, especially meant for people to save for the college education of their kids. Further, the money put in by the people grow tax free.
C for Charity
Giving money for senior citizens' home or for the home for underprivileged is a great option. You will experience the satisfaction of making the most of the money for the right purpose. Assisted living community coordinator's help will be required, though, in this case. Make a nice casual and friendly visit to whatever resource you pay for.
If you are genuine and are giving them whatever they want, you might be called again. After you initially give the money, you have a good chance of making the money later, provided that you keep on visiting and take something for those residing in the resource you are considering.
Back to Business
Invest the amount in your friend's business if he is setting up one. Claim stakes in the business your friend wishes to start. Of course, make sure that there is amount decided, beforehand of ownership against your USD 1,000. Well yes, there are 50-50 chances that you may lose it if the business does not take off.
However, there is also this possibility that the business of your friend will get an amazing kick start and will continue to grow. If that happens, you will get a regular amount from those USD 1000. Who knows the amount you get may quadruple or increase by leaps and bounds.
The government treasury is another best way to invest money. Consider purchasing Treasury bonds direct from the US government. As per the US government treasury site, bonds will get you an interest every six months till they mature. After the bond matures, the owner gets its face value.
Stock it Up
Yet another best way is to buy stocks. If you are into finance, then you may not need financial consultation. But, most of us are not aware of these fiscal matters. So, if you want to buy or invest in stocks, it is advisable that you get in touch with a financial adviser. This can indeed be an interesting venture.
There are many more things you can consider for the same: Roth IRA, incremental purchase plans, mutual funds, bonds, investing overseas - organizing events, and many more.
Invest anywhere, but make sure that you research and think over clearly about the returns and the risk factors. High-risk endeavors may not turn out to be good moves.