Cash job, how to invest

n3tapes · #1 (**permalink**) 08-09-2010, 11:09 PM

I currently work a cash job (as a second job) and am wondering what to do with the extra cash or how I should invest in without becoming suspicious?

Helper55 · #2 (**permalink**) 08-15-2010, 06:48 AM

why would investing your money become suspicious?

There are tons of books you can buy on amazon about investing and stock trading.

Until then, just get a high yielding savings account and off-load your cash in there until you know what you want to do.

goodyphilips · #3 (**permalink**) 08-16-2010, 06:57 AM

Yes indeed investing into a saving accounts giving good returns is a decent place to start with. If you do not have a health insurance then get one. And if you to get more adventurous then mutual funds and share could be a great potential playing field but prior knowledge and expert advise are always preferred.

ajgraves · #4 (**permalink**) 08-20-2010, 04:48 PM

It depends on what you mean by Cash Job....

You could invest it over the internet in a number of things but if you are taking cash in hand for jobs, you need to be very careful.

PMMM · #5 (**permalink**) 08-20-2010, 05:01 PM

The real issue is are you paying taxes on the earnings for your second job and/or do intend to pay taxes on them? If you do not intend to claim this income and pay uncle Sam his due then yes you could arose suspicion. I would suspect that unless the amount is very large it would be difficult to detect this ruse.

I don't advocate doing this but I'm sure there are thousands of people that do this without repercussions. Even though lot's of people may do it it does not make it right. Let your conscience and your appetite for risk be your guide.

PMMM

SamuelClark · #6 (**permalink**) 08-22-2010, 09:16 PM

What you are doing is risky and illegal, but if the amount are small there is hardly any risk in it for you- you can withdraw more cash from your account and then go invest amounts later on from you "cash job" and no one will be able to prove this isn't the same money you took from your account- so basically- you can invest in any way-- as long as you are talking of a rather small amount of cash.

So yes- basically it is between you and you're conscience.
Whatever you do- be smart.

FHA Loan · #7 (**permalink**) 08-28-2010, 12:19 AM

Use your cash to live off of - dinners out, entertainment, vacations, groceries, etc. Pay for as many discretionary expenses as you can with the cash. Use your "real" income that you actually pay taxes on and that can be tracked to invest.

MalcomWagon · #8 (**permalink**) 08-31-2010, 09:39 AM

Good job, but why would investing your money become suspicious?

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