Make money: exchange for Iraqi currency

[JetSpeed219]

Alright bare with me on this one. A buddy of mine calls me today and says a good friend of his dad travels to Iraq for weeks at a time. Evidentally this guy has been exchanging US dollars for the new currency there in Iraq becuase their dollar is worth so little. I think he said 1,422 for a US dollar. So he is saying that once this situation over there is settled, which might be a while, the exchange rate will rise and he will make a bunch of money and cash in the Dinars. Anyway, my buddy was asking if I want in on this so called "investment", does this sound legit or even possible or making any money? Sounds kinda fishy to me.....

 

[typhoonpilot]

The earlier in your career you learn this the better. All get rich quick schemes will cause you to lose money.

Typhoonpilot

 

[Speedtree]

It's exactly what it looks like, an investment, and given the situation over in Iraq right now I would say a high risk investment.

Don't gamble more than you want to lose, or can afford to lose. If you have money lying around and can put into something risky like this go for it. It could pay great or you could lose it all.

Warren Buffett doesn't invest in things he doesn't understand. I agree for the most part. I don't know anything about foreign currency investments or exchange so I would be unlikely to go for something like this without learning more or getting advice from a finance manager etc.

Another piece of old cliche advice which is still true. "If it sounds too good to be true, it probably is"

 

[sqwkvfr]

Actually, this sounds like a pretty good opportunity...almost like an IPO.

It is high risk, however, and I would do NOTHING with it until after the US presidential election.....and if, god forbid, John Kerry wins.......save your money.

 

[willbav8r]

Do yourself (and your friends/relatives) a big favour: read all you can about Brazil and its' currency woes of the past decade.

South African banks pay 20% interest. But, the money cannot be transferred out of the country.

If you still feel Iraqi currency is a good investment, I wish you all the best....

 

[JetSpeed219]

Thanks for all the advice, I think I'll sit on it for a while.....