i'm selling my car what should i do with the extra 7,000 $? what is the best way to invest in it? i'm clueless when it comes to stocks and bonds and all that. but i don't want to see it sitting in the bank for years.
2006-08-24 06:51:10 · 13 answers · asked by n_need_of_help 2 in Business & Finance ➔ Investing
Put 4k into a roth IRA and put the remaining 3K into an emigrant direct savings account (they have the highest rate of 5.15%)
read up on roth ira's at yahoo finance. it's a terrific way to save for retirement
and the 3k at emigrant direct will earn you over $150 a year just letting it sit there...plus it is liquid so if you need the cash its there for you and it's a great way to start your "emergency fund"
enjoy!
2006-08-24 06:55:11 · answer #1 · answered by Queen Nefertiti 3 · 1⤊ 0⤋
Put in a money market acct w/ a co like Fedelity, or other investment firm. Meanwhile, talk to one of their investors who will do an asset allocation, and then decide. Or, use as a down payment on a rental house. - If working, can buy no load funds at a firm, and govt will allow you to add so much each year. Be careful abt annuities, if you ever get one, get a fixed, as variable are more volatile. Also, variables have more hidden fees.
Buy books on financing for idiots at bookstore, and listen to Suzie Orman. - You can use 7K as a tool to invest for your future. Be careful before doing anything. Be frugal and don't tell anybody you have extra money, to some 7k may seem like a lot.
2006-08-24 07:20:37 · answer #2 · answered by bobbie e 3 · 0⤊ 0⤋
Max out any Roth IRA or 401K accounts. You can put the money into the Emigrant account for now but if you're looking for stocks you should research the funds that Vanguard has available, choose the one that is right for you and go with that. Keep in mind that there are minimums to open the fund.
http://www.vanguard.com
2006-08-24 07:10:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋
US Treasury Bonds. Consult your bank about investments
2006-08-24 06:56:33 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You can consult with any investment Adviser,
I think Money market is the safe way to invest. Contact ING direct
2006-08-24 06:59:35 · answer #5 · answered by sid_avatar 2 · 0⤊ 0⤋
I agree with the answers stating debt repayment, Roth IRA , money market fund as best option is 7K.
2006-08-24 08:05:28 · answer #6 · answered by perdidobums 5 · 0⤊ 0⤋
I,d just leave it the bank, & keep it for a unexpected emergency, but first pay off bills, if any, buy yourself something you,ve always wanted, but could,nt afford,money is safer in the bank then in your home or your wallet, it is,nt going anywhere. only my opinion.
2006-08-24 07:02:19 · answer #7 · answered by Anonymous · 0⤊ 0⤋
IT WILL BE VERY EASY TO BLOW IT AWAY ON THE MYRIAD ATTRACTIONS AVAILABLE IN THE WORLD TODAY, HOWEVER AS A WISE MAN SAID IT WOULD BE BETTER TO SAVE IT FOR A RAINY DAY.
2006-08-24 07:00:05 · answer #8 · answered by pirthabose 2 · 0⤊ 0⤋
high interest savings at capital one or emigrantdirect.com, ING direct.com
mutual funds are less risky
pay off debt
2006-08-24 06:53:16 · answer #9 · answered by Anonymous · 0⤊ 0⤋
IRA. and retire at 50
2006-08-24 06:57:23 · answer #10 · answered by Teri D 3 · 0⤊ 0⤋