I have my Roth IRA maxed out at $4,000 already, a 529 college fund started for my son. However, I don't know what to do with my extra money? HELP ME!!!
2007-01-23 06:23:35 · 22 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Pay off debt faster if you have any, and/or establish a savings account with a few months worth of expenses in case of emergency. Save for a goal... do you plan to buy a car or house in the next couple years, save for that goal... or a nice memorable vacation!
2007-01-23 06:29:13 · answer #1 · answered by zmj 4 · 1⤊ 0⤋
You really don't give enough info to be helpful. How much money do you have? If not much, look for things that appreciate, like gold or artwork if you are into those sorts of things. Otherwise, your best bet is investing in real-estate. Use it to buy and fix up a 2-family or tri-plex near you. That way the rent can pay the bills as well as put more money in your pocket. Make a commitment to donate at least 10% to help out a worthwhile charity. Then with the money you make... invest in more property. Then take on a pet charity or support a homeless family for a year, Go a little out of your way in donating your time and money. This way you will have satisfaction as well as money. Good luck.
2007-01-23 06:58:33 · answer #2 · answered by FloridaGirl 1 · 0⤊ 0⤋
If you're looking to invest for the long term, MY suggestion is the mutual fund MERKX. This fund bets AGAINST the value of the dollar. If this sounds crazy to you take a look at what Bill Gates and Warren Buffet are doing and talking about right now (not to mention the TONS of other signals and references about this). The dollar is losing value relative to other currencies and is suggested by MANY experts that it can very much contniue to do so. This fund essentially buys you other currencies that are deemed to be strong by the fund manager, mostly consisting of European and Australian currency. It then takes those currenies and invests them in low risk/low return money market funds to pay an additional return on top of hedging against the loss of value in the dollar.
Also, if you have a 401K at work WITH A MATCH, do that first. Take a few bucks and subscribe to Kiplinger's magazine or another magazine to learn a tip or two. Good luck.
2007-01-23 06:30:34 · answer #3 · answered by CSUflyer 3 · 0⤊ 0⤋
3 words: Elaborate Practical Joke
Here is what you need to purchase:
1. An English Man
2. An Irish Man
3. A Scottish Man
4. A Hot Air Balloon
5. Four Leaf Clovers
6. Haggis
(If you can get hold of a zepplin that would be fantastic).
But seriously, I am boring and would probably re-invest!
2007-01-23 06:35:25 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Talk to Investment Banker...Fidelity has many safe ways to invest.You can always buy property as an investment. There are so many ways to go I wish I had some extra cash.You could always give some to charities(Red Cross, Food banks,Goodwill,& Salvation Army). Help out a family member in need or a close friend.
2007-01-23 06:38:43 · answer #5 · answered by miss-snoopy 4 · 0⤊ 0⤋
Make sure that you have 6 months of income in an emergency fund. Setup a mutual fund outside of your retirement. Pay down your mortgage and any other debt.
2007-01-23 07:29:33 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Send it to me! Hey I had to try.....
I am a tax preparer- I would recommend, from a tax perspective, tucking some away into a health savings account, pay off/down your student loans, and max out your 401k contributions :-)
2007-01-23 06:28:45 · answer #7 · answered by Honesty given here! 4 · 0⤊ 0⤋
Start investing in some stocks (moderate risk), mutual funds (relativly low risk), and options (high risk). Invest online using a website like sharebuilder.com and use their recomendations contrasted with recomendations from msn money and mad money.
2007-01-23 06:32:09 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Uh, I know some people that could use some money.
How maxed out is it? $4000 is the total? Or total per year/month? Sorry, I don't know. You could take off the top and invest it in another way, if you want.
2007-01-23 06:27:15 · answer #9 · answered by Anonymous · 0⤊ 1⤋
well, personally I dont want to be stingy but- you can donate it to me- I just had someone take advantage of me on my credit card... and I now owe 2000$ that I cannot pay right now because I am a mother of 2 and go to school full time... I thought I was helping a friend out when he was down and out and his kids... and he really took me for one hell of a ride. Its really more than that but I was able to take out a student loan to pay some of it for now (but will owe it later). ugh... I'm drowning...
2007-01-23 08:34:55 · answer #10 · answered by Michelle T 2 · 0⤊ 0⤋