I relocated from NJ to Fla. I am not employed yet. I use my int. to pay for some of my expenses. I know I will have to pay taxes at end of yr. Is this the best way to use my money?
2007-03-06 00:34:36 · 11 answers · asked by Patches 1 in Business & Finance ➔ Personal Finance
Sorry, it's $100,000.00. What would be an alternative. I want something safe. No mutual funds. Would CD's be my best way to go?
2007-03-06 01:00:00 · update #1
You can put it in a money market account and earn more interest. If it's in CDs you don't have access to it if you need it.
IMO, I don't think it's the best way to save your money because you're missing out on some potential gains. You could get into some index funds with lower expenses. But it's up to you if you don't like mutual funds or stocks and don't feel comfortable with the risk.
2007-03-06 01:05:15 · answer #1 · answered by parsonsel 6 · 0⤊ 0⤋
Here's what I would do. I'd open up an ING Direct account. It is connected to your regular checking account at your bank. You can transfer money back and forth between the two, so anytime you need money, you transfer from your ING into your checking account and then write checks, ATM etc. The reason is ING pays higher interest rate on your money. THEN I'd think about "CD Ladderring" Where you buy CD's so that every year one matures. That means even more interest on your money. While I was doing that,I'd look into getting a financial advisor, someone like Morgan Stanley who would invest that money into annuities, and mutual funds, Tax deferred investments etc.and go over all the other options out there..take your time and do some looking.
Goodluck
2007-03-06 01:23:08 · answer #2 · answered by HowlnWoof 4 · 0⤊ 2⤋
Cd's and Savings accounts are always the absolute lowest for risk. If you are looking for a slightly higher return a broker may be able to help you. Just remember the broker works on a commission so they are going to try and sell you not just look out for your best interest so be very careful on that one. Good Luck.
2007-03-06 01:50:26 · answer #3 · answered by The Answer Guy 2 · 0⤊ 0⤋
You won't get much more interest with CD's, maybe 5% or so. If your money is in a bank insured with the FDIC, it is as safe as you can get.
Since you are not working, it would not be wise to risk losing by investing in stocks.
If your total income is under $5,000 you won't owe any federal income tax on your earnings.
2007-03-06 01:27:39 · answer #4 · answered by regerugged 7 · 0⤊ 0⤋
Become an investor - You can lend money to private individuals with poor credit - they will pay you back a higher interest rate and you can both sign an affidavit to keep it legal and protect yourself...If interested contact me at gastudentsasai@aol.com
2007-03-06 02:53:58 · answer #5 · answered by meden03 1 · 0⤊ 0⤋
There are other investment strategies you could be doing to earn a higher rate of return.
2007-03-06 00:45:29 · answer #6 · answered by annazzz1966 6 · 0⤊ 0⤋
Keep it where it is at for now. After a few months of working, then look at other investment options.
2007-03-06 00:58:53 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You obviously don't know how to annotate your monetary expressions yet. Is that "one hundred thousand dollars" or "ten thousand dollars?"
If you have to use your savings to pay your expenses, you have no choice.
I'm not really sure what your question is.
2007-03-06 00:38:35 · answer #8 · answered by Scotty Doesnt Know 7 · 0⤊ 0⤋
I was wondering much the same question
2016-08-23 20:24:46 · answer #9 · answered by Anonymous · 0⤊ 0⤋
reply to me offboard, I will give you some information that you can use.
Regards
2007-03-06 20:18:59 · answer #10 · answered by fx_invest74 2 · 0⤊ 0⤋