Hi,
I have $20,000 saved up from my little trip to sunny Iraqi. What should I do with it? As far as problems are concerned, I guess this ain't a bad one to have, but any advice?
I would like to be able to use it toward a house possibly so I'd like to be able to move it if need be. Can anyone recommend a good money market? Thanks in Advance.
2007-05-17 08:39:23 · 7 answers · asked by Anonymous in Business & Finance ➔ Investing
I would say bond funds, Van Kampen and Oppenheimer both have corporate bond funds paying 6.5%+ and they are liquid once a month, instead of having to wait a set amount of time like a CD.
2007-05-17 11:59:19 · answer #1 · answered by krg427 2 · 0⤊ 0⤋
If you have the money earmarked for a home purchase and you plan to use it within the next year, I'd advise against putting it into a CD. If you need to access it before maturity, you'll have a penalty against accrued interest earned.
Instead, put it into one of the larger on-line bank money market accounts (e.g., ING, Emigrant Direct, E*Trade, etc.). There's no minimum balance required, and you can withdraw anytime without penalty. And even though this will allow you to keep the money liquid, you'll still get an annualized return of about 4.5% to 5% - not a bad deal, since short-term CD's really don't pay a lot more than this anyway.
Good luck on the home purchase - glad to hear you made it back safe.
2007-05-17 16:17:58 · answer #2 · answered by Marko 6 · 0⤊ 0⤋
It is good that you have that much money saved! There are many options for you. The best thing for you to do is to invest that money by depositing it into a CD (certificate of Deposit) They are low risk low return which usually pay around 6% APY.
Also , invest in some bonds. Bonds are also low risk, and you will receive interest on the money you pay for a specified period of time.
Good Luck!
2007-05-17 15:48:10 · answer #3 · answered by Jeff H 2 · 1⤊ 0⤋
Try CD ladders. My bank has a CD ladder program where you can earn 5 1/4% on as little as $3,000 invested. The best Money Market fund won't pay any more. With CD's you get FDIC insurance. And, you can "ladder" your CD ladders. Buy CD's monthly until your investment is used up. You will then have CD's coming due monthly. You can then decide to renew or cash in.
2007-05-17 15:51:31 · answer #4 · answered by regerugged 7 · 0⤊ 1⤋
if I have money $20,000 I will investment in Index Hangseng (HSI) because I will get twice from capital of early and could more than $20,000 a month
2007-05-18 01:56:59 · answer #5 · answered by solitip 1 · 0⤊ 1⤋
I would def check out www.goldenbullpicks.com
i have made a nice lil penny from them and you could turn that money into quite a bit!
good luck
2007-05-17 19:11:48 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Short term CDs are safe right now and liquid.
2007-05-17 15:43:45 · answer #7 · answered by Lively 4 · 0⤊ 1⤋