I'm not sure I understand the full impact on what is going on with the bankruptcy news. Any financial wizs out there to give me advise? My penalty would be 180 days of simple interest to get it out now.
2007-08-18 04:14:22 · 8 answers · asked by SoCal40 2 in Business & Finance ➔ Investing
Your CD is guaranteed by FDIC & you cannot lose it.
Roll it over into another bank upon maturity.
DO YOUR RESEARCH! FIND A BANK THAT HAS SUFFICIENT RESERVES & THE LEAST EXPOSURE, (bought "JUMBO LOANS" for resale), in the housing market.
2007-08-18 04:31:40 · answer #1 · answered by EMERGING COMPUTER TECHNOLOGY APPLICATIONS RESEARCH 2 · 2⤊ 0⤋
Bet boxcars (double six =12) 30:1 on the nearest crap game. You'll stand a better chance of winning than you will in this scared financial market that is nearing total collapse.
Just kidding. Your money is secure through FDIC. You know that. everything is going to be alright. The interest rate may drop a little but the Fed and other world financial institutions are pumping money into the system to bring back confidence in the financial sector. Have faith, because if there ever is another depression, your's and everybody else's money won't be worth the paper it is printed on just like it is now in reality anyways. I'm not talking recession. I'm talking Super Depression.
2007-08-18 04:23:55 · answer #2 · answered by Sloan R 5 · 0⤊ 0⤋
Let your CD mature. You are FDIC insured so you don't need to worry.
When your CD matures, wait some time and consider real estate. Their will be some price depression in the next 6 months.
Also consider trading stocks or putting at least part of your money in more higher yielding investments. If you would like to be more passive consider another CD, but one that pays significantly more such as 12%. I have details on my website for a CD that pays 12.28% interest over 3 months. Mine just matured and I've rolled it back in.
I hope this is helpful. I day trade for a good portion of my income and blog about daytrading/investing topics. Feel free to ask any financial questions to me.
-Dax
2007-08-18 08:39:26 · answer #3 · answered by Dax 3 · 0⤊ 0⤋
Your CD is safe. That's what they are for.
But you should ask yourself if it appropriate to have so much money in a vehicle that earns so little interest, unless you are already retired and cannot afford to take any risk at all.
2007-08-18 04:20:48 · answer #4 · answered by Anonymous · 1⤊ 0⤋
SoCal,
there are alot of factors that go in to advising you what to do with the money. First and foremost, I like to ask what "emotion" is behind that money? What I mean is, what is that money earmarked for and what is your tolerance towards risk?
2007-08-18 05:46:58 · answer #5 · answered by emoney 1 · 0⤊ 0⤋
Nothing will happen, come November you will be able to get your $96000 back.. plus interest.
2007-08-18 04:24:11 · answer #6 · answered by Grandpa Shark 7 · 0⤊ 0⤋
now may be the time to consider real estate. it is a buyers market.
2007-08-18 06:22:54 · answer #7 · answered by wilsonsdad2003 5 · 0⤊ 0⤋
You can quit worrying - you're FDIC insured.
2007-08-18 04:57:51 · answer #8 · answered by Judy 7 · 0⤊ 1⤋