I have a check for $25,000 right now I plan to use to buy a portion of a bakery. This will not be for 1- 1 1/2 years so what should I do with the money in the interum?
2007-09-27 07:22:11 · 11 answers · asked by hellnocutco 5 in Business & Finance ➔ Personal Finance
giv it to me[or buy some dildoes :P] LOL
2007-09-27 07:31:14 · answer #1 · answered by Anonymous · 0⤊ 1⤋
The stock market is chaotic at the moment. If you have a tolerance for risk, you could find a stable mutual fund. If you want to just park the money somewhere for the time being, put it into a CD - certificate of Deposit. You won't earn a huge amount of interest, but you'll more or less keep even with inflation. Just be sure that you can withdraw it without a penalty when you need it. That might mean you'll have to accept short-term CDs and roll it forward until you need it.
2007-09-27 14:51:12 · answer #2 · answered by Ralfcoder 7 · 0⤊ 0⤋
In addition to mutual funds there are several money markets that are paying over 5%. The highest one I know of is Ford Interest Advantage currently paying 5.61% for $15,000 - $50,000 invested. You can make deposts and withdrawls at will from this account of $250 or more. The only down side is that they are not FDIC insured. I've had an account there for 6 or 7 years with no problems.This might be good for a chunk of your money that you don't want to risk in the market.
I you have ANY interest bearing debts at rates over 5.61%, you must pay those first.
2007-09-27 14:33:16 · answer #3 · answered by OP-lo 3 · 0⤊ 0⤋
You might look into US Savings bonds or CDs. A disadvantage of Savings bonds is that they can not be redeemed for one year. CDs can be redeemed early, but have a penalty. Also a high yield savings account may not be a bad idea.
With such a short time frame, you need an investment that will protect your principal balance. The recommended window for stock investing is at least 5 years.
2007-09-27 14:34:29 · answer #4 · answered by VATreasures 6 · 0⤊ 0⤋
put the funds into an INTEREST BEARING SAVINGS ACCOUNT. Try to get a rate of about 5.20-5.50 %--best you can expect right now. If your bank will not offer that rate, sign up for a FREE account on line with PAYPAL, and join their money market account, currently paying about 5.21 %. There is NO fee to join, and no fee to transfer funds into or out of their account to or from your bank's checking account. They credit dividends on the last day of the month or the first day of the new month. I have had this arrangement for over a year and I am very pleased with it. For more info on PAYPAL, visit the website below.
2007-09-27 14:29:45 · answer #5 · answered by Mike 7 · 1⤊ 0⤋
Save it in mutual fund..Investing in mutual fund is really a good idea.. Before investing learn more basics about it.. If you are first time investor means just go to the broker office & get the guide from them.Just take a look at the below link to get free information regarding mutual fund.
2007-09-27 14:29:03 · answer #6 · answered by keersud p 1 · 0⤊ 1⤋
pay off any debts and then invest the remainder, that way in 1-2 years you'll be back to the original amt or more!
2007-09-27 14:31:00 · answer #7 · answered by joey322 6 · 0⤊ 0⤋
Well...if you are having a hard time spending this, I would gladly take it off your hands. I mean, I could think of alot of things to do with it. Oh, my fee for advise is....$25,000. Thank you and I'll take that in small bills. Just kidding!
2007-09-27 14:30:58 · answer #8 · answered by Motherof2 3 · 0⤊ 1⤋
Investing it in the bettyrubleinspurs early retirement fund is always an option! Seriously, listen to the others who have already responded - invest it.
2007-09-27 14:33:50 · answer #9 · answered by bettyrubleinspurs 4 · 0⤊ 1⤋
Put it in a mutual fund and make sure there are no fees for withdrawing it in a year and a half.
massmutual.com
2007-09-27 14:26:23 · answer #10 · answered by Codynova 4 · 1⤊ 0⤋
Bet on a horse.
2007-09-27 14:43:04 · answer #11 · answered by Jabberwock 5 · 0⤊ 0⤋