money making accounts [Archive] - RonFez.net Messageboard

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DreamWeaver

06-20-2005, 05:39 AM

I just inherited a nice little chunk o change. I really don't plan on spending any of it cause in the next few years or so I'd like to open my own business. I really just want to put this money away in an account where if I need to dip into occasionally I can. But I mostly want to make money off of it. So the question is how do I do this? I know theres all different kinds of bank accounts (CDs or something??) but I don't know anything about them. So instead of going into the bank with absolutely no knowledge I thought I'd ask you smart fellows first.

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Death Metal Moe

06-20-2005, 06:08 AM

I don't have a pot to piss in, so I have no advice on money marketing accounts or any such good stuff.  Why don't you want to go into the bank?  Just because you go in with a few questions doesn't mean you're married to the bank or any one account.  I'd say go get some pamphlets and compare shit.  And then use any advice from here too. <img src="http://i6.photobucket.com/albums/y245/njdmmoe/DMCB.jpg" border="0" /> <a href="http://www.unhallowed.com/">www.unhallowed.com</a> <a href="http://thebigsexxxy.blogspot.com/">One Big SeXXXy Blog</a>

This message was edited by Death Metal Moe on 6-20-05 @ 10:08 AM

reeshy

06-20-2005, 06:15 AM

I'll hold it for you....I'm selling pot on the side again and you can invest it!!!!!!

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walking joint

06-20-2005, 06:25 AM

depends if you want risk or not.  if not just open up a money market account and earn a few %'s on the money.

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torker

06-20-2005, 06:29 AM

Luck be a lady tonight...<img height="354" src="http://www.fodors.com/wire/archives/las%20vegas.jpg" width="236" border="0" />

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[center]He had performed his mistakes in the dark, so he was still a man.
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JPMNICK

06-20-2005, 06:49 AM

A CD is prolly your best bet, as long as you are sure you will not need the money. The rates are kind of sucky right now. HOw long until you need the money? You can put it into a 12 month CD, then in 12 months when the rates are bteer, you can re-invest it into a longer term CD. Do you want to take a risk with the money at all?

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DreamWeaver

06-20-2005, 06:59 AM

Like what kind of risk? I don't really need the money right now but I might want to go on vacation in the next few months or so and I'd like to be able to take some of it out if I want. Do they have 6 month cds? How does a cd work?

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JPMNICK

06-20-2005, 07:04 AM

A risk meaning a mutual Fund or stock to make some real money, not just the 2-3% interest on a CD. a CD is a like a bank account. You put the money in there and leave it. but you can not touch it, its kind of locked in. I think 3 month is the shortest CD they have, but you get better rates the longer you put the money in for. Shop around, because the rates vary a lot at different banks

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Death Metal Moe

06-20-2005, 08:09 AM

If you're going to invest in a CD, may I suggest you make it an Unhallowed CD?I am a whore.

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Recyclerz

06-20-2005, 08:26 AM

The way to think about any investment is a risk v. reward balance – the more risk you take with your money, the more you expect to be paid for it and vice versa.  With financial investments the risk is that of not getting 100% of your principal (original $) back.JPMNick is dead on about banks and CDs (Certificates of Deposit).  Banks are the “safest” place to put your money because the gov’t. guarantees your principal up to $100K. Banks generally pay the least interest on $ because of this.  (The downside to CDs is that if you want to take money out before the term, 3 or 6 months generally, you wind up forfeiting most of the interest through penalties.Money market funds from mutual fund companies generally pay about 1% more than banks and are almost as safe.  Although the government doesn’t back them, these enormous corporations (Fidelity, Vanguard, et al.) do and it would be bad publicity and lost business if they let their customers lose principal in these accounts.  They’ll give you checks to write from the account you set up; generally the only restriction is that they have to be for more than $500 or so.My 2 cent advice, based on your description of what you want to do with the $ and when you’ll need it,  is to put it into a mutual fund that invests in short term bonds.  (I use one with T. Rowe Price but all the big mutual fund companies have them.)  They invest in bonds from companies with a maturity of less than a year and are now paying about 3 – 4% /year. * (If the Fed keeps raising short-term interest rates you could be earning ~5% in a year or two.)  There is a slight risk that your principal will go down a smidge if the company screws up its investments but it would be very unlikely to happen.  I think this is the best low risk scenario for $ you’ll need in a year or two.  Good luck with everything!* Then you can take your extra profits and buy Moe’s CD or, if he really is a whore, you could just buy Moe.<img src="http://www.hometown.aol.com/recyclerz/myhomepage/sigpic1.gif?mtbrand=AOL_US" border="0" /> There ain't no asylum here. King Solomon, he never lived 'round here

This message was edited by Recyclerz on 6-20-05 @ 12:28 PM

Death Metal Moe

06-20-2005, 08:46 AM

Then you can take your extra profits and buy Moe’s CD or, if he really is a whore, you could just buy Moe.<img height="199" src="http://www.viruete.com/articulos/fotos%20articulos/melodiaswwf/Million-Dollar-Man%20Ted%20Dibi.jpg" width="150" border="0" />"Everyone's got their price!  AHH HAHAHAHAHAHAHAHAHAHAHAAAAAAA!!!"

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