Found Money!!!

-
BrianT

BrianT

Here we go again...
FABO Gold Member
Joined
Mar 13, 2007
Messages
6,054
Reaction score
2,973
Location
Kansas City, Mo
Now that I have your attention, I need your help.

My "mad money" stash has grown to a point where I need to do something with it besides hiding it in a shoe box. This is money that I have obtained through side jobs, selling my ATV, and a small inheritance. It is intended to be used for the Dart, and is less than ten thousand dollars.

I need the money to be liquid enough that I can get at it if I need it, but not be penalized for early withdrawl. Savings accounts and CDs are not paying much, and a money market account isn't much better. I have thought about buying gold coins and keeping them in a safety deposit box at the bank.

What would you guys suggest I do with it? Please try and keep your answers serious. We have a forum for jokes and funny guys. Thanks for your help!
 
I wouldn't buy gold. It is at an all time high and it will probably come back down so you would lose. I would put it in US savings bonds or just put the cash in a saftey deposit box. It would also be a good time to make a car purchase since the classics are down due to the economy.
 
Racerex1 said:
I wouldn't buy gold. It is at an all time high and it will probably come back down so you would lose. I would put it in US savings bonds or just put the cash in a saftey deposit box. It would also be a good time to make a car purchase since the classics are down due to the economy.
Click to expand...

I agree. I would probably put it in a savings account at least it will be there when you get ready for it.
Matt
 
Yea what these other guys say......See if they have one that takes a few days to remove cash ,That way you can think about it before you remove it,,,cause if I put cash in an easy place it comes up missing quickly...oh look new rims tires....carb.... see where I am going w/ this.....
 
Money markets, CD's and stocks are in the toilet right now. I agree that gold is at a high, so that is not a wise move. I would put it in a regular savings account where it will gain some interest, while still being available if you ned it. When the market turns around, you can rethinks this. Also, like Racerex1 said, there are other things to buy for investments, such as classics, however, if you want your money to be liquid, buying anything might not be the route to go.
 
How quockly do you want to be able to access it?
Oil is at a low point & you've got to know it won't stay there very long. Once the global economy picks up, expect to see $100+ a barrel. If you're not in a huge rush, oil futures are a great investment.
 
Open an ING savings account. The interest is almost always a lot higher than your local bank, and the money is always a 3 day transfer away for free. No fees either. If you open your account through a link of a friend that already has an account (me) you can get $25 bonus too. Later down the road you can buy CD's through them also for 3 months on up with good rates.
 
If you're afraid to invest in precious metals, a short term CD would be the best return. A savings account, unless the exception to the rule, will always pay miserably compared to a CD. Shop the banks and see what they offer in the short term (short term because you want your money tied up for short periods right now....not long term....the dollar is too unstable).

In precious metals, platinum is the best buy by far right now.......poised to fly. Gold is high.....buy only for long term investment. Silver runs at about 65% of it's recent high, but it is always poised for big gains when under $14. spot price.....right now it's $13+..............Buying and selling it can return you massive profits right now.....it's like a little roller coaster.

With precious metals you have to remember that it's supply/demand like any other commodity. With our economy going into the toilet, China refusing to buy our treasury bonds and Obama printing money, the dollar is going to crash and it won't be very long........that's why the G-20 is talking about a one-world currency (gee....I've heard that somewhere before.....). Precious metals are in HIGH demand, and there are shortages on many minted items.

It's no joke that not IF but WHEN the dollar goes down, and it will, your 10 grand will probably be fortunate to buy 1 grand of goods or less......other countries that have experienced such a devaluation have gone from that 10 grand to a few bucks......Mexico as an example.......when the Peso went down, they threw their cash into the streets and danced on it.....a bank bag of peso's could not buy a single donut....literally.

Do with the dollars what you want.....but you'd be wise to think this out very carefully. When economies crash, precious metals hold value, and usually skyrocket. Just be educated. http://www.monex.com/liveprices

Use this link and study the precious metals markets.....look at the long term charts and see what's happened over the long and short terms. Good luck.
 
Find a way to invest or buy stock in Polypill imediately. If you haven't heard of it google it.
I have 18K tied up in a small piece of realestate for about 5 years now. It hasn't gained or lost a dime, just secure. I'm seriuosly considering a For Sale sign on it. To me the polypill sounds like a winner.
 
chasduster said:
... if I put cash in an easy place it comes up missing quickly...oh look new rims tires....carb.... see where I am going w/ this.....
Click to expand...

That's exactly my problem. I need to spend some of this money on my car, but we've had two people laid off at work recently and I'm afraid to spend this money. If I put it into my checking account, it would slowly get spent on everyday stuff. That's not what I want.

I like having a little cash on hand, but this is a little more than it's safe to have lying around.
 
Brian: It seems there are not many investors here and at this stage of the game i haven't heard many good solutions to your problem so here comes one solution. You probably don't dabble in buying or selling stocks but you don't have to to take advantage of this type of an account. Get you a Schwab 1 account and yes it does pay interest and does come with the ability to rite checks on this account and also comes with the ability to buy stocks, gold,silver or what ever you decide. Very liquid and many options for the future should you get some good advice on a position. This is what i do with my spare change and am very pleased with it and if it screws up you have no one to blame but yourself. Call em and talk to em. It won't cost you anything to ask questions. Good luck. Most people think you only buy stock. Ever heard of selling stock you don't own?
 
My brother did a short term CD and that was the best deal out of any other option. It has to be a short term one though. He puts it in for a year at a time. He just put it in for another year about a month ago. That way he only has to wait a year if something comes up and he gets the best return that way.
 
Thanks Bill! My parents had a Schwab account, I'll check into it.

What I would like to do is trade part of that money and my dart (and all the parts I've accumulated for it) for that nice black Duster you're trying to sell.

barracudadue: I have money in CDs, and you can cash them out early, but you forfeit the interest that was earned. They just aren't paying much interest right now unless you go long term.
 
If you want to keep the funds as liquid as possible:

1. Bank/credit union account - very liquid; low interest.

2. Money market account at bank - fairly liquid; a little higher interest.

3. CD - not as liquid; higher interest rate, depending on length of maturity.

4. Money market funds - generally higher interest rates; fairly liquid.
 
People tend to act on their emotions when it comes to their money, which is the wrong thing to do. The idea is to buy low/sell high. And what does everyone do when the market tanks? They sell and invest in cds and fixed products. Then when the "market gets back to normal" they invest again, when prices are higher, much higher.
I usually give this example (because people always complain about gas and explain 'how cheap it was last year'): if gas fell to 25 cents a gallon and you could buy a thousand gallons now and sell it all in 1/5/25 years, would you? or would you wait until it came back to what it was originally at and loose all of that growth?
Use your head and invest now- be sure to get it all out before the next 20 year cycle passes; remember 20 years ago?
 
AIG has a good return for all there managers.They take yours and give to themselves.A mattress is the best place?
 
"Buy Low, Sell High" is the understanding of most people But there is probably more money made by selling high and buying low than the other way around. I've got you scratching your heads now. You will need a margin account for this kind of trading. Lets say you sold stocks in B of A last year that you didn't own and then you waited and bought back last month the stocks you sold. You would have realized a very tidy profit from the fall the stocks tumbled in that year. The 52 week high was $42.25. The 52 week low was $2.53. Now if my math still works that would be a fall in price of $39.72 per share. So you sold 1000 share you didn't own. You have to borrow those shares form someone. The brokerage house takes care of that. You bought them back when they hit the low and repaid the people you borrowed them from. You would have made the difference of $39.72 X 1000. Everyone says that if they buy a stock it will surely go down. If it's going to go down then sell someone elses stock and buy back before it comes back up. Now isn't that simple. You really need big nuts.
 
OK, you guys are waaaay to smart for me......damn there are some good ideas here !!!! I learned a lot by just READING this thread. No joke
 
Sounds like most of your money is untaxed. IRS doesn't like that. Personally, I'd start putting it into a savings account little by little to make it all legit, spendable money. Once its in a savings account, do whatever you want with it.
 
This wasn't taxable income. Sold my 4 wheeler (sales tax was paid), couple odd jobs, small life insurance policy and inheritance. As long as I don't go over 10K the bank doesn't have to report any cash transactions.

Still not sure what I'm going to do though.
 
are you a braggart or asking for someone to try to scam you out of your money. i myself would never put my personal buisness of this nature on a public forum. pick up a copy of money magazine and start reading. jmho
 
I'm with ya Brian.
Daredevil: I'm sure Brian appriciates your concern but the only way that someone will scam him is if he's stupid and i doubt that this is the case. I took it as he was asking for advice. Here's some more Brian. The vast majority of the brokers today make their money when you buy or when you sell. Guess what they are going to want you to do with your money. They make money wheather you do or not. Do it yourself. I learned it a long time ago. Remember when Chrysler was at $12 about 20 yrs ago. Well the little broker said wait till it hits $10. It never did. In 2 months it was back to $50. I would say his info cost me several thousand. So i went on my own and bought Bethlehem Steel and in 6 weeks made several thousand without him. Do the Schwab 1 account. Ask for checks. It is an interest bearing checking account with a lot of other features. We need a trading/stocks forum.
Tell me if you need any help with anything. As far as the magazines its alot like a broker. It's someone elses opinion. I use the Wall Street Journal. The tape don't lie.
 
open a savings account, safest place for your money. FED only cares if you deposit 10k or more at a time. Precious metals are for speculators willing to take a loss.
 
daredevil said:
are you a braggart or asking for someone to try to scam you out of your money. i myself would never put my personal buisness of this nature on a public forum. pick up a copy of money magazine and start reading. jmho
Click to expand...

I'm sorry, didn't mean to sound like a braggart. Was actually looking for a little honest advice. I definately wasn't looking for anyone to scam me out of my money. Some of us on this board have experience in areas that others do not. Thanks for your concern and advice. Now, go away.

I stuck it in a CD today while I try to figure a longer term plan.
 
You must log in or register to reply here.
-

Back
Top