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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Investing money
If you had $5000 to invest where would you put it?
Unfortunately I have no experience in this department and would love some advice.
TIA
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Posted 7/26/07 6:44 AM  |
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Long Island Weddings
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: Investing money
in the mean time while u decide, stick it in ing direct or igobanking (Division of flushing savings bank)
Ing is earing 4.5% on a liquid savings, no min
and igo is earning 5.4% on a liquid savings!
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| Posted 7/26/07 8:16 AM |
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seank80
Don't Taze My Dog Bro!!
Member since 5/07 2240 total posts
Name:
Sean
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Re: Investing money
I would normally say a CD but since ING is around the rate of a 12 month cd I would say keep it in the ING. I would probably dabble in the stock market just a tad to get your feet wet. maybe start out with like 500 dollars or so and see what you can do.
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| Posted 7/26/07 8:22 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Investing money
depends on how much risk you want to take!
if you are looking to invest long term - willing to ride the ups and downs - you can put it in stocks. if you want to make sure the money is 100% FDIC insured, then a CD or online savings is better.
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| Posted 7/26/07 8:27 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Investing money
If that is your only savings, put it into a high interest savings account at HSBC or ING or the like. They are often earning more than the 6 month cd rate and you have the option to withdraw it at any time.
I'd only recommend putting that amount into mutual funds / stocks if you're planning a longer-term investment and plan to add to that investment account over time.
I don't like to open an investment account with less than about $10,000, but you can certainly do it. I think your best bet right now is the high interest money market savings accounts. With buying a house, we took a lot of the money out of stocks - Now everything is in money market accounts until we replenish a lot of the savings we used for the down payment.
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| Posted 7/26/07 8:29 AM |
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LIMOMx2
...
Member since 5/05 24989 total posts
Name:
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Re: Investing money
I am looking into investing in oil/gas wells. Great for long term and tax relief. I think you might need more then that though in order to invest into it. FM if interested and I can get more details for you.
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| Posted 7/26/07 8:32 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Investing money
Posted by Kara
If that is your only savings, put it into a high interest savings account at HSBC or ING or the like. They are often earning more than the 6 month cd rate and you have the option to withdraw it at any time.
I'd only recommend putting that amount into mutual funds / stocks if you're planning a longer-term investment and plan to add to that investment account over time.
I don't like to open an investment account with less than about $10,000, but you can certainly do it. I think your best bet right now is the high interest money market savings accounts. With buying a house, we took a lot of the money out of stocks - Now everything is in money market accounts until we replenish a lot of the savings we used for the down payment.
ITA! Start with a high interest savings account. Try to add to it. Reach out to a Charles Schwab type firm that has low fees and talk to them about your savings goals for the future. You may at one point want to invest in mutual funds, stocks, bonds or commodities.
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| Posted 7/26/07 9:22 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14007 total posts
Name:
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Re: Investing money
Posted by Kara
If that is your only savings, put it into a high interest savings account at HSBC or ING or the like. They are often earning more than the 6 month cd rate and you have the option to withdraw it at any time.
I'd only recommend putting that amount into mutual funds / stocks if you're planning a longer-term investment and plan to add to that investment account over time.
I don't like to open an investment account with less than about $10,000, but you can certainly do it. I think your best bet right now is the high interest money market savings accounts. With buying a house, we took a lot of the money out of stocks - Now everything is in money market accounts until we replenish a lot of the savings we used for the down payment.
I agree that you should invest in equities if you are thinking about long term. If this is money you don't plan on using for any near term goals, I say max out an IRA or Roth IRA and save it for retirement. It will grow tax deferred/tax free during the investment period and will add to your retirement assets.
Regardless of investing in an IRA or Roth IRA, if you are not planning on using it for at least 3-5 years, go with an equity mutual fund. T. Rowe Price, Vanguard, Fidelity, Artisan and Excelsior ( I love Value and Restructing Fund symbol is UMBIX) all offer a good line up of no load mutual funds.
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| Posted 7/26/07 11:01 AM |
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JenBenMen
party of five
Member since 9/06 11343 total posts
Name:
Jen
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Re: Investing money
i would put it in ING
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| Posted 7/26/07 11:04 AM |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: Investing money
Thank you all for your input.
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| Posted 7/27/07 9:44 AM |
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