What to do with my money??? - Page 2 - Mercedes-Benz Forum

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post #11 of 26 (permalink) Old 02-28-2007, 12:42 PM
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Add another vote for Roth IRA.

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #12 of 26 (permalink) Old 02-28-2007, 01:22 PM
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Ditto if you do not need access to the money. If it is short term ING Orange savings account has a good rate of return and great accessibility.

Or, invest in another Benz.
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post #13 of 26 (permalink) Old 02-28-2007, 01:25 PM
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I'd vote for the IRA. Pre-tax is the best way to go for long term savings. I also recommend getting a reputable financial planner involved in helping you. Mine has helped me tremendously over the years.

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post #14 of 26 (permalink) Old 02-28-2007, 01:45 PM
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Or you can send me your money and I will keep it for you.

Seriously, you should max out your 401K contribution if your employer offers it. My distribution from my pay check is 12% pre-tax 401K contribution, 10% each to my two saving accounts. One account is from a Credit Union I opened twenty some years ago and I since moved away from the city. It discourages me to withdraw money from that account as I have "conveniently" lost the bank card they gave me; and there is absolutely no branches that I can get to within the next 200 miles. All subtractions are done via direct deposit from my pay check, before I even see them.

Always remember, pay yourself first.

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post #15 of 26 (permalink) Old 02-28-2007, 01:58 PM
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3rd for roth ira but definitely take all the free matching moneys that may be associated with a 401k.

no load market funds like qqqq (nasdaq) or ivv (s&p500)

in political asylum
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post #16 of 26 (permalink) Old 02-28-2007, 03:16 PM
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Originally Posted by n1philli
Well, what you could do if this applies to you...
I have been getting a several 0% credit cards in the mail here lately so I've been filling them out and usually when they send you your card, you also receive checks that you can use as well. I take one check, fill it out for $1,200 then cash it and put that money into a CD or one of my savings accounts. That way I am making money off their money. You could also add your additional money into the CD/savings account that you are looking to invest in.
As many of you may think...having several credit cards does not hurt your credit score enough to worry about it as long as you are paying the card off. I checked with my banker on this before I even started.
That would not work because you will have to pay a fee for the cash advance then you have to pay back the balance with payments that bear interst while that money is earning interst on a CD. In addition you will be paying a fee for the CD too. Add all the fees, commission and interst and compare to the rate of return on a CD and you will find yourself screwed. Ina ddition now you will have increased your debt to income ratio and lowered your credit score for having a balance on a revolving account that will be in there while you think you are making money.
Do the math and get back with us.
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post #17 of 26 (permalink) Old 02-28-2007, 03:19 PM
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If you don't want to play the market then open an interst account like what ING Direct offers. I just got in the mail an offer to open an account for 4.5% return and they even offered to give me $25.00.
Not my thing, but that could work for you.

Oh PM Badbenz, he is a financial palnner
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post #18 of 26 (permalink) Old 02-28-2007, 04:38 PM
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Professor, i don't think you got it...you don't have to pay for a CD, the bank pays you interest for the CD, and unless you are being screwed, they don't usually charge you anything as long as you don't terminate early. Also, he noted that he is taking advantage of the 0% offers, so it is interest free. Obviously, people doing this are keeping the transaction fees accounted for.

BTW, $1200 in a CD is just not worth it...how much interest could you be getting from that? try getting your credit line extended first...

eddie aka drakon

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Previously: 560 SEC RennTech/AMG (1990), 420 SEL (1987), 420 SEL (1989).
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post #19 of 26 (permalink) Old 02-28-2007, 04:47 PM
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Under the mattress. The stash will be there for you regardless of identity theft and other white-collar crimes, massive computer virus or catastrophic power outage.



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post #20 of 26 (permalink) Old 02-28-2007, 05:01 PM
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Good liquor and fancy whores.

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