[shipill]

I have $25000 in my high interest saving - what should I do with it?


Would appreciate any advice. Good luck !

[txusa03]

you win the lottery?

[shipill]

Originally Posted by txusa03

you win the lottery?

no , my own money

[MCS]

My advice - Put 1/2 of it in a CD
Other 1/2 in a Bank

If you want to play the markets - go for it at your own peril

[///Mandy]

Markets might be a bit risky now though..I'd say save it in a savings account so that way it can accumulate interest. Once the markets pick up, dump it into worth while stocks.

[MJC///M3]

play the ETF's. financials are rolling today....

[silvergray545]

you could give it to me

haha but i think your best bet for now is just keep it in the bank

[nnnnnnnnnnnnnnnnnnnnnn]

Let's see.. By your description you have $25k in a high interest, low risk, place... And you want to take that money out WHY????????

[wj4]

Originally Posted by ferrari355fi

Let's see.. By your description you have $25k in a high interest, low risk, place... And you want to take that money out WHY????????

He wants more profit of course. But the risk is also higher.

I'm a boring person so personally, I'd leave it in there. What's your % on that high interest saving account? 3-4% right?

[sinnet112]

Keep it in a high yield savings account. I'd say CD, but that was a few months ago. Now, many savings rates are higher than CDs, so there's no point. I don't have too much faith in the markets right now, even though they're on an upward swing. We're due for another pullback, and this bouncing around is going to be the story of this year. There's still money to be made if you play the trends though, but proceed at your own risk.

[MoreCowbell]

Originally Posted by shipill

I have $25000 in my high interest saving - what should I do with it?


Would appreciate any advice. Good luck !

I'll make you a deal...

I was just conacted by a lawyer in Africa. Turns out, I have a cousin whom I never knew. He just died from Scurvy, and I am the lone beneficiary of his will...which is about 20 million dollars.

The only issue is, I need to wire over 25k for legal fees prior to getting the funds. I'm a little light on cash right now because my new X5 and that paternity suit from that woman with down's syndrome.

If you lend me the 25k, I'll give you back a million bucks as soon I get the funds.

What do you say?

[wj4]

Originally Posted by MoreCowbell

I'll make you a deal...

I was just conacted by a lawyer in Africa. Turns out, I have a cousin whom I never knew. He just died from Scurvy, and I am the lone beneficiary of his will...which is about 20 million dollars.

The only issue is, I need to wire over 25k for legal fees prior to getting the funds. I'm a little light on cash right now because my new X5 and that paternity suit from that woman with down's syndrome.

If you lend me the 25k, I'll give you back a million bucks as soon I get the funds.

What do you say?

You forgot to say that your cousin was a prince.

[jdink]

“once the markets pick up, DUMP it into worth while stocks”

How do you know when the markets pick up? When they go up? By then it is to late to get back in. If you are in a 6mo-1yr CD you can't even do this if you tried. How do you know what worth while stocks are? If we knew then we wouldnt ever lose money. Dumping into anything is usually not good.

“PLAY the etf’s”

I don't think i'd ever take financial advice from someone who recommended that I play with my money. Might as well say "hey, lets go to vegas!"

“Financials are rolling TODAY…”

What about tomorrow?

“GIVE it to me”

Don't listen to him. Give it to me instead!...

“HIGH interest, LOW risk”

Can we say oxymoron?

“I’ll make you a DEAL”

Anyone who says they are giving you a deal is either selling you something or scamming you. In this case..

great advice everyone

[GreenThree]

leave it in the SA right now. Its liquid and guaranteed. I am getting 3.5% now. you?

A fixed annuity is tax deferred AND guaranteed. 5% for 5 years. Which is probably too long for you. But dont do an annuity unless you are over 59 1/2. There are also 2 year options but that yield is no better than a CD or HYSA.

[jdink]

annuities usually have a lot of fine print, which usually includes lots of crappy fees. make sure you read the fine print.

3.5% isn't bad, except inflation is about to suck and that 3.5 might even be before taxes. also, considering how far we have fallen you should take into consideration what kind of returns might be had with a 3-5 year outlook using a diversified stock portfolio. 3.5% is like a one day swing in the market these days.

[shipill]

Originally Posted by wj4

He wants more profit of course. But the risk is also higher.

I'm a boring person so personally, I'd leave it in there. What's your % on that high interest saving account? 3-4% right?

3%

[bolinp78]

Originally Posted by ///Mandy

Markets might be a bit risky now though..I'd say save it in a savings account so that way it can accumulate interest. Once the markets pick up, dump it into worth while stocks.

Help me with why you would "wait for the markets to pick back up" before investing in the stock market? There are some incredible buys right now, you just have to know where to look.

Let's just say that this is the last place that I would go for investment advice, or any recreational online forum for that matter. Frankly, you get some pretty backwards, incomplete, and downright terrible opinions. Talk about a bad idea, UNLESS you know how to use the information (with a grain of salt) without letting it influence you too heavily.

[SE3P_to_E90]

if you want to invest today, you're probably better off going to vegas... your chances for profit are probably higher lol.

OR, you can give it to me and call it your goodwill act for the year

[MJC///M3]

Originally Posted by jdink

“PLAY the etf’s”

I don't think i'd ever take financial advice from someone who recommended that I play with my money. Might as well say "hey, lets go to vegas!"

“Financials are rolling TODAY…”

What about tomorrow?


:

I have made good money "buying and selling" the ETF's. There is that better for you??

[Zephyr15]

No one has asked any of the right questions yet (or any at all), IMO. I'll offer a few to start:

1. How old are you?
2. Describe your risk tolerance.
3. For what purpose are you saving this money?

[pdeacon]

Originally Posted by shipill

I have $25000 in my high interest saving - what should I do with it?


Would appreciate any advice. Good luck !

Depends on how liquid you are aside from this account...
It thats all the cash you have, fine, tie it up in a Money Market Account (higher yield than a traditional savings) which gives you access without penalty, unlike a CD.

If you think this 25K you mention is long term savings and you feel you will only access it for a last resort/emergency, open up a ROTH IRA.
(I am making the assumption you make less than 100,000/annual)
Some absolute steals in the market right now - you can pick up some Ferrari like equities for BMW type prices
Good luck bro and shoot me a PM if you have any more questions.

[WWJD]

Originally Posted by shipill

I have $25000 in my high interest saving - what should I do with it?


Would appreciate any advice. Good luck !

First off, anyone that says do this and don't do that, has no idea what the hell they are talking about. I guess these people giving out advice didn't realize you live in a different country!!

I comprehend that its Canada and you live technically close but any product like an annuity (which has been talked about in this thread) is going to have tremendously different rates. Take the USA for example, depending on the STATE (not just country) you live in, the rates of Fixed annuities fluctuate greatly. Also certain riders on annuities in one state are sometimes not allowed or just not approved in another.

Anything with investing your money in the S&P or Dow Jones is a crap shoot right now with the extremely Volatile market. Also within the Financial world there is supposed to be a second round of cause and affect with the Mortgage issue and people not paying up, it will not be as bad as this first round from the past 2 year decline into a solid recession. But there are thoughts that the issue of credit is greater than the economy expected. We may not even see a solid increase in the market till the end of 2010.

Right now there are many avenues that you can go with pertaining to your age, risk tolerance, percentage of money which should be in savings. Just cause you have 25k to play with in your eyes, doesn't mean that would be the recommended amount to spend. Also there are other things that may be of importance to you and your family like disability insurance, health insurance and life insurance that you may not have already which would need to be resolved first.

Overall there is more information that needs to be given before giving an educated decision on where and how to spend your money.