But he wants to be able to take the money out whenever he wants. Not really an option with an IRA.
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- Thread starter martinss01
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But he wants to be able to take the money out whenever he wants. Not really an option with an IRA.
studepaber
Duck duck duck duck duck duck duck duck duck duck
I'd suggest this as well, depending on how comfortable you are with risk and how long you want to invest your money you could dip into non-index mutual funds (like international stock funds, small companies stock funds). It wouldn't be a bad idea to start a Roth IRA as well if you can.
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martinss01
blissfully stupid
exactly correct thump, thats really not what im looking for. i have a pretty decent investment matching 401k through work as well as company stock. im 28 and while i am investing for my retirement, it really isn't a primary conscern at present.
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Zurp
I have misplaced my pants.
If you aren't against a CD, then that's what I would do if I were "stuck" in your shoes. (I noticed that you pluralized "car," as if you had more than one. Meanwhile, my wife and I don't even have one to call our own.) I would somehow keep track of this "extra" money. Put it in your savings account, and write down how much you found that week. When you decide to start your CD, put all the money you've found into that CD. Maybe start with a 6-month CD. Then, next week, start over with writing down how much you've found. When the 6 months is up, don't just let the CD roll into a new account, but go and deposit the additional money from your savings account. Do this over and over until you get married. At that time, you can kiss your money goodbye.
My wife and I are about to withdraw money from a 6-month CD. We have about 3-4 times more money in our savings account, but the interest we made each month was about 50% more in the CD account than the savings account. If you can afford to tie your money up for a while, CD's are a good idea.
Unless, of course, it's a LOT of money. In that case, I've heard that CD's aren't so good, because there are better ways to earn better interest. And I'm not talking about IRA's, either. (Though those are good, too.) I don't have the luxury of knowing about those better ways, or being able to use them, though.
My wife and I are about to withdraw money from a 6-month CD. We have about 3-4 times more money in our savings account, but the interest we made each month was about 50% more in the CD account than the savings account. If you can afford to tie your money up for a while, CD's are a good idea.
Unless, of course, it's a LOT of money. In that case, I've heard that CD's aren't so good, because there are better ways to earn better interest. And I'm not talking about IRA's, either. (Though those are good, too.) I don't have the luxury of knowing about those better ways, or being able to use them, though.
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martinss01
blissfully stupid
the best return on investment given the parameters. i don't want to have to retire to gain access to this particular cash. i also need to have the ability to continually make deposits to this account as this is extra money that crops up every month. i can see myself letting this sit in an account for 5 to 7 years. i don't want this to sit for 50 years. i could see this money being used as a house project fund at some point, maybe buy a car outright depending on how aggressive i get with it in the future, possibly even the start of a college fund for children that to date (and hopefully no time soon) do not exist. the problem is its not enough money to do anything intelligent with, but its too much money to simply ignore. does that make sense?
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