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Jiggles94
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Cash: $ 0.85
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Joined: 28 Oct 2004
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| Where should I put my money? |
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Within the next two months I will be getting three checks that total about $65,000. Then in the four months after that I will receive about $75,000. Well obviously they are coming via check so they must be cashed and put somewhere. I just don't know where. I know I can't put them in my regular checking account (25,000 limit) and I am close to that now. I am 21 and recently out of college. I will be using about 60,000 to pay off my college loans. Alright, my question is where should I invest it. I don't want to go and loose it. It would be nice to watch it grow, yet in a sense I would like to be able to touch it incase something comes up. Right now all I have is a standard checking account.
Thanks,
Nicole
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Thu Oct 28, 2004 6:32 pm |
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xboxundone
Senior Member
Cash: $ 67.83
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a great return on keeping money handy is opening an ING Direct savings account. 2.2% APY. PM and i will invite you and you will get a 25.00 opening account bonus.
It is a great gauranteed return!
Check out some of the other investing/saving threads as lot of people seem to be inheriting money in this forum look at other suggestions we have made.
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Thu Oct 28, 2004 8:15 pm |
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BlankenshipFP
Money Talk Advisor
Cash: $ 79.56
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Joined: 05 Oct 2004
Location: Illinois
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At the risk of sounding like a broken record, first of all, you need to keep in mind that FDIC insurance only covers $100,000 deposits per bank per individual or entity. Therefore, given that your amounts mentioned are above this level, you should choose a couple of different banks to deposit these checks into.
Secondly, you are in a wonderful position to begin developing your knowledge and skills in investing. Start by reading about investing:
• The Richest Man in Babylon, by George Clason
• A Random Walk Down Wall Street: The Best Investment Advice for the New Century, by Burton Malkiel
• The Only Investment Guide You’ll Ever Need, by Andrew Tobias
• Bogle on Mutual Funds: New Perspectives for the Intelligent Investor, by John Bogle
You're in a position to develop a solid foundation of financial acumen, which will serve you well throughout your life. Take advantage of this point in time to learn all you can, and then apply those lessons diligently.
Remember, Rome wasn't built in a day. It may seem like building a fortune using the concepts you'll learn in the books I've mentioned will take forever, but you'd be surprised at how quickly things begin working in your favor. Just keep in mind, most concepts and schemes to "get rich quick" ARE in fact, too good to be true. Beware of them.
One last thought - you mentioned that you would be using $60,000 to pay off college loans. While carrying debt is not generally a *good* thing, consider that, as a young person, you probably don't have much of a credit history developed. Keeping your college loan payments current with income thrown off by these investments will help to develop a good credit history.
In addition, with today's interest rates at historic lows, if you can lock in a rate for the balance of your loans and stretch out your payments over a very long period of time (30 years, in some cases), then you'll very likely do much better on your investments than the loan is costing. In other words, if your rate on the loan is, for example, 4% (real rate is less if you can deduct the interest for taxes), you could make considerably more than that in some pretty conservative investments.
Good luck!
Jim Blankenship, CFP�, EA
Blankenship Financial Planning, Ltd.
www.BlankenshipFinancial.com
Standard IRS Circular 230 Notice Applies
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Fri Oct 29, 2004 1:27 pm |
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Andrew
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quote:
I can't put them in my regular checking account (25,000 limit)
I've seen accounts that had minimum balances, but I've not run into a checking account that had a maximum balance like this.
Seems like the bank would want everything they could get, so this seems unusual to me... Anybody seen this before or more importantly know why they would want to cap it?
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Fri Oct 29, 2004 2:10 pm |
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xboxundone
Senior Member
Cash: $ 67.83
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Joined: 19 Sep 2004
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quote:
Originally posted by Andrew
quote:
I can't put them in my regular checking account (25,000 limit)
I've seen accounts that had minimum balances, but I've not run into a checking account that had a maximum balance like this.
Seems like the bank would want everything they could get, so this seems unusual to me... Anybody seen this before or more importantly know why they would want to cap it?
It could be a free"student" checking account i have heard of limits but they are usually only for kids accounts or students....... but i agree i would think they would want as much as possible..
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Fri Oct 29, 2004 7:16 pm |
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Jiggles94
New Poster
Cash: $ 0.85
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Joined: 28 Oct 2004
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| yes. |
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Yes, my checking account is a student checking account.
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Sat Oct 30, 2004 6:55 pm |
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Bid-Palace
Full Member
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Joined: 17 Mar 2004
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Jiggles,
Hello. PM me and I can give you some info of where to place your money to earn some awesome returns...
Take Care,
Bid-Palace
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Sat Oct 30, 2004 10:00 pm |
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xboxundone
Senior Member
Cash: $ 67.83
Posts: 795
Joined: 19 Sep 2004
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quote:
Originally posted by Bid-Palace
Jiggles,
Hello. PM me and I can give you some info of where to place your money to earn some awesome returns...
Take Care,
Bid-Palace
Why dont you post about this "awesome" returns as i would like to know about them.
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Sat Oct 30, 2004 10:54 pm |
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Bid-Palace
Full Member
Cash: $ 4.21
Posts: 74
Joined: 17 Mar 2004
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hello,
You have already probably read about it here, PIPS of course.. Growing everyday!
Now 11 companies under the corporation.
http://www.pureinvestor.com
Take Care,
Bid-Palace
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Sun Oct 31, 2004 2:50 am |
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BlankenshipFP
Money Talk Advisor
Cash: $ 79.56
Posts: 390
Joined: 05 Oct 2004
Location: Illinois
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quote:
Remember, Rome wasn't built in a day. It may seem like building a fortune using the concepts you'll learn in the books I've mentioned will take forever, but you'd be surprised at how quickly things begin working in your favor. Just keep in mind, most concepts and schemes to "get rich quick" ARE in fact, too good to be true. Beware of them.
This is not directed at any single get rich quick scam, sorry, that should have been "scheme" - it's directed at all of them. I choose to disparage them all - call me an equal opportunity disparager, if you will.
Jiggles94 was looking for low risk investing strategies. Recommending these kooky, shady, definitely high-risk activities is irresponsible, to say the least.
Jim Blankenship, CFP�, EA
Blankenship Financial Planning, Ltd.
www.BlankenshipFinancial.com
Standard IRS Circular 230 Notice Applies
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Mon Nov 01, 2004 12:53 pm |
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xboxundone
Senior Member
Cash: $ 67.83
Posts: 795
Joined: 19 Sep 2004
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quote:
Originally posted by BlankenshipFP
quote:
Remember, Rome wasn't built in a day. It may seem like building a fortune using the concepts you'll learn in the books I've mentioned will take forever, but you'd be surprised at how quickly things begin working in your favor. Just keep in mind, most concepts and schemes to "get rich quick" ARE in fact, too good to be true. Beware of them.
This is not directed at any single get rich quick scam, sorry, that should have been "scheme" - it's directed at all of them. I choose to disparage them all - call me an equal opportunity disparager, if you will.
Jiggles94 was looking for low risk investing strategies. Recommending these kooky, shady, definitely high-risk activities is irresponsible, to say the least.
I agree he is looking for gauranteed return not high risk I think the first couple of posts address his question.
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Mon Nov 01, 2004 2:49 pm |
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Bid-Palace
Full Member
Cash: $ 4.21
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Joined: 17 Mar 2004
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Hello,
Yes it is a high risk yielding opportunity only bc it is returning higher returns in one day than a bank offers in one year. But, the way it is going and the way it will go is low risk to me. I wouldn't dump as much money as I did if I thought it was high risk where there was a more than 20% chance of losing my money.
PIPS is not kooky shady or whatever you call it. They have a license and incorporated in Maylasia and has 6 offices around the world. It is made of 11 companies. The CEO Bryan Marsden invites anyone to come to the offices and if he is there, he will personally tell you about how everything works. He has already done this throughout the US in his recent tour. You tell me what is Kooky, shady, etc about that???
So you are going to disparage something that is legit and has no indication of being even close to a scam?? And you're quote about Rome wasn't built in a day. Do you think this thing just started?? It's roots start in 1997.
This is not irresponsible of me, this is sharing the best opportunity out there. In less than 3 mnths someone will make a lot lot more than any bank will ever offer.
And I like how you believe you are a savior and going to stop this or something. Your statements also sound very similiar to someone we call a "troll" in the PIPS forum that got banned. I dont know if you are him and don't care but I know this has turned people's lives upside down into paradise. $250,000 is donated every month to a huminatarian aid for Fillipino kids, ask them about calling this a shady kooky scheme scam you say.
Do your DD on PIPS before you make statements with no backing.
Take Care,
Bid-Palace
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Mon Nov 01, 2004 7:12 pm |
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xboxundone
Senior Member
Cash: $ 67.83
Posts: 795
Joined: 19 Sep 2004
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quote:
Originally posted by Bid-Palace
PIPS is not kooky shady or whatever you call it. They have a license and incorporated in Maylasia and has 6 offices around the world. It is made of 11 companies. The CEO Bryan Marsden invites anyone to come to the offices and if he is there, he will personally tell you about how everything works. He has already done this throughout the US in his recent tour. You tell me what is Kooky, shady, etc about that???
So you are going to disparage something that is legit and has no indication of being even close to a scam?? And you're quote about Rome wasn't built in a day. Do you think this thing just started?? It's roots start in 1997.
Take Care,
Bid-Palace
Bid thanks for your input.... My take is if this is so legit then why does all of this take place in maylasia.... To me this is fishy.... and that may be partly to my security in knowing that the things i invest in a more US based but take it for what it's worth.... I am sure the guy is willing for you to come visit etc... It is just a little fishy to me why dont they set this up in the US????? BY me saying fishy that does not mean it is not legit... it is just my point of view
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Mon Nov 01, 2004 7:29 pm |
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Andrew
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I don't know if PIPS will continue to make good money for participants or wind up swallowing all the investments one day to never be seen again. I think that participants need to acknowledge that the latter is at least possible.
PIPS is a HYIP.
Most all HYIPs are scams, based on a ponzi scheme.
PIPS in some ways appears to be at least unique among the HYIPs, given it's wide popularity and a touring CEO.
But at the same time they do share some attributes from the kooky Matrix sites. Here is an example.
quote:
The unique PureInvestor Clone System has been designed to group members together in a Master Matrix of 2800 and then clones those members into smaller matrices providing members with a minimum monthly revenue of $1062.
http://pureinvestor.com/members/jladenmark/about.shtml
That sounds a bit wacky to me. I would rather they go into deep deep details explaining how they invest they money, what type of returns they are getting from their investments, etc.
It's not typical that you find a "CEO" of a "multi-million dollar" investment fund that posts daily the company forum. Most CEO's would be too busy to do this. Seems to me he's more of a figurehead.
At least they don't try to hide public criticism...
http://forum.pipsinc.com/phpBB2/viewtopic.php?t=19675&postdays=0&postorder=asc&start=0
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Mon Nov 01, 2004 8:00 pm |
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xboxundone
Senior Member
Cash: $ 67.83
Posts: 795
Joined: 19 Sep 2004
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Here you go answer this question then i will think about joining.
if someone can produce 2% returns per day, why would he use stranger's money in that scheme, instead of borrowing money at 4-8% a YEAR and keep all the surplus profits for himself?
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Mon Nov 01, 2004 8:08 pm |
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