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Where to invest 2k a year?
- Thread starter Rugger
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Harold falcon
Stylish Dinosaur
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What are you investing it for?
If a "rainy day fund" you need to put it somewhere accessible in a pinch, even like a regular savings account.
If for education there are 529 plans or something similar that will offer tax incentives. You might want to consider paying off your current student debt early (depending on your current interest rate).
If for retirement there are a multitude of options but the money is tough to get at without incurring substantial early withdrawal penalties.
I have a Schwab account and dump about 2k a year into it, just as a general savings plan. Maybe for the down payment on a better house someday.
If a "rainy day fund" you need to put it somewhere accessible in a pinch, even like a regular savings account.
If for education there are 529 plans or something similar that will offer tax incentives. You might want to consider paying off your current student debt early (depending on your current interest rate).
If for retirement there are a multitude of options but the money is tough to get at without incurring substantial early withdrawal penalties.
I have a Schwab account and dump about 2k a year into it, just as a general savings plan. Maybe for the down payment on a better house someday.
Rugger
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What are you investing it for?Originally Posted by harvey_birdman
If a "rainy day fund" you need to put it somewhere accessible in a pinch, even like a regular savings account.
If for education there are 529 plans or something similar that will offer tax incentives. You might want to consider paying off your current student debt early (depending on your current interest rate).
If for retirement there are a multitude of options but the money is tough to get at without incurring substantial early withdrawal penalties.
I have a Schwab account and dump about 2k a year into it, just as a general savings plan. Maybe for the down payment on a better house someday.
General savings, but would also need it as a rainy day fund.
drbaw
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I'm young, can go moderate to high risk. Just looking for some tips. I don't make much so don't ask me why so little LOLOriginally Posted by Rugger
I've found great success here: http://www.styleforum.net/forumdisplay.php?f=20
Seriously, if it truly is savings, and not money used for cashflow, I'd dump it all in an index fund.
level32
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You need a rainy day fund. I'd just choose a high interest checking or savings account. See: http://slickdeals.net/forums/showthr...id=0&t=1888086 or http://www.money-rates.com/savings.htm
Piobaire
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i thoguht there was a fine for cd's & money markets for withdrawing early?Originally Posted by yjeezle
You lose some of the interest in a CD. Big deal at this time when rates are what? 1%? Another thing to do would be to take it to a different bank, open a new checking/savings account, and just let it sit there. Segregation of the money is to help not spending it in your daily cash flows. DO NOT put it in an IRA. You will trigger a 10% tax penalty if you have to tap it.
the shah
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DO NOT put it in an IRA. You will trigger a 10% tax penalty if you have to tap it.Originally Posted by Piobaire
need it as a rainy day fund.Originally Posted by Rugger
yeah i didn't notice this earlier gamble at nearest casino
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Y2K?
Lol, I'm so clever!
Lol, I'm so clever!
AR_Six
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Mayhaps I can make use of this thread.
I was thinking of doing this except making it 500 a month in the hopes of ending up with a down payment on a house or apartment at some point in the next few years. I get a raise every year so that number will creep up, but 500 to start seems reasonable. If I could make a decent return over the next few years, though, that'd be ideal. Wrinkle: I am Canadian eh?
Any advice appreciated. Other than comments about moving to the U.S.
I was thinking of doing this except making it 500 a month in the hopes of ending up with a down payment on a house or apartment at some point in the next few years. I get a raise every year so that number will creep up, but 500 to start seems reasonable. If I could make a decent return over the next few years, though, that'd be ideal. Wrinkle: I am Canadian eh?
Any advice appreciated. Other than comments about moving to the U.S.
Piobaire
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Mayhaps I can make use of this thread.Originally Posted by AR_Six
I was thinking of doing this except making it 500 a month in the hopes of ending up with a down payment on a house or apartment at some point in the next few years. I get a raise every year so that number will creep up, but 500 to start seems reasonable. If I could make a decent return over the next few years, though, that'd be ideal. Wrinkle: I am Canadian eh?
Any advice appreciated.
100% serious: if you want to preserve the balance to tap in the next few years, there is simply nothing for a "decent return" at this time. Toss it into a high yield savings and have done with it.
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