WickeDay Posted October 24, 2007 Report Share Posted October 24, 2007 I am supposed to be getting a settlement and it couldn't be better timing because I am getting ready to move into a new co-op (condo). But, the thing is, I've never had a lot of money and don't want to just blow through all of it, you know?Are there ways to invest risk-free? Should I get an accountant to guide me? Or, should I just really track my spending and be responsible?I'm 26 and totally lost. Link to comment Share on other sites More sharing options...
Donna47129 Posted October 24, 2007 Report Share Posted October 24, 2007 You can send it all to me...I promise...I'll take good care of it!! Naw, in order for it to be risk free you probably should buy some bonds or CDs, or put in a fixed% IRA.Call your bank and they should be able to help you.You sound VERY responsible for a 26 year old! Good for you! Link to comment Share on other sites More sharing options...
Bodhi Posted October 24, 2007 Report Share Posted October 24, 2007 I am supposed to be getting a settlement and it couldn't be better timing because I am getting ready to move into a new co-op (condo). But, the thing is, I've never had a lot of money and don't want to just blow through all of it, you know?Are there ways to invest risk-free? Should I get an accountant to guide me? Or, should I just really track my spending and be responsible?I'm 26 and totally lost.If you have (or are getting) a large sum of money, don't screw around and post on a board of annoymous people. Go to a financial advisor. Charles Schwab, AIG, Fidelity, and a host of others are available. Just be sure to sit down and go over fee schedules and costs for the advice to be sure you fully understand what you are getting yourself into. If it is a smaller amount, and you want to be sure not to blow it, put it into a CD at a bank. Most are offering atleast 4% and some are up too 6% depending on time frames of the CD. This is the safest option, just be sure the bank is FDIC insured.I personally put everything I can into a 401K and another mutual fund. The 401K is doing better than 50% return per annum, but I am also extremely aggressive with it. The Mutual Funds I am with is extremely conservative, so gains are around 10%. Just be careful what you do and be sure to fully understand what you are getting into. Oh, and kudos to you for being smart and investing instead of blowing it like most young people! Link to comment Share on other sites More sharing options...
Donna47129 Posted October 24, 2007 Report Share Posted October 24, 2007 401K is an account through an employer, and it can be risky, especially with the market these days unless you put all your money in fixed.I agree with Bohdi, talk about getting CDs or something else in fixed if you want to secure your funds and not gamble with them. Link to comment Share on other sites More sharing options...
analog_kid Posted October 24, 2007 Report Share Posted October 24, 2007 My ING savings account is over 5% at the moment. If it is a smaller sum I would maybe explore that option. Otherwise you are wasting your time with anything other than a CD imo, especially if you want to have regular access to your money. Unless you are talking like $500,000, that's a different story! Link to comment Share on other sites More sharing options...
Bodhi Posted October 24, 2007 Report Share Posted October 24, 2007 401K is an account through an employer, and it can be risky, especially with the market these days unless you put all your money in fixed.I agree with Bohdi, talk about getting CDs or something else in fixed if you want to secure your funds and not gamble with them.Donna I agree that a 401K is an employer set up issue, but if she does have the option, than I would suggest max contribution and compensate herself back out of the settlement so that it offsets and she is able to place the money into a "tax free" situation.As for the market being volatile... yes and no. There is a difficult road ahead if you are only looking at real estate and banking both in the EU and US. The rest of the world seems to be going on though, especially the Southern Pacific and Indo-China areas. They are definitely on the up and there looks to be no slow down for at least 10 years. Link to comment Share on other sites More sharing options...
WickeDay Posted October 25, 2007 Author Report Share Posted October 25, 2007 It is a smaller sum and I know I'm gonna have to put some of it into my new place. I'm going to have to get two roommates to help me cover the mortgage/maintenance and so I'm thinking if I invest the money in my apartment, I'll actually end up getting a return because I'll be able to rent the two rooms out for a little more. But, I also feel like I want to be careful on how I spend it, even if it's going into my home! Link to comment Share on other sites More sharing options...
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