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oNeBlackWoman
10-17-2006, 07:28 PM
Mutual Fund owners here?

If so, could you suggest any good cd’s or money market accounts and any tips of any kind on how to keep inflation from eating future investments?


I’m seriously seriously thinking about FINALLY making that jump from a basic savings and checking account I have and that I just found out is only giving me something like .42 percent back on the money I have in the account. :o Yeah, I’m pretty embarrassed I just found this out because I’ve had my money in this particular bank FOR YEARS and have always just direct deposited my paychecks in it and used my ATM card for obscene withdrawals while accumulating $5 atm limit fees and $7 overdraft fees. :o :o :o



Well, no more, I would like a better place to park and grow the little money I have FASTER and am even thinkin of switchin banks altogether because I just found out their CD rates aren’t all that great either….although FAR better than .42 percent.


I have found one or two places that I'm considering but would still like to have more reputable places that others may have heard of to choose from.....like hsbcdirect.com.......kiplingers wrote that they have a savings account that offers %5 with only a dollar minimun to open the account. I plan on lookin at them a little closer within the next few days or so.


Thanks to any who might have taken time to read this!

J Hoyt
10-17-2006, 07:49 PM
Just walk into the bank where you have your savings account, tell them you've had an account there for a long time and say you'd like to speak to someone about making some investments. They can tell you all kinds of ways to be a better steward.

I have some money invested in shares of two banks (Bank of Nova Scotia, Royal Bank of Canada) that my grandparents left me. It's been a great investment but it has been in for about 16 years now. Banks have been good to me but that's almost all I can tell you about investing. Long term investing is always safer. Trying to make a quick buck is always dangerous.

albraggs
10-17-2006, 09:23 PM
hey fam
Im in 12th grade and we have been (in my high school class) talking about credit cards, Roth/IRA's, CD's, Stocks and its really good class called economics. But there is a site that my teacher gave us about funds and investing in one or how many ppl want. It's www.motleyfool.com

also i will get back to tell you about a bank that offers 5.6% interest rate.

DJ Links
10-17-2006, 09:52 PM
Mutual Fund owners here?

If so, could you suggest any good cdís or money market accounts and any tips of any kind on how to keep inflation from eating future investments?


Iím seriously seriously thinking about FINALLY making that jump from a basic savings and checking account I have and that I just found out is only giving me something like .42 percent back on the money I have in the account. :o Yeah, Iím pretty embarrassed I just found this out because Iíve had my money in this particular bank FOR YEARS and have always just direct deposited my paychecks in it and used my ATM card for obscene withdrawals while accumulating $5 atm limit fees and $7 overdraft fees. :o :o :o



Well, no more, I would like a better place to park and grow the little money I have FASTER and am even thinkin of switchin banks altogether because I just found out their CD rates arenít all that great eitherÖ.although FAR better than .42 percent.


I have found one or two places that I'm considering but would still like to have more reputable places that others may have heard of to choose from.....like hsbcdirect.com.......kiplingers wrote that they have a savings account that offers %5 with only a dollar minimun to open the account. I plan on lookin at them a little closer within the next few days or so.


Thanks to any who might have taken time to read this!

First question I would ask you is this: Do you have a budget?

If you don't have a budget then you don't need to start investing. Having a budget is the foundation of anything you do in personal finance.

Psalmist
10-18-2006, 09:02 AM
$5 ATM Fees? Where you taking your money out....thats crazy.
$7 Overdraft Fees? Keep this account man...bottom line some banks will charge you $15-$35 for an overdraft!

Bottom line, if you just looking to saving, take a good look at ing....got a good yield. CD's will produce a guaranteed return that at least keeps up w/ inflation.....stock market is cool, but you need a good ammount of capital to invest. Stocks are usually sold in 100's....so be ready to buy that kind quantity.

I invest w/ my retirement w/ Metlife. Like em cause if I need to access the money, I can always borrow against it w/o adding to my taxable income. Bad part is it comes out before taxes, so when I cash out, I will need to pay taxes on it!

apokalum
10-18-2006, 10:07 AM
I have a couple but I don't know how to access them..I've had them since before I was born and I think my pops stopped putting money in them once he retired.

I'd suggest getting an IRA if you want to do some long time investing, and you have the cash.

oNeBlackWoman
10-18-2006, 11:51 AM
Just walk into the bank where you have your savings account, tell them you've had an account there for a long time and say you'd like to speak to someone about making some investments. They can tell you all kinds of ways to be a better steward.

I have some money invested in shares of two banks (Bank of Nova Scotia, Royal Bank of Canada) that my grandparents left me. It's been a great investment but it has been in for about 16 years now. Banks have been good to me but that's almost all I can tell you about investing. Long term investing is always safer. Trying to make a quick buck is always dangerous.


Thanks Jhoyt! While I haven't exactly walked inside my bank in quite sometime I did this weekend CALL them and ask about that. He recommended their 3 month and 6 month cd's at about 2.7% and 3.9%, respectively. I know this is much better than the measly .42% I'm earning now in their savings account but the actual lock-up, at those rates, of the amount money I would like to put in something like that to actually see a difference still doesn't seem like the best thing to do with this them which is why I'm currently looking for a CD or something different altogether that will atleast give me 5% or 6% if I won't have access to it for 6 months. If I could find somethin at that rate I will FORCE myself, with the Lord's help, not to need it in 6 months and withdrawal early because I plan on placing close to 75% of my savings in it.



Long term investing is always safer. Trying to make a quick buck is always dangerous.

Agree 100% - trying to make a quick buck is super dangerous and is not what I'm trying to do at all (I've fallen for a couple of "make money fast" programs in my lifetime) but I am currently trying to make a buck faster than I am now through better and more attentive investing and saving.

Thanks so much again!

Quiet storm
10-18-2006, 11:51 AM
Oneblackwoman please answer your pm. :)

oNeBlackWoman
10-18-2006, 11:52 AM
hey fam
Im in 12th grade and we have been (in my high school class) talking about credit cards, Roth/IRA's, CD's, Stocks and its really good class called economics. But there is a site that my teacher gave us about funds and investing in one or how many ppl want. It's www.motleyfool.com (http://www.motleyfool.com)

also i will get back to tell you about a bank that offers 5.6% interest rate.



I have a couple but I don't know how to access them..I've had them since before I was born and I think my pops stopped putting money in them once he retired.

I'd suggest getting an IRA if you want to do some long time investing, and you have the cash.


Albraggs and Apokalum, thank you! That's great! The Roth IRA has been a serious interest of mine for a minute now and am currently reading more about that.
Also thanks for the Website Albraggs, I just signed up!

DJ Links
10-18-2006, 11:58 AM
Do you have a budget?

If you already have cd and savings accounts check www.bankrate.com and you can shop for better rates.

Also check out my boy Rob Wilson from 12-2 on www.waok.com. This brother breaks it down. I don't think any other finance person on air can touch dude.

oNeBlackWoman
10-18-2006, 11:59 AM
First question I would ask you is this: Do you have a budget?

If you don't have a budget then you don't need to start investing. Having a budget is the foundation of anything you do in personal finance.


Thanks DJ Links! I tend to agree and although I don't have a WRITTEN budget I do intentionally spend very little outside of my food, gas, giving and cd purchases per paycheck.
All my debts (Thank you Jesus!) are paid off (car, credit card, etc.) purposefully so that I can really start doing something with my savings to build up for a prayerfully 20% downpayment as fast (and carefully) as possible.


But either way having a WRITTEN budget is indeed an integral part of personal finances and where I need to be at and next month (NOV 1) I intend on doing just that but first, beginning at the top of that month writing down each and every single expense and then starting the next month on the process I always fail to complete (calculating how much should be spent where and ACTUALLY sticking to it!)
Thanks a bunch!

DJ Links
10-18-2006, 12:03 PM
Thanks DJ Links! I tend to agree and although I don't have a WRITTEN budget I do intentionally spend very little outside of my food, gas, giving and cd purchases per paycheck.
All my debts (Thank you Jesus!) are paid off (car, credit card, etc.) purposefully so that I can really start doing something with my savings to build up for a prayerfully 20% downpayment as fast (and carefully) as possible.


But either way having a WRITTEN budget is indeed an integral part of personal finances and where I need to be at and next month (NOV 1) I intend on doing just that but first, beginning at the top of that month writing down each and every single expense and then starting the next month on the process I always fail to complete (calculating how much should be spent where and ACTUALLY sticking to it!)
Thanks a bunch!

Praise God that all of your debts are paid off!!! Next question. Do you know what your FICO score is? If your credit cards are paid off don't close the accounts. Closing the accounts will lower your score.

oNeBlackWoman
10-18-2006, 12:32 PM
$5 ATM Fees? Where you taking your money out....thats crazy.
$7 Overdraft Fees? Keep this account man...bottom line some banks will charge you $15-$35 for an overdraft!

Bottom line, if you just looking to saving, take a good look at ing....got a good yield. CD's will produce a guaranteed return that at least keeps up w/ inflation.....stock market is cool, but you need a good ammount of capital to invest. Stocks are usually sold in 100's....so be ready to buy that kind quantity.

I invest w/ my retirement w/ Metlife. Like em cause if I need to access the money, I can always borrow against it w/o adding to my taxable income. Bad part is it comes out before taxes, so when I cash out, I will need to pay taxes on it!



Hey Psalmist, are these $15 -$35 fees with or without the "Overdraft Protection" some banks offer? I only ask because that's what I have on my checking account and if that's the same comparison you're making, then yeah I guess it's not too bad!


And as far as CD's that actually keep up with inflation, that's awesome you mention that because I ran across a site yesterday that happen to give some info on "Inflation Linked CDs" (IFCD) and
CD: Inflation Protected (CDIP) cds like this one:
http://fixedincome.fidelity.com/fi/FICorpNotesDisplay?name=CDIP&refpr=obrfind17

...but my bank (CHASE) doesn't offer either one of those.
I didn't quite understand the "coupon" part that both CDIP's and IFCD's have as part of their CD program and will have to read more on that this weekend.

oNeBlackWoman
10-18-2006, 01:34 PM
Praise God that all of your debts are paid off!!! Next question. Do you know what your FICO score is? If your credit cards are paid off don't close the accounts. Closing the accounts will lower your score.


no, I can't remember it but I know it's not in that 750-850 range.

www.annualcreditreport.com (http://www.annualcreditreport.com) I hear will share it with me for a small fee.


And about my credit card, well it's been closed for years now and just recently, after talking with my dad, thought about gettin one again and building up my creditscore with it. Man, am I sorry I didn't know it lowered your credit score for closing it! Thanks for sharing that!

DJ Links
10-18-2006, 03:04 PM
no, I can't remember it but I know it's not in that 750-850 range.

www.annualcreditreport.com (http://www.annualcreditreport.com) I hear will share it with me for a small fee.


And about my credit card, well it's been closed for years now and just recently, after talking with my dad, thought about gettin one again and building up my creditscore with it. Man, am I sorry I didn't know it lowered your credit score for closing it! Thanks for sharing that!

Yeah its gonna take at least 6 months to a year to build your credit back up. That is dude to the credit reporting cycle. You should be able to get your FICO score for free? Have you pulled your credit report this year? I know you definitely get one free but I think it has changed and you can get at least 2 reports a year for free.

BondServant
10-20-2006, 05:28 PM
If you have any marks on your credit report you may be able to get it taken off by writing a letter. Doesn't guarantee they will do it though. You could also take out a small loan and just pay it off to increase your score.

CD's are cool, I'm not that impressed with the ones I've used. Stock Markets are cool if you want that quickly, but they aren't as safe as Mutual Funds. I got some Mutual Funds, they are more for long term investments, but they aren't as risky.

Look into Variabe Life Insurance, you can get cash value as soon as you start paying your premium. It's really like you're only paying half, and placing the other half in another savings account. You can borrow against and not effect your premium or the value of your payment upon death.

I'm doing real estate investments as well. Tax Liens, Preforeclosures, fixer uppers.


It's a whole lot out there, you just gotta educate yourself on it. But it's good you got your debt paid off, now you can seriously think about investing and saving.

Psalmist
10-21-2006, 07:59 AM
If you have any marks on your credit report you may be able to get it taken off by writing a letter. Doesn't guarantee they will do it though. You could also take out a small loan and just pay it off to increase your score.

CD's are cool, I'm not that impressed with the ones I've used. Stock Markets are cool if you want that quickly, but they aren't as safe as Mutual Funds. I got some Mutual Funds, they are more for long term investments, but they aren't as risky.

Look into Variabe Life Insurance, you can get cash value as soon as you start paying your premium. It's really like you're only paying half, and placing the other half in another savings account. You can borrow against and not effect your premium or the value of your payment upon death.

I'm doing real estate investments as well. Tax Liens, Preforeclosures, fixer uppers.


It's a whole lot out there, you just gotta educate yourself on it. But it's good you got your debt paid off, now you can seriously think about investing and saving.
dig....I'm looking into that right now

mr808
10-21-2006, 11:00 AM
Show me biblical examples of how stocks are Godly!!!!!!!!!

just kidding ;)

On a serious note...
My credit score is really high and I get anywhere from 2-5 credit card offers DAILY in the mail. It's kinda funny.

Devin
10-21-2006, 01:22 PM
are we "investing" just to be rich?how is this different then when preachers preach to get rich?or when gospel rappers go secular to be rich?

J Hoyt
10-21-2006, 01:30 PM
are we "investing" just to be rich?how is this different then when preachers preach to get rich?or when gospel rappers go secular to be rich?
Putting your money in bonds or savings account isn't the same as asking God to give you money. It's exactly what the good steward did in the parable. And no one is giving up ministry by buying some bonds.