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Started By
Message
I come here to the money board for some advice.
Posted on 12/5/11 at 6:21 pm
Posted on 12/5/11 at 6:21 pm
I have an extra $4,000 right now and I am trying to find the best way to invest this money. Savings account, CD, IRA? I really don't know much about any of this stuff. any help is appreciated.
ETA: Or should I just blow it on a pair of BCS tickets? I figure this is what the OT lounge would suggest.
ETA: Or should I just blow it on a pair of BCS tickets? I figure this is what the OT lounge would suggest.
This post was edited on 12/5/11 at 6:22 pm
5
Posted on 12/5/11 at 6:25 pm to Vinny V
quote:
I have an extra $4,000 right now
What does that even mean...extra?
Posted on 12/5/11 at 6:36 pm to Tiger JJ
I'm living at home for a couple years while I finish up professional school so I don't have to pay rent or utilities and my car is paid off. Just looking for something to do with this money instead of just letting it sit in my checking account doing nothing.
Posted on 12/5/11 at 6:37 pm to Vinny V
Are long dated puts on Angie's list being sold yet?
Posted on 12/5/11 at 7:01 pm to Vinny V
quote:
Just looking for something to do with this money instead of just letting it sit in my checking account doing nothing.
Don't underestimate the value of cash.
Posted on 12/5/11 at 7:11 pm to Tiger JJ
quote:
Don't underestimate the value of cash.
Definitely understand that, but you don't think I would be better off trying to make a little money off of it?
Posted on 12/5/11 at 7:55 pm to Vinny V
Start a Roth ira
Posted on 12/5/11 at 8:06 pm to Mercy Percy
quote:
Start a Roth ira
Correct me if I am wrong, but as a single filer, once my income is greater than $120,000 a year aren't I no longer eligible to contribute to the Roth ira? This was just from quick research, so I may not be understanding this correctly.
I'm finishing dental school in a year and a half and I plan to be at the $120,000 threshold fairly quickly. How does it work if I already have one started then reach this upper limit for eligibility?
Posted on 12/5/11 at 8:17 pm to Vinny V
If you are about to become a dentist and you don't have crazy student loan bills, go to the game man. You've earned it. 
Posted on 12/5/11 at 8:34 pm to I Love Bama
I agree. Idk about the over150k ?? Not a ot balla.
Posted on 12/5/11 at 8:35 pm to I Love Bama
quote:
go to the game man
I like you're style except for the fact that you obviously love bama.
Posted on 12/5/11 at 8:53 pm to Vinny V
Jersey was right not to underestimate cash, especially these days. The investment environment now is such that a lot of major players (and by that I mean large funds and banks) are hunkering down.
First thing is that I'd stick it in a Roth anyway, even if you know you won't be able to contribute much once you're out of school. You can always get back what you contribute without a penalty, and in the interim your money can grow tax-free.
The next thing to think about is whether you think you will need the money anytime soon or can afford to let it sit for 30 years. That will drive your choice of investment. If you know you will need it soon I'd just stick to something safe that pays next to nothing in interest. If you can ignore it you can play a little more, that's when you can branch into various funds and such. I like index funds b/c they cost less and usually do as well as any other.
First thing is that I'd stick it in a Roth anyway, even if you know you won't be able to contribute much once you're out of school. You can always get back what you contribute without a penalty, and in the interim your money can grow tax-free.
The next thing to think about is whether you think you will need the money anytime soon or can afford to let it sit for 30 years. That will drive your choice of investment. If you know you will need it soon I'd just stick to something safe that pays next to nothing in interest. If you can ignore it you can play a little more, that's when you can branch into various funds and such. I like index funds b/c they cost less and usually do as well as any other.
Posted on 12/6/11 at 3:54 am to foshizzle
I'd go to the game. Once you're done with dental school, $4000 will be pennies compared to what you'll be making. Getting to see LSU possibly win a nat. champ. in person during their greatest season ever would be more impt 20 yrs from now. What would you rather tell your grandkids along time from now? Grandpa started a Roth Ira when he was 23, or grandpa was able to see the greatest team in college football win a nat. Champ. it's an easy decision. Go to the game. You won't miss the $4000, once you'd done with school and making $$
Posted on 12/6/11 at 7:20 am to guttata
This is not even a real question. Get in the dome.
Posted on 12/6/11 at 8:52 am to guttata
quote:
Once you're done with dental school, $4000 will be pennies compared to what you'll be making. Getting to see LSU possibly win a nat. champ. in person during their greatest season ever would be more impt 20 yrs from now.
I agree with this. It's incredible how your concept of what "a lot of money" is changes once you get out of school.
Also, I'm assuming a ticket won't actually cost the full $4K
Posted on 12/6/11 at 9:12 am to Vinny V
quote:
I have an extra $4,000 right now
I have 2 bcs tickets i'm selling for that.
Posted on 12/6/11 at 10:12 am to Vinny V
quote:
I'm living at home for a couple years while I finish up professional school so I don't have to pay rent
Why don't you buy something nice for your parents?
Posted on 12/6/11 at 2:05 pm to Zach
I actually just bought my dad a set of new golf clubs he had been wanting for Christmas. you've all convinced me. I guess I'll be going to the game
Posted on 12/6/11 at 3:25 pm to Vinny V
hookers, blow, dinars, take your pick in no particular order.
Posted on 12/6/11 at 3:46 pm to Vinny V
quote:
I actually just bought my dad a set of new golf clubs he had been wanting for Christmas.
What set?
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