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Message
What’s the best place to put $2,000?
Posted on 1/25/19 at 6:57 pm
Posted on 1/25/19 at 6:57 pm
I don’t make a lot of money. That’s about the most I can stow away right now. Where is the best place to put it and forget about it for a few years and let it draw interest?
11
Posted on 1/25/19 at 7:03 pm to Undertow
Is is *all* of your savings? IOW, your emergency funds, your contingency-car-broken-down-gotta-get-it-fixed funds, your deductible for your health insurance, etc.? If so, put it into an online savings account. You’ll make 2%, but it won’t shrink and you can get access to it if necessary for those aforementioned things.
If, on the other hand, you have an emergency savings cushion, your health insurance/car deductible, etc already squirreled away, and this is the beginning of actual investing, you can consider other options.
If, on the other hand, you have an emergency savings cushion, your health insurance/car deductible, etc already squirreled away, and this is the beginning of actual investing, you can consider other options.
Posted on 1/25/19 at 7:37 pm to hungryone
it is not all of my savings. I have about $3,000. No debts. I wanted to keep about $1,000 in my checking and put the rest in some kind of account that will draw better interest. I guess I should find out the interest rate of my existing savings account at my credit union which currently has $0 in it.
Posted on 1/25/19 at 7:57 pm to Undertow
CIM reit stock
It’s pays 10.5% per year.
Several on this board have been raking in its dividends for years.
It’s pays 10.5% per year.
Several on this board have been raking in its dividends for years.
This post was edited on 1/25/19 at 7:58 pm
Posted on 1/25/19 at 8:46 pm to Undertow
1) contribute at least the match to a 401k and put that money in a ROTH IRA in a index mutual fund or ETF
2) do you have 6 months emergency fund?
Posted on 1/25/19 at 9:41 pm to Undertow
Like the other posters have suggested, if this $2,000 is all you have available for emergencies (i.e. money to cover 3~6 months of your normal monthly expenses should you be suddenly out of work), find a bank (online or local credit union) offering 2% interest savings account.
Some online banks offer 2% and my credit union gives 2% on my balance if I make sufficient number of debit card transactions, deposits, etc. Regardless where you put it, just keep it liquid and accessible. And no need to buy a CD since the interet rates aren’t much higher than 2% and your money will be inaccessible for months/years.
Some online banks offer 2% and my credit union gives 2% on my balance if I make sufficient number of debit card transactions, deposits, etc. Regardless where you put it, just keep it liquid and accessible. And no need to buy a CD since the interet rates aren’t much higher than 2% and your money will be inaccessible for months/years.
Posted on 1/25/19 at 9:46 pm to Undertow
On black at the casino
Posted on 1/25/19 at 11:28 pm to Undertow
What is this savings for ants?
Posted on 1/25/19 at 11:53 pm to Undertow
quote:
What’s the best place to put $2,000?
put it on RED! Be the MAN
Posted on 1/26/19 at 10:29 am to Undertow
Buy 70,000 shares of LVVV then come back next year and ask what’s the best place to put $100,000.
Posted on 1/26/19 at 10:43 am to Undertow
I read that you have low income & no debt, what about your monthly bills, rent, insurance, car, food....
Build up at least 6 months in savings, with no debt shouldnt take long, your credit union would be your best bet. Then you could start looking at CDs and retirement options.
Build up at least 6 months in savings, with no debt shouldnt take long, your credit union would be your best bet. Then you could start looking at CDs and retirement options.
Posted on 1/26/19 at 10:59 am to Undertow
If your job is fairly stable, double purpose your money.
Open a Roth (I like Vanguard) and put it in a diverse mutual fund. I use VWELX for this purpose.
You get tax shielding, you get investment growth, and you get penalty free withdrawal of your contribution.
If allowed to grow for a couple of years, it will have grown enough to offset needing to withdraw in a market downturn resulting in a loss.
People who advocate having six months of cash lying around (the work of multi years to build) before starting to put into things like CDs are giving advice better suited to the 1980s.
The biggest thing you need to concern yourself with is the risk that you’ll need the money immediately after initial investment.
So I would save hard for 4500 cash, open aforementioned account with 3500 keeping 1000 in reserve for emergencies.
Then add money as you can to the Roth. After a few years of this, the Roth will be sufficiently “seasoned” to mitigate much of the risk to market volatility in an emergency.
In short, you’ll have a significant egg if you need it, and every year you don’t results in significantly can’t gains as opposed to one sitting there losing value as you have to add money occasionally to offset inflation due to weak interest rates.
Open a Roth (I like Vanguard) and put it in a diverse mutual fund. I use VWELX for this purpose.
You get tax shielding, you get investment growth, and you get penalty free withdrawal of your contribution.
If allowed to grow for a couple of years, it will have grown enough to offset needing to withdraw in a market downturn resulting in a loss.
People who advocate having six months of cash lying around (the work of multi years to build) before starting to put into things like CDs are giving advice better suited to the 1980s.
The biggest thing you need to concern yourself with is the risk that you’ll need the money immediately after initial investment.
So I would save hard for 4500 cash, open aforementioned account with 3500 keeping 1000 in reserve for emergencies.
Then add money as you can to the Roth. After a few years of this, the Roth will be sufficiently “seasoned” to mitigate much of the risk to market volatility in an emergency.
In short, you’ll have a significant egg if you need it, and every year you don’t results in significantly can’t gains as opposed to one sitting there losing value as you have to add money occasionally to offset inflation due to weak interest rates.
Posted on 1/26/19 at 11:17 am to Undertow
Vanguard S&P 500 index fund. Very low fees and you can set it up to put a little bit more per month in it. You can make it like a bill and have $25 or $50 or whatever taken out of your checking account and invested in the fund.
Posted on 1/28/19 at 10:23 am to bayoubengals88
CIM stock,that was good tip.Bought 1000 shares,wish I had known about it sooner.
Posted on 1/28/19 at 10:55 am to LSUA 75
quote:When did you buy? We're about to get that dividend
CIM stock,that was good tip.Bought 1000 shares,wish I had known about it sooner.
Posted on 1/28/19 at 11:03 am to bayoubengals88
Friday
Posted on 1/29/19 at 10:10 am to bayoubengals88
What is the deal with CIM? Have they really paid a 10.5% dividend consistently? The stock chart looks like it has been stuck in the 20 dollar range for several years. If it would truly pay 10.5%, I will go buy all that I can tomorrow.
Posted on 1/29/19 at 10:50 am to Rebel12
quote:dividend history
What is the deal with CIM? Have they really paid a 10.5% dividend consistently? The stock chart looks like it has been stuck in the 20 dollar range for several years. If it would truly pay 10.5%, I will go buy all that I can tomorrow.
It’s been fluctuating between $16.50 - $19.50 for a couple of years. I think I’m about to get my fifth dividend. I like it. It’s fun
This post was edited on 1/29/19 at 11:17 am
Posted on 1/29/19 at 12:15 pm to bayoubengals88
Bayoubengal,
Do you think they will be able to sustain paying 50 cents a share for several years? I haven't had a chance to do much research on the stock. Is the company pretty stable? Thanks
Do you think they will be able to sustain paying 50 cents a share for several years? I haven't had a chance to do much research on the stock. Is the company pretty stable? Thanks
Posted on 1/29/19 at 2:09 pm to Rebel12
quote:Read page 3 of this thread
Do you think they will be able to sustain paying 50 cents a share for several years? I haven't had a chance to do much research on the stock. Is the company pretty stable? Thanks
Honestly, a 10% dividend is not at all uncommon from a REIT.
This post was edited on 1/29/19 at 2:15 pm
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