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Well,
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 Investing.? |
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tiger | Any suggestions on investing in a 6 month CD? |
My Dad passed away recently, and my mom will soon have a limited income. She will be recieving one lump some of money that she will need to last the rest of her life. We have been talking about investing it in a CD, because they are no-risk. |
 |
 
House Mouse
 |
Yes an FDIC insured CD is a SAFE investment. However
She should "Ladder" them.
What does that mean?
Put 25% in a Money market account for emergencies,
25% in a 3 month CD
25% in a 6 month CD
25% in a One year CD
That way You Can "Hedge" (protect) Yourself if rates
go higher or lower.
For More ideas try this Site: http://www.**************.com
Go to the "Investments" page. Lots of good ideas there. |
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yums
|
read more on investing and stocks on this site |
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Ava
|
I haven't got a great answer for this one but Deanna you sent a message with a question which I can only answer if you give me your email or make your homepage accept messages. I would like to answer it...Ava
I am sorry for your loss. I suggest you see a financial planner or even a banker at your home bank to guide you. Good Luck. |
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Judy1
 |
Be aware that interest rates vary widely among institutions. Local banks can vary considerably from each other. Credit unions can be higher, but not necessarily. In the area where I live, right now State Farm Bank seems to have the highest CD rates, and you can invest in CD's with them by stopping it at your local State Farm agent - you don't have to be a customer for their insurance. They are insured by FDIC - be sure that's the case wherever you put the money. So check around - many banks post current rates on their websites, so you don't even have to call or visit them. Rates usually change weekly.
Laddering, as previously suggested, is a good idea. Longer term CD's usually get higher rates than for shorter term CD's, and that way you don't have everything tied up for years, if rates go up. |
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Franco
|
I see you got some good advice here, and mine is similar::
1) Invest in CDs using laddering as others have recommended.
2) Find the best bank for each CD as rates vary, and keep up to date.
3) The best rates are published in league tables in the serious newspapers you can find in public libraries, or you can ask a financial adviser(he should not make a charge for this), or you can telephone around yourself.
4) Only consider the stock market if you have more money than you need. The rewards can be higher, but you can also lose a lot. And you will certainly need good professional advice.. |
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kcincon
 |
If the income is not needed now, it may be a good idea to "ladder" the CDs. If you can, divide it up equally among long term (5-yr) and every term all the way down to say, 6 months. That way, when the 6 months are up, reinvest in a 5 yr CD. You'll have money freed up every 6 months for income and get a better rate of return while the money sits.
Secondary option might be an immediate fixed annuity, but please research those heavily before buying. Basically, they gaurantee an income that she could not outlive. |
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UnaBlogger
 |
All good answers for you. I gave a thumbs up rating to the ones I thought were best. I just wonder though why you specifically mention the 6 month CD. And hopefully if it has to last her the rest of her life, I hope it is a lot of money. Perhaps she could supplement her income and build up her savings with a part time job. She could talk to a financial planner about setting up an annuity. Good financial planning is one of the most important things a person can do. If you don't know much about it I'd suggest you talk to someone and start learning all you can for you and mom's sake. Mistakes can be very costly. Don't take unnecessary risks. |
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Lamb725
 |
Unliess she plans on spending the money in 6 months I would invest in a longer term CD. The longer the term the more interest it will accrue. If she needs money she can always borrrow against the funds in the CD. |
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