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 Best way to Invest $15,000.00? |
I was given $15,000 as a gift and I was wondering what the best way to invest the money to make the most interest. All advice is appreciated!!
Additional Details
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 What would $10K be worth in 30 years in a mutual fund? |
This is hard to explain, but I'll try, I really need some solid advice. :) -- Thanks in advance, by the way!
Background on me - 31 yo married mom of 4.
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thickbeef | How do savings bonds work? Is it a good investment for the future? Is it a good b-day gift for a 2 yr. old? |
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jalfredprufrock
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Used to be HH bonds, Now EE and II bonds.
You pay 50 for 100 at maturity: or 100 for 200 at maturity: or 250 for 500 at maturity: or 500 for 1,000 at maturity. Maturity generally being 30 years. With the II bonds, the interest re-sets with inflation.
They are exempt from state and local taxes, and if used for education, also exempt from federal taxes.
The return is not great. Currently in the 5% range. So longer term, one might consider a Good mutual fund, like Investment Co. of America (American Funds). However, they are great for gifting. You'll need the child's social security number.
This is how I sent my 3 children to college. With EE bonds, through a payroll deduction plan.
Go to Google and type in EE bonds and you'll get many pages of great information. Good luck! |
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Michael R
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The other answerers for this question so far have given you good information. The only thing I would add is that the difference between mid-term and long-term interest rates is not very much right now...so if you have an option, choose the shorter bond maturity instead of the longer one. |
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OPM
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I would also add that the current terms of the I series bonds are better than the EE series, which Congress recently monkeyed with to limit the cost to the government. |
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michaelsgdec
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after taxes and inflation they pay basiclly nothing, you'd dp better with a gold coin, at least you could put it on display. |
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hotmomma
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I'm not exactly sure how they work - but I think if you buy a $50 one - in 7 years it's worth $100 - not really sure.
My son is 2 and has gotten many savings bonds - I think they are a great idea!! I would rather this than another toy - how many toys can a 2 year old. So, yes, I think they are a great b-day gift idea. |
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Nick C
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It isn't the greatest "investment" in the world, but it is a GREAT gift for a child as the interest if cashed for paying for higher education is not taxed.
Also, I see all my cousins kids get so many toys they never play with or just destroy, I'd rather not throw my $ away like that. SO I invest in their future |
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Twisted Maggie
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Savings bonds used to be a good investment during WWII. They still can be if you get enough of them.
A savings bond is a certificate that you purchase from the government for a certain amount. The government uses that money to help pay debts while it matures. Say you pay $10 (not sure of the purchase price, just an example) for a $50 savings bond. The bond will be worth $50 dollars after it matures, which is 30 years right now. So during that 30 years, the government is really paying you for borrowing the $10. I worked at Boeing for a few years and bought about 20 of them. Don't remember how much I paid, but I think it was only $10 a piece. They are all $100 bonds. So for a $200 dollar investment, they will be worth $3000.
I hope that helps. And yes, they are a great bday present. My son got some for his bday. |
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