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Roopam | Best investment? |
I am 23, trying to save up for a house. Can contribute upto $1000 a month. Already have a 401k setup, what will be the best investment for lets say around 2 yrs with maximum yield? Thanks. |
 |
 
enoriverbend
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For a two-year time horizon, do not invest in stocks. They give an excellent return given a long time horizon, like investing for retirement, but they are not suitable for your scenario because of the volatility.
Ordinarily I would agree with the other poster and say "except for REITs perhaps". But now is a particularly worrying time to sink new money into REITs, even commercial ones. (In the long term, again, they're fine.)
And since folks are still worrying about what the Fed is going to do with interest rates, bonds are not good for your two-year horizon either.
CDs are probably your best bet in this case, as boring as they may be ;) |
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Pepper
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Well first off, do not use the 401K for anything other than retirement. Second I would open a tiered statement savings account. You can open it with low interest but the more you add the higher the interest goes. Tier one can be like 1% and when you get to 10,000 and over you get a higher interest and so on and so on. Go to your bank and ask them about Tiered savings accounts. Or depending on what you have to start with you can also look into money market accounts. Talk to the bank manager they have great advise for you.
Good Luck!! |
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swenjj
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online savings account or mma, you dont want to risk it |
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kjesko
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YOU CAN MAKE COMPOUNDED INTEREST!!! NOT ONLY THAT, BUT ITS TAX FREE!!! (i.e.-take a penny a day and double it) which beats any and all investments in all the country!!! buy a life insurance policy on somebody, its in their name, but you own the policy! after checking w/ insurance companies, buy a life ins policy with the highest cash value you can find! only your not really buying for life insurance...your buying it for a savings account! while the money is in the account, you make compounded interest tax free! when you withdraw it, and you can at anytime you wish (1 day or 1 decade), then they tax you on it! its the only place you get compounded interest...tax free!!! yes it works and yes its true! check w/ any insurance company! you have $1000/month and you can make this investment from anywhere between $200 and $800/ month depending on how bid the policy you decide to buy is leaving you some play money also!!! good luck in all your endeavors!! |
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lizzgeorge
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I would DEFINITLY stick to a money market fund or high yeild savings account. They're paying more than CDs, so don't tie your money up in one of those. You don't want to risk stocks since you have a short time horizen.
When I was saving for a house (I'm 23 as well) I used the Vanguard Prime money Market fund. Now that i bought a condo, I still save into that account every month for other short term goals/emergencies.
There's a $3000 minimum deposit, but it is consistently one of the highest rated (like top 3) money market funds according to Money Magazine, Morningstar, etc. You can transfer money online in or out as often as you want from your checking account. I think you can even get check writing/check cards from it, but I don't do that.
Vanguard has a great reputation for having very low cost, high performing funds, and this one is no exception. It's currently earning about 5.25%. Plus Vanguard is a GREAT place to have your Roth IRA (great funds, low cost), and you might as well have all your accounts at one place. |
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Jo Blo
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if you are saving for a house, why not just put money into a high yield money market account or into CD's? You earn around 5% and get to your money within a short period of time. |
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billone44
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.There are some good answers but for such a short term the return you receive would not be very much I suggest forex I and other investors have formed a investment club whereby we invest in the forex market. We normally see an average return of 5.3% per month if you would like more information write to me at billone44@yahoo.com |
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Nick C
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2 yrs, you should go with nothing different than a money market account. Don't let anyone tell you otherwise.
A 2 yr time horizon is short...Money market or CDs only! |
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Geeeyaaa
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Why don't you ask the experts?
If you ask any experienced investors they'll tell you that at your age you should be investing 90% of your savings into stocks.
The average return for any blue chips stock is over 10% and up to 38%.
If you want to put yourself in the category with the rest of the old persons and think you have no chances of gaining a return by the time you retire then put your money in savings accounts that give low yields.
Also, the housing market is not doing so well. Look at this article written yesterday by MSN.
http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/HomePriceReport.aspx?GT1=8889
If you took business or accounting classes in college than you should know what Liabilities and Assets mean.
If you buy a house and don't make money from it than it's a liability. You have to consider repairs ( 1 room $ 50,000) , depreciation due to declines of housing markets. Keep in mind insurance, property tax and utilities will also lower your profits.
If you buy your house and income keeps coming in than it's an asset. Well maintained house and appreciation value for property and land.
Savings accounts is not a good investment for a 23 year old. If you're a smart investor than you should know that liquid accounts are good for 3-4 months of Emergency funds.
If you think this is the end for stocks you're sadly mistakened.
Look at these charts of the Dow from 2001 -2007 and see for yourself. Don't you know what happens when Democrats come into office? The prices of stocks go up.
http://www.smallinvestors.com/SP500/DJIAcharts.htm |
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Bettina C
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A high yield savings account is the best you can do if you need the money in 2 years - it's save, FDIC insured.
Try the following:
http://www.emigrantdirect.com
http://www.theapplebank.com
http://www.hsbcdirect.com
They all pay over 5% and you don't have to lock up your money.
CD don't pay enough right now to lock up your money, and Mutual funds are risky as is any stock investment. For the long term they are great, but for your short time horizon, stick with cash. |
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imapoor1
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Put your money in CD's, money market accounts or treasury bills ( www.treasurydirect.gov ). They all will get you around 5%. Also keep in mind if this is your first home purchase you may be able to borrow from your 401k or IRA to help with the purchase. I don't recommend borrowing from your retirement accounts. |
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Rhueless
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The best investment would be looking into a mutual fund or two and some bank stock.
What you choose to do to earn money will depend on how much your willing to lose. If your all for earning as much as possible and don't care if you lose it all, invest in some small cap mutual funds. If you want steady safe growth choose bank stocks or a europian index fund.
Go to somewhere like morningstar.com and do a mutual fund search. Look for mutual funds that are rated highly, have average yearly returns over the last 10 years of over 12%, have a low front end load (fee charged when purchasing mutal funds, a low front end fee charges you a percent of the money you initally invest) You can check what fee's are charged by checking the Mer. You'll also want to check that any chosen mutual fund has had the same managment for a while. No point choosing a good fund with good returns over the past few years only to realize that they have a newbie choosing what stock to invest in.
My last bit of advice is to be contraian. Don't buy a stock when everyone is amazed by it's growth and potental, instead look for good solid companys that you think has strong growth prospects. |
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Feeling Mutual
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I like UMREX at Scottrade
It invest in real estate stock and has been returning about 20% for me. It pays a quarterly dividend and capital gains, which I always reinvest.
UMESX is good also, dividends are paid annually, Energy services.
There is always risk, but these have been good to me.
There is a $500 minimum to open a Scottrade account, and you have to put at least $1,000 I think into each fund, after that you can dollar cost average.
You must hold the funds for at least 180 days after the last buy or pay a transaction fee or premature sale penalty.
Also, PayPal is paying 5.05% interest right now, and if you get their credit/debit card, they give 1% cashback. |
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djeline_davidson
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invest in yourself...feed the neck up than the neck down! |
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