 Quick money question- easy to answerr!!? |
is 24,000,000$ a lot of money?
Additional Details
so would ya'll be insanely jealous when i say that's how much money my house cost?... |
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Today, I have had a long think about my financial situation. I am young and have no savings since I blew them on the most abstract and useless rubbish as a teenager.
I am going to start ... |
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 If my salary is going to be $61,000 a year, about how much could I expect my paychecks to be? |
If I get paid weekly, and I get 3 weeks paid vacation and 5 weeks unpaid vacation time, and there are 52 weeks in a year, after taxes, approximately what do you think my weekly pay would be?
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 I have no money!!? |
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 Extra cash needed...any advice? |
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 What's the maximum you can put in to a bank account (UK) at any one time? |
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wow!amy | I have 10,000 dollars- should I keep it in cash? |
What's the best way to protect it from inflation and should I keep it in my savings account? I'm worried about it's value with the way the economy is going. Right now, half is in my savings account and half is in cash...
This money is for college. |
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ontopofoldsmokie
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I assume when you say it's in cash you mean you have a checking account with a bank and the money is just sitting there? Not, that you have the money in a sack under your bed. I think that is what everyone is assuming.
If the money is in the bank then the money is safe from losing it or having it stolen. You can still spend it pretty easy though. If you are going to have MORE than 5 years before college I would find a stable mutual fund with a 10 year good track history. You may want to invest in the services of a financial adviser for that. If it's going to be less than 5 years then just a well-earning savings account will do. Mutual funds should be long term investment vehicles especially when the stock market is so up and down right now.
Are you going to be a student or the parent of the student? If you are the student and your parents will help with emergencies then that's what I would do with a thousand set aside for emergencies only.
If you are a parent and are saving these funds for your child then BEFORE you start setting aside monies for college you need to make sure you have an emergency fund of 3-6 months set aside. If you don't and give all you money to your child you will be left out in the rain when life happens. And, life always happens. You need to make sure you are secure before reaching out to help your kids. You are the foundation, and a weak foundation causes the house to fail. |
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Santiago
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You should deposit your money in certificate of deposit account or Money Market account. The better way is talking with your bank agent to get some good advisory.
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PATRICK
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send me the cash and i will look after it for you |
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tl_rood
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I agree with VCH. Put it in the bank until you can talk to a professional. What you do with it depends on how far off college is. Keeping it in cash is your worst option. Too easy to spend it. |
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wolf cub
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at least an interest bearing account. no way to escape inflation. |
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tracybranham
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I also would have to agree with the other answers, It is great that you have decided to use it for college, very responsible decision...I would most certainly put in some type of interest bearing savings account, it is not safe to keep that kind of cash around. Good luck and Good job! I would be very proud if I were you. :O) |
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My Answers Suck
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you can't hide it from inflation lol. inflation will affect the value of the dollar no matter where it is. you can't protect it as inflation and dollar value is out of your control. only thing you can do is try to make money with what you have to try to offset any future inflation.
at least put the cash into a checking account for now |
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artist_b2000
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talk with finnancial advisor, i think u should keep it in bank , dnt u think cash will be spend |
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Sharon T
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I know a young man who kept his $10,000 in cash and a "friend" came in and stole it. He never got it back.
Don't keep more than a few hundred dollars in cash. The rest should be in a bank or investment company. Depending on how long until you will need it, consider putting part of it in a no-load mutual fund at a low-cost firm such as Vanguard. |
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BIKER DUDE
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If you aren't going to be spending it for a while put it in a certificate of deposit for 6 months. It will gain at least the rate of inflation. If it may be a couple of years before you want it put it in a Roth IRA. You will be able to access the original contributions that you make at any time but any profit that the money makes will stay in for your retirement. |
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