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3 MEN GO INTO A MOTEL. THE MAN BEHIND THE DESK SAID THE ROOM
IS $30, SO
EACH MAN PAID $10 AND WENT TO THE ROOM.
A WHILE LATER THE MAN BEHIND THE DESK REALIZED THE ROOM WA... |
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 I have a question? |
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 Should I pay my student loan as much as possible or keep my money in the bank? |
My student loan is the only debt I have. The return from the bank is 4.45% and I also have a CD account at 5%. The interest for the loan is lower than that. What should I do?
Additional Details<... |
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 Personal check made out to 2 names.? |
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My birthday is cominq up and i wanna make some of the money. I need $300 and my parents can only qive me $200. How can I earn some money?
I have quite a lot of booksz at home i really dont ... |
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 I have an opportunity to either 1) Pay off my car loan or 2) Invest this amount? |
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 How do you stop a termination notice on your electric bill? |
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Ned S. | What should a 13 year old do with $5000? |
I just inherited 5000 dollars. what should i do with it? |
 |
 
SJ24601
|
Save the money! If you choose to save it, here are a few of the most common options:
1) Savings account
2) Stock
3) Money market account
4) Certificate of deposit
In my opinion, the best place for you to put it would be a certificate of deposit (CD). A CD is like a savings account, except it yields slightly higher interest in exchange for less access to your money. You guarantee the bank that you will not withdraw money from your account until a specified time period is over. This allows the bank to lend that money to others more freely so they can offer you more interest in return. If you are saving for college or some other distant goal and do not plan on using any of this money now, a CD would be the best place to put it.
You will get a higher rate of interest than you would in an ordinary savings account or a money market, but you would have less risk than the stock market, especially these days.
The drawback to a CD is that you're guaranteeing the bank that you won't withdraw the money for the specified time period. You could choose any length of time from about a month to 5 or 10 years. If you do withdraw before the CD matures (before the time period expires), you'll pay a penalty. With a CD, you'll get a slightly higher interest rate for longer periods of deposit, which you will earn throughout the entire time period your CD is at that bank. Rates tend to fluctuate, so the goal is to lock in when the highest rate is offered. The risk you're taking then is locking in is that later on, a bank may offer a higher rate that you won't be able to take advantage of because your money is already tied up in your current CD.
As long as you understand the benefits & risks of a CD, I think it's the best place a 13 year old could put their money. Good luck! |
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motivation
|
Mutual Fund Or High Yield CD
Use it for college. Dont get stuck with college loans.
And dont use it for a car. Save up for that you have time. |
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corinamarlene
 |
Put the money in a high-yielding savings account and save the money for College Tuition. |
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island3girl
 |
if I were you I would take a little of the money (maybe 200 dollars to spend on whatever you want right now - so that you don;t get resentful that you have some money and haven't spent anything on yourself) the rest I would put in either a couple of certificate of deposits (ask the bank to explain "laddering" to you) or a high yield mutual lfund or money market account
as a little statistic - 80 percent of people that inherit money spend it within 18 months of getting it ( I work in a law firm and see this ALL the time)
Thanks for being smart and asking for info on this and good luck to you |
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kd
|
Save it - you're gonna need it |
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jen
|
put up for college. |
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keiko
|
Put it into one of the tax free college education accounts your state offers. You can also check out other states. http://www.collegesavings.org/index.aspx
If you are not sure you want to go, put it into the highest yield, longest term CD from any bank. Make sure it is FDIC insured.
The very last thing you should do is spend any of this money, or, take out $100 for spending.
If you want access to the money, take out short term CDs, like 6 months. Then have some in for 1 year. And so on. One could come due when you are about to buy a good, used car. |
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ibu guru
 |
Invest it carefully! You are going to need a great deal more than that for college, and that will come up a whole lot faster than you think!
If your parents are good, astute investors and have a stockbroker or investment advisor, they can get you set up with a trust account there for your college funds. They should add to it regularly, or set up a 529 college plan for you and add to that regularly. Also, as you get Christmas/birthday gifts, earn some money, etc, you add to it, too.
If your parents are real dodos when it comes to financial management & investing, get a bank CD (alas, they or a grandparent have to be your trustee as you are too young to open an account in your own name). Start teaching yourself about financial management (the public library is your very nearest and dearest friend and ally!) and investing.
And remember you are going to need at least $250,000 in a mere 5 years. Make it a game, a challenge... how close to that can you come? Remember, most of the millionaires who inherited any money at all inherited less than $10,000, and made their million by investing wisely and working smart -- very, very smart. |
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Micki
|
Put most of it away for college. Keep a little for yourself now - perhaps you could buy a new computer or ipod. |
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Sophie B
|
Put it into a savings account, an IRA, or CDs(the savings kind, not music cds) |
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J Matt
 |
Take 10% ($500) and blow it on whatever you want.
Next, put the rest into a savings account and wait until you are done high school to decide what to do with the rest (college? continue saving? invest?)
Remember: just because you have it, doesn't mean you have to spend it. |
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herbert a
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BUY A PIECE OF LAND ,AND KEEP IT FOR AN INVESTMENT. |
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dirty_south_gurl_01
 |
i had over that when i was 9. i saved for a car and now that im 16, i have the car of my dreams, but think about education too |
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Alena
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where did you inherit $5000 from?
i would go shopping and put the rest in the bank.
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