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I have 40 grand...spend it for me...please
- Thread starter AhmedK
- Start date
ShiftyPowers
Make America Great Again
First of all, you need to buy me an Ipod Mini, it's only $200 and I desperately need one.
Secondly, you absolutely need to know 7 letters, Roth IRA. You should talk to a financial planner or something, but tell him you are interested in setting up a Roth IRA and you want to know how you can do that. You can only put about 2k in each year or so and that's post tax income, so in other words, you can only put as much in as long as you have made that in a year, so keep working. But basically just put in 2k every year until you retire and if you assume an annual growth of 10% (which isn't so outlandish since it will be in a mutual fund or something) and you'll have $2 million when you retire and it is tax free.
On the other hand if you're looking to increase it for when you get out of college, so in other words you want it to grow for 5 years and increase as much as possible, you should go to a stock broker (possibly online) and research mutual funds. I suggest not playing the stock market proper because mutual funds have a much smaller chance of losing all your money. All the major brokerage houses have mutual funds and reliable companies will likely grow well for you and you might have an extra 10k after five years, which is damn good for sitting on your ass. Or hell, you might have much more than that, **** your money realistically could double.
Those are your options as I see it. Do NOT put your money in the bank, it's stupid, you get 1% or something insignificant. Also don't put it all in one mutual fund, that's just as stupid because there's always the possibility it could go down, although over ten years that is highly unlikely.
But seriously, I could really use an ipod mini
Secondly, you absolutely need to know 7 letters, Roth IRA. You should talk to a financial planner or something, but tell him you are interested in setting up a Roth IRA and you want to know how you can do that. You can only put about 2k in each year or so and that's post tax income, so in other words, you can only put as much in as long as you have made that in a year, so keep working. But basically just put in 2k every year until you retire and if you assume an annual growth of 10% (which isn't so outlandish since it will be in a mutual fund or something) and you'll have $2 million when you retire and it is tax free.
On the other hand if you're looking to increase it for when you get out of college, so in other words you want it to grow for 5 years and increase as much as possible, you should go to a stock broker (possibly online) and research mutual funds. I suggest not playing the stock market proper because mutual funds have a much smaller chance of losing all your money. All the major brokerage houses have mutual funds and reliable companies will likely grow well for you and you might have an extra 10k after five years, which is damn good for sitting on your ass. Or hell, you might have much more than that, **** your money realistically could double.
Those are your options as I see it. Do NOT put your money in the bank, it's stupid, you get 1% or something insignificant. Also don't put it all in one mutual fund, that's just as stupid because there's always the possibility it could go down, although over ten years that is highly unlikely.
But seriously, I could really use an ipod mini
C
Callum
Guest
Get this....
for me.
for me.
Ubik Valis
Croatian Viking
Buy yourself a life, Ahmed. 
::shinji:: said:why was someone who supposedly had 70 grand trying so hard to get everyone to sign up on his behalf to get a free iPod......also find it hard to beleive that finnancial aid would actually pay for your college if you really had 70 grand at your disposal, considering they give you a full financial enema before giving out a single cent.
sniff, sniff....what's that smell? oh yeah...BULL****!
Nape, you are wrong. I didn't have 70 grand when I signed up for the Ipod, I just got it, or rather, I will get it within the next month, when I turn 18. The total yearly income for my family is exactly $10,256. It is not much at all, but we have managed to make a very good living, cars, we own our home, partly because my dad had set aside some money in his Will for my mom which she spent to buy us a house, so at the very least we would not be thrown into the street, I am not poor by any means, but as of now there is only 3 or 4 grand left of the money, with 3 other kids yet to even leave high school. All we have to pay for with the 10 grand a year(from my step-dad), is bills and food. So, in truth a still have 70 grand, but it would be insane not to give my family some of it, since there are still 3 other kids to go to college.
What you guys said makes a lot of sense, It would be stupid to spend so much money on a car, I am looking for a nice car, no american or jap **** though, so I may end up buying a BMW or Audi.
btw, I got the money from my father who passed away when I was 5, I have known I was getting money when I was 18 for a while, but I didn't know how much because the Will only gave out a % number of what I was going to get. I also get money when I am 21, though it won't be anywhere near as much as this.
Chacarita Juniors
The artist formerly known as ronnifan9
Mother of god, you actually get financial aid back...u bastard. (I'm paying $403.00 this semester.)#1 Stunna said:I get happy when i have $2 thousand left over in financial aid... u bastard.
The WuBobby said:
...legendary episode.
Ok, I think you could help me out too. I got 9 g's just sitting in the bank till I graduate (probably 3 more yearsShiftyPowers said:First of all, you need to buy me an Ipod Mini, it's only $200 and I desperately need one.
Secondly, you absolutely need to know 7 letters, Roth IRA. You should talk to a financial planner or something, but tell him you are interested in setting up a Roth IRA and you want to know how you can do that. You can only put about 2k in each year or so and that's post tax income, so in other words, you can only put as much in as long as you have made that in a year, so keep working. But basically just put in 2k every year until you retire and if you assume an annual growth of 10% (which isn't so outlandish since it will be in a mutual fund or something) and you'll have $2 million when you retire and it is tax free.
On the other hand if you're looking to increase it for when you get out of college, so in other words you want it to grow for 5 years and increase as much as possible, you should go to a stock broker (possibly online) and research mutual funds. I suggest not playing the stock market proper because mutual funds have a much smaller chance of losing all your money. All the major brokerage houses have mutual funds and reliable companies will likely grow well for you and you might have an extra 10k after five years, which is damn good for sitting on your ass. Or hell, you might have much more than that, **** your money realistically could double.
Those are your options as I see it. Do NOT put your money in the bank, it's stupid, you get 1% or something insignificant. Also don't put it all in one mutual fund, that's just as stupid because there's always the possibility it could go down, although over ten years that is highly unlikely.
But seriously, I could really use an ipod mini
), now I know I ain't makin sh*t so what do you suggest...I just quit workin my summer job and I only have like 500 dollar left in cash, the rest is "untouchable" to spend (the 9,000 in my bank) so should I also take some out and start that Roth IRA thing???Help a brotha out.
ShiftyPowers
Make America Great Again
ronnifan9 said:Mother of god, you actually get financial aid back...u bastard. (I'm paying $403.00 this semester.)
I got 9 g's just sitting in the bank till I graduate (probably 3 more years
Yeah, I have to pay the $470 that my loans can't make up, but then again my family is well off, so I guess I can't really complain.
IRAs are really if you want to start thinking about retirement right now, as a 21 year old. It's a good idea, but it's money that you really can't touch until you're 65 or else you're gonna get killed (and I mean KILLED) in taxes. If you don't mind waithing 44 years to see your money, but you want long term financial security, it's the way to go, otherwise another road might be right for you. But yeah, Roth IRA, not a traditional IRA, a Roth IRA.
Otherwise I suggest just maybe picking three mutual funds (secure ones that you've researched, don't throw your cash down a toilet) and putting three grand in each and in 3-5 years you should have made a decent return on your investment; of course the market is down right now, so you might not have much confidence in it. If that is the case, Bonds are the way to go. Now I don't mean savings bonds, I mean Treasury Securities, which are T-Bills, T-Notes, and T-Bonds. From just a brief look just now, I would maybe stash 5k or so in a 5 year T-Note and play the market with the remaining 4k, meaning mutual funds, not buying coca-cola stock.
All this should be done through a licenced broker, PLEASE contact a professional it really cannot be done alone.
Chacarita Juniors
The artist formerly known as ronnifan9
Fo sho, fo sho...no doubt.ShiftyPowers said:
You see I understand what Treasury Securities are but the terms are just very vague in my mind...
how the auctions work?
holding a note until maturity?
reinvesting into another note? I'll just keep investigating, after all I AM a Journalism major.
ShiftyPowers
Make America Great Again
Yeah, see that's why I said go through a broker, because there's just so much information that is really hard to understand.
haha, same here, I have to pay $1,000 a quarter ($3k a year). The loan I took out won't be enough to cover me for the 4 years I'll be spending at school.ronnifan9 said:
I've heard about the Roth IRA's (had a speaker in my business class last year) so once I've got enough cash, I'll definitely be looking into getting one started. Might as well start now so I've got something later on in life.
Vagegast said:
(8)Got a lot a haters and a lot of homies some friends and some phony
Back then hoes didn't want me Now I'm hot hoes all on me
Back then hoes didn't want me Now I'm hot hoes all on me
Back then hoes didn't want me Now I'm hot hoes all on me
(I Said!) Back then hoes didn't want me Now I'm hot hoes all on me(8)
Internazionale
Elo Ratings
Mutual Fund. Trust me, it's a secured one in the US. I put some of the money in mutual funds.
$40,000 is one huge amount of money, man...
$40,000 is one huge amount of money, man...
AhmedK said:
If I were you, I would have invested those 40 grand in the downpayment for the mortgage of a house, later on you could use the rent of the house to have a monthly income....
BTW: Was that money saved up by your parents or did a financial institution give it to you? Because if that money was given to you by the gov't it kinda sucks for the rest of us that you do not have to give it back (considering that it is money that should be spent on education only)....but if that is not the case, then consider my comment null...
ShiftyPowers
Make America Great Again
You see, in a country where the people actually have faith that the currency won't be worthless tomorrow (unlike for example..... Argentina), you don't have to buy real estate if you want to keep you money.
By the way Ahmed, I just read that in 2004 the S&P 500 went up 10.9%, and that wasn't really a good year. Call up a major broker, and don't fall for any gimmicks.... just tell them you want your money safe in the S&P, I believe SPDR (sp.) funds are all the stocks in the S&P.
By the way Ahmed, I just read that in 2004 the S&P 500 went up 10.9%, and that wasn't really a good year. Call up a major broker, and don't fall for any gimmicks.... just tell them you want your money safe in the S&P, I believe SPDR (sp.) funds are all the stocks in the S&P.