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Investment advice

Discussion in 'The Lounge' started by MTBLAZER89, Jan 24, 2006.

  1. MTBLAZER89

    MTBLAZER89 3/4 ton status Premium Member GMOTM Winner

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    With tax return season here the wife want's to take some of the $$ and put it into a long term savings plan instead of spending it all on truck parts and tools:wink1: Anyway I know nothing about IRA's, bonds, or anything like this. I have a savings account, but thats about it. We are planning somewhere between $2000-$2500 into one or split into two plans. We are looking for it to be long term and can't be withdrawn early. By long term I was think 10-15 years somewhere in that area. I would also like to be able to add money to this whenever if thats possible with these type accounts. Anybody know about this stuff?

    I need investment advice for dummies:D
     
  2. gjk5

    gjk5 3/4 ton status

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    You should put your money into "Dave's Fully Amortized K5 Hedge Fund", the returns are unbelievable.
     
  3. Leper

    Leper 1/2 ton status

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    ING has their orange savings accounts paying 4+% right now. CDs are always a good choice. If you have faith, government bonds are a nice long term investment.
     
  4. CustomChevy

    CustomChevy 1/2 ton status

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    Dude, just take your money and give it to someone jewish. :eek1:


    ***Disclaimer*** THIS POST IS MADE PURELY WITH HUMOR IN MIND! Please don't take offence.
     
  5. MTBLAZER89

    MTBLAZER89 3/4 ton status Premium Member GMOTM Winner

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    do you have to be a ING member or can anybody do it. My credit union through the military has 7 year IRA's for 5.02%, but I don't know what the details are.
     
  6. newyorkin

    newyorkin 1 ton status

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    Spend some time here:
    http://www.mfea.com/

    I'd suggest mutual funds or an IRA, but with an IRA, you're going to be very restricted on how you can withdraw the funds. Usually, you can't withdraw without penalties before you're 65.5 years old, that's why it's an Individual Retirement Account... If you're going to go that route, I think a Roth IRA is best to use with already-taxed money (I might have it screwed up, read up on it first).

    Mutual funds you can move money in and out of kinda at your liesure, but they're often full of fees ("load" vs. "no-load", maintenance, etc). I'm planning to drop a pile of our kids money into a very aggressive mutual fund, then move it into a more moderate one in about 5 years.

    Unless you're planning to spend a LOT of time researching and focusing, sty away from the stock market for now, too...

    CD's and Bonds are a pretty safe bet, too.
     
  7. afroman006

    afroman006 1/2 ton status

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    I would recomend mutual funds. Be careful about fees though. I set up an account with $2500 and when I got my first statement it was $2350. I was not aware of the initial fee but its been making on average $40 per month so I dont intend to touch it in the forseeable future. I intend to get a job and start saving more and open a CD or two, or maybe find another high interest investment with the goal of a down payment on a house.
     

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