General > General info Somewhat hot tub related

Bought a Masco product ...

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Bonibelle:
Way to go guys..you jinxed the market and now look what happened!
I needed to "harvest" some money and now it's gone :'(..guess I'll just have to wait for my tax refund  >:(

Chad:
I like CD's for my extra little bit of money that use to be in a Money Market Savings account.
The rate right now for a 1 year is close to 6%(guranteed).
I know it's not alot but I've never been into gambling. The majority of my extra earnings goes into my mortgage anyways, so I'm not tryin to make a ton of money. I just want it in a place where it's earning more than a Savings/Checking account.
My uncle is/was a stock market junkie.
At one point he had $500K movin in out. That's alot for someone in his shoes. He was up close to $200K until the crash a few years ago. That $500K turned to $150K practically overnight. He waited it out and is now a little over even and puts the majority of his money in CD's. He still plays around a little but nothing like he used too.

Vinny:
Boni,

I jumped in yesterday when the market was up and didn't jump out, I'm down $1,300 in one stock and sold another at a $1,800 loss ... I didn't follow my own advice! :-[

Chad,

If you sock your money away and don't do anything 6% is good. But in order for money to grow substancially, you need higher returns. I have mutual funds that have grown 45% in about 3 years and others that have gone up 14%.

A lot of people look at it as gambling and it can be if you don't do your homework. I lost $12,000 in Lucent buying it at about $15 and it going to $3.00 but in the same token I received about $8,000 in dividends that the loss will wipe out the taxes. I didn't do my homework with Lucent. I also didn't do my homework yesterday, I bought on a gut feeling - gambling - and lost in both stocks.

NOW is the time to get returns - the benfits of compounded interest will be tremendous by the time you turn 40 if you do the right thing ... of course you have to be comfortable and be able to sleep at night as well.

Vinny

Chad:
I like mutual funds as well. When I was 13 I inherited a little over $14K when my mom died(life insurance and donations). That money sat untouched in a Kemper mutual fund for 7 years. It climbed to $23,xxx but I pulled it because it was starting to drop quite fast during that rough time the market had a few years back. I know....even my little ole mutual fund fell. That's what I used for the down payment on my house. $9K in 7 years ain't to shabby.  :)

thearm:

--- Quote ---I like mutual funds as well. When I was 13 I inherited a little over $14K when my mom died(life insurance and donations). That money sat untouched in a Kemper mutual fund for 7 years. It climbed to $23,xxx but I pulled it because it was starting to drop quite fast during that rough time the market had a few years back. I know....even my little ole mutual fund fell. That's what I used for the down payment on my house. $9K in 7 years ain't to shabby.  :)
--- End quote ---

That is pretty good Chad. But the stock market has averaged a bit over 10% per year over any 10 year period since it was started. IMO with you being only 24 the Stock Market would be the place to place your money for the long term. You don't have to buy individual stocks. Mutual funds are historally safer and yet will return a much higher return than 6% over the long term. As Vinny said at your age compound interest can be a real friend if your getting it and not paying it. If you don't want to expend the time or effort there are a lot of good Fianancial advisers that will be more than willing to help you out. But be careful as there are lots of bad ones that want to make them money and aren't so worried about yours. Ask friends for references and find one that doesn't work on commisions. If you do business with a credit union they usually have some people on staff that can help you invest and in my experience have treated me very good. Remember inflation cuts in to that 6% your getting so it only might be 3% real money after the adjustment for it. However it is good to see you at a tender age of 24 saving any money. More young people should be doing it as pensions and probably SSI are going to be history before you get to retirement age. Good luck, keep saving and happy tubbing!

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