I'd like to find out where others are depositing any extra money they have, if any. Are you into CD's, Money Markets, Savings Accounts, gold? Please share so we can all be informed, and what type of interest rate are you receiving?
This is where I have some money saved. This is a gamble, as it is not FDIC Insured, so I have to pay close attention on the economy every day, and be prepared to pull it before any crisis occurs. To date, I have not found any place that provides a better interest rate, unless it is locked up for several years.
For the Week Beginning November 8, 2010
Amount Invested Ford Interest Advantage
Rate Compound Yield
Under $15,000 1.55% 1.56%
$15,000 to $50,000 1.70% 1.71%
Over $50,000 1.85% 1.87%
I'm using the Thrift Savings Plan - which is the federal employees' stock-option sort of things. I don't put as much in there as I should, but I keeping moving it up a percentage point or two every few months.
I'm a pretty aggressive investor, which also means high risk, since I'm only 23 so I've got plenty of time - I think I've averaged about 8% over the past few years. I bought in when the economy was really low, so it's only gotten better since then.
I'm definitely in my infantile stages of "building my nest egg" though.
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I had a customer of mine try and talk me into investing in Iraqi Dinars. He said they are ready to revalue them and you stand to make a fortune.
That's so funny. I have a co-worker who's dad talked him into doing that. For awhile he was telling me how his dad was continually telling him,"the rate is going to change this week, get ready to be rich". I would tell him that's not how it works and for awhile he didn't believe me and would track the Dinar on a forum. I think he has pretty much given up hope and has decided that he has some nice souvenirs now, but I know he secretly wants it to work out. I told him if that is how it worked there would be about a million Iraqi millionaires when that rate suddenly changed overnight.
That's why you have to find Countries who not really invested in the US Dollar and do not rely on us THAT much for trading. AUS is a pretty good candidate for that. It's all risk though, esp. speculating on the rise/fall of the USD.
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My friend says that the Iraqi Dinar is going to make him rich this Friday. I guess some news about their government coming together has convinced the Dinar investors that it's as simple as one day the money is worth .000857 and the next it's worth 1 for 1.
My local bank offers 3.5% and this is on a checking account. We have to use our debit card 10x a month and get direct deposit on my pay check - and the limit is $25k (after that it is .01% or something).