Married, Back from Jamaica, could use financial advice

nbiggershaft · 05-31-2008, 11:58 PM

So just got back from honeymooning in Sandals Whitehouse Jamaica. Definitely guessing we were the youngest and poorest people there. But we had the most fun.

Anywho, we get back and open our gifts, poor no more. We raked in about 9 k. Bringing our collective savings accounts to about 10 k

. So anyways, we shouldn't really need the money for anything for about 8 months, but want to put it somewhere we can get access. The best I've found so far is the GE interest plus plan. You put in over $250. It sits and gains interest, you can write a few large checks, completely accessible. My dad showed it to me, I don't think there is much risk, and the interest is usually around 5%. Right now it is about 3%. Anyone know of anything easy that beats this? I don't have the time or attention span to play with stocks.

On a side note. We were driving through Jamaica and I noticed about every other house was unfinished with construction supplies laying on the side of the road. I asked the driver why there was so much unfinished construction. He told me that most people in Jamaica built their homes slowly, because they didn't have the income to do it all at once. Apparently their banking system sucks, and borrowing money has about a 30% apr. While I don't like to see government meddling, seeing how shitty a country can get without stable banking makes me appreciate our situation.

David Octavius · 06-01-2008, 01:19 AM

Congrats on the honeymoon and the 9k haul - I hope your guests had some good steak!

WickedLou9 · 06-01-2008, 08:08 AM

Congrats on the marriage!

Well first things first, do you guys have a house yet? If you do, then I think saving the money is a good idea. You should put it somewhere safe. Anything where the money is FDIC insured and is being paid a guaranteed rate is a good thing. You should really have something like 6 months of living expenses put aside before you start saving for anything else.

If you don't have a house I suggesst using that money as a downpayment on something. A condo, townhouse, single family home.. whatever. This is an EXCELLENT time to buy a house if you aren't also trying to sell a house. You can get more house for less money in this market.

BTW, with the fed cutting rates so aggressively right now, it's hard to find any sort of fixed income investment paying much over 3%. One is as good as another and there are alot of options. ING direct, HSBC, Capital One, etc.
Occasionaly you can even find a local bank that offers rates that high on money market accounts.

6SpeedTA95 · 06-01-2008, 12:28 PM

Congrats on getting married!

As for your new found blingage I'd put it in an ING, HSBC or the GE account you already mentioned. All three tend to remain competitive, I think right now my HSBC is paying 2.5% which is still pretty good, last year it was paying about 6.5%.

motivez · 06-01-2008, 03:21 PM

Grats on the marriage! Pics from the vacation?

I'll just echo what everyone else has said, ING, HSBC, GE.. all pretty much the same. I use ING personally, no fees, no minimum, etc.

nbiggershaft · 06-01-2008, 08:29 PM

Originally Posted by WickedLou9

Congrats on the marriage!

Well first things first, do you guys have a house yet? If you do, then I think saving the money is a good idea. You should put it somewhere safe. Anything where the money is FDIC insured and is being paid a guaranteed rate is a good thing. You should really have something like 6 months of living expenses put aside before you start saving for anything else.

If you don't have a house I suggesst using that money as a downpayment on something. A condo, townhouse, single family home.. whatever. This is an EXCELLENT time to buy a house if you aren't also trying to sell a house. You can get more house for less money in this market.

BTW, with the fed cutting rates so aggressively right now, it's hard to find any sort of fixed income investment paying much over 3%. One is as good as another and there are alot of options. ING direct, HSBC, Capital One, etc.
Occasionaly you can even find a local bank that offers rates that high on money market accounts.

Wouldn't mind buying a home, but right now I don't think we are financially secure enough to commit to something like that. We are still moving around and finishing school.

kinggovernor · 06-01-2008, 10:27 PM

start a roth IRA if you haven't already

WickedLou9 · 06-02-2008, 09:30 AM

Originally Posted by nbiggershaft

Wouldn't mind buying a home, but right now I don't think we are financially secure enough to commit to something like that. We are still moving around and finishing school.

Yeah then I would probably just put it away for the time being and use it for your downpayment when you are ready. Try and add to it if you can in the mean time.

nbiggershaft · 06-02-2008, 12:24 PM

Originally Posted by kinggovernor

start a roth IRA if you haven't already

Really? I figured I'd just be saving into a 401k.

kinggovernor · 06-02-2008, 01:38 PM

Originally Posted by nbiggershaft

Really? I figured I'd just be saving into a 401k.

do both, contribute to your 401k up to whatever your employer will match and then take the rest of the money and start a Roth.

Phantom · 06-02-2008, 03:56 PM

WTF is going on here?

Buy yoself rims and a new TV fool before your wife spends it all on purses and hair salons!

WickedLou9 · 06-02-2008, 04:22 PM

Originally Posted by Phantom

WTF is going on here?

Buy yoself rims and a new TV fool before your wife spends it all on purses and hair salons!

dude for 9 grand he could get some crazy 20" spinnaz, a drop, tints, and some TV's to play Xbox on. Rollin hardcore son!

kinggovernor · 06-03-2008, 11:46 AM

Originally Posted by Phantom

WTF is going on here?

Buy yoself rims and a new TV fool before your wife spends it all on purses and hair salons!

NWS

YouTube Video

7960 · 06-03-2008, 03:25 PM

best financial advice you'll ever get.................now that you're married, don't get "un"married.

seriously though, before looking to invest/get interest you should use that $9k to pay off debts.

nbiggershaft · 06-03-2008, 10:57 PM

Originally Posted by 7960

best financial advice you'll ever get.................now that you're married, don't get "un"married.

seriously though, before looking to invest/get interest you should use that $9k to pay off debts.

Debt free. Bought my car with a check from working, school has been paid for almost entirely with scholarships. Her parents have covered her on those things.

motivez · 06-05-2008, 01:43 PM

Originally Posted by nbiggershaft

Debt free. Bought my car with a check from working, school has been paid for almost entirely with scholarships. Her parents have covered her on those things.

Nice.