CPAs or any Money Knowledge: Money for School...

[bob4432]

i have put away about $2500 to start my journey back to school that will take place in about 3-6mos and since it has been a long time since i was in school, i will be starting slowly (bang out some easy credits at the cc to get back in the swing and then go to the university), but would like for the $$$ i have to make some more as i go.

i am not expecting huge gains, but something better than a savings account. i would also need to access it to pay for tuition and misc school items, but do not want to pay taxes since i have already paid taxes as it is money i have already earned, if that is possible.

what would you suggest.

 

[dirtboy]

For short term investing like you're proposing, there's really nothing you can do but put it in savings account. The taxes on any interest will be so minimal that you'll probably not even notice it.

 

[HardcoreRobot]

if are you going to do savings, may as well go for an ING account, the 3% will be better than anything a b&m bank will give you. its easy to get the money in and out as well.

 

[amdskip]

Originally posted by: HardcoreRobot
if are you going to do savings, may as well go for an ING account, the 3% will be better than anything a b&m bank will give you. its easy to get the money in and out as well.

Exactly, get a referral and get a $25 bonus. I use them and have no complaints.

 

[Banana]

Unfortunately, I still believe in the risk-reward ratio. If you want meaningful gains, I'd suggest speculating in stocks. If not, I would invest in a short term CD.

 

[dirtboy]

Originally posted by: Banana
Unfortunately, I still believe in the risk-reward ratio. If you want meaningful gains, I'd suggest speculating in stocks. If not, I would invest in a short term CD.

The cost to buy & sell over a 3-6 month period may be more than his gains, plus he'll have to pay short term capital gains. Doesn't seem like a good idea when he could stand to lose.

 

[bob4432]

thanks for the options, what exactly is a ING account?

the money will be in for longer but i will need to have access to it in 3-6 or however much the semester will cost me, i just can't have it "tied up", probably the first semester will only cost me ~$500, so ~$2000 will stay in until the next semester and so on.

 

[iversonyin]

3 month CDs or ING Direct account is your only option.

CPAs are accountants by the way; the things they learned have little to do with personal money management. CFPs are the one to call for money management

 

[bob4432]

thanks again for the replies and the correct verbage.

how long does it take ing to put the money back into my bank accout when i request it? is it like paypal and take 3-5 business days? has anybody not been happy with the ing service? if this works out i have another $20,000K i have that i am not sure what to do with but in the mean time i could be getting 3%, much better than the savings account it is in...

who owns ing? what is there track record? how would i go about gettin a referral?

 

[bob4432]

Originally posted by: dirtboy

Originally posted by: Banana
Unfortunately, I still believe in the risk-reward ratio. If you want meaningful gains, I'd suggest speculating in stocks. If not, I would invest in a short term CD.

The cost to buy & sell over a 3-6 month period may be more than his gains, plus he'll have to pay short term capital gains. Doesn't seem like a good idea when he could stand to lose.

i am a total noob with this and would probably lose

 

[iversonyin]

Originally posted by: bob4432
thanks again for the replies and the correct verbage.

how long does it take ing to put the money back into my bank accout when i request it? is it like paypal and take 3-5 business days? has anybody not been happy with the ing service? if this works out i have another $20,000K i have that i am not sure what to do with but in the mean time i could be getting 3%, much better than the savings account it is in...

who owns ing? what is there track record? how would i go about gettin a referral?

who cares about who own ING? your money in saving account is FDIC insured up to $100,000. So if they go bust, Alan Greenspan got you covered.

 

[bob4432]

Originally posted by: iversonyin

Originally posted by: bob4432
thanks again for the replies and the correct verbage.

how long does it take ing to put the money back into my bank accout when i request it? is it like paypal and take 3-5 business days? has anybody not been happy with the ing service? if this works out i have another $20,000K i have that i am not sure what to do with but in the mean time i could be getting 3%, much better than the savings account it is in...

who owns ing? what is there track record? how would i go about gettin a referral?

who cares about who own ING? your money in saving account is FDIC insured up to $100,000. So if they go bust, Alan Greenspan got you covered.

i just want to make sure i won't lose the $$$ as i am not made of it.

 

[iversonyin]

Originally posted by: bob4432

Originally posted by: iversonyin

Originally posted by: bob4432
thanks again for the replies and the correct verbage.

how long does it take ing to put the money back into my bank accout when i request it? is it like paypal and take 3-5 business days? has anybody not been happy with the ing service? if this works out i have another $20,000K i have that i am not sure what to do with but in the mean time i could be getting 3%, much better than the savings account it is in...

who owns ing? what is there track record? how would i go about gettin a referral?

who cares about who own ING? your money in saving account is FDIC insured up to $100,000. So if they go bust, Alan Greenspan got you covered.

i just want to make sure i won't lose the $$$ as i am not made of it.

as long as they are FDIC insured, you won't lose a dime.

anyhow, I feel that internet bank is a little bit inconvenience. I can't access my dough by ATM. So in reality...its really not as liquid.

how about your local banks 3months CD rate? you can keep doing 3months CD so you get compound interest. And your money only get tie up for 3 months.

 

[bob4432]

should they just come out and say CD or are they called something different? here is a link to the rates at my credit union and my wife is a member of bank of america, they don't look too good for small items and short term but i could be reading it incorrectly...

 

[bob4432]

how would i go about getting a referral?