just got some money $45,000....need to throw into some kinda of savings...

gregshin

Diamond Member
Jul 13, 2000
3,273
0
0
but i need this savings to be liquidable with no penalties...while the money is in some type of savings/cd/moneymarket account...im researching what business i should open.

which one type of account would you open?
 

krunchykrome

Lifer
Dec 28, 2003
13,413
1
0
How long do you plan on keeping this money in an account for?
DO you want access to it?
Be a little more specific as to how much money you have, how long you wanna put it somewhere, and what exactly you want/looking for.
 

minendo

Elite Member
Aug 31, 2001
35,558
16
81
ING Direct offers a nice interest rate for a standard savings account. Plus you get $25 free for signing up under a referral email.;) Been using referrals to partially fund pics.apartment808.com.
 

dquan97

Lifer
Jul 9, 2002
12,011
3
0
How liquid? Like having it in your wallet or being able to wait 2 days for funds to be transferred? You could put the $ into INGDirect link (2% interest). Fund transfer takes about a couple days.
 

damiano

Platinum Member
May 29, 2002
2,322
1
0
if the business has anything to do with pr0n let me know

<-- used to work for an adult products web site :D
aaah good ol times
 

krunchykrome

Lifer
Dec 28, 2003
13,413
1
0
Is this a joke?

$45K and you wanna put it into a CD/savings account/money market account?

You're not thinking along the right track.

 

gregshin

Diamond Member
Jul 13, 2000
3,273
0
0
Originally posted by: krunchykrome
Is this a joke?

$45K and you wanna put it into a CD/savings account/money market account?

You're not thinking along the right track.

its not a joke...i wanna open a business but i want to have the cash at least earn something while i think about a business to open or buy
 

sygyzy

Lifer
Oct 21, 2000
14,001
4
76
Open an ING. This is not rocket science. Or do short term CD's. Though that's sort of pointless for this short amount of time.
 

krunchykrome

Lifer
Dec 28, 2003
13,413
1
0
Originally posted by: gregshin
Originally posted by: krunchykrome
Is this a joke?

$45K and you wanna put it into a CD/savings account/money market account?

You're not thinking along the right track.

its not a joke...i wanna open a business but i want to have the cash at least earn something while i think about a business to open or buy


Oh, ok. I'd say open a money market account. You won't earn much interest, but it will earn you something. And when you finally decide to buy or open a business, the money will be available to you.

If you decide to open your own business, you can change the account to a Business Money Market Account.
 

SoyBoy004

Golden Member
Oct 23, 2000
1,768
0
0
Originally posted by: krunchykrome
Originally posted by: gregshin
Originally posted by: krunchykrome
Is this a joke?

$45K and you wanna put it into a CD/savings account/money market account?

You're not thinking along the right track.

its not a joke...i wanna open a business but i want to have the cash at least earn something while i think about a business to open or buy


Oh, ok. I'd say open a money market account. You won't earn much interest, but it will earn you something. And when you finally decide to buy or open a business, the money will be available to you.

If you decide to open your own business, you can change the account to a Business Money Market Account.


exactly what i was thinking.

 

slycat

Diamond Member
Jul 18, 2001
5,656
0
0
is there any risk with money market?
where do u open this?...ing or just your local bank?
 

sygyzy

Lifer
Oct 21, 2000
14,001
4
76
Money Markets can be opened anywhere. I'd like to see where you are getting 3% Halik.
 

GasX

Lifer
Feb 8, 2001
29,033
6
81
there is another thread on what to do with $5K for 5 years. My advice is the same. Buy a dividend paying stock and take out a margin loan to fund your business - unless, of course, you need a chunk of that cash NOW to get things going. If that is the case, focus on your business and forget trying to squueze an extra percent out of your money...
 

DaveSimmons

Elite Member
Aug 12, 2001
40,730
670
126
Originally posted by: minendo
ING Direct offers a nice interest rate for a standard savings account. Plus you get $25 free for signing up under a referral email.;) Been using referrals to partially fund pics.apartment808.com.
ING is paying 2%, more than most/all money market accounts.

Be careful about buying a business, a lot of the franchises are ripoffs / scams, where they make their money selling you a worthless business instead of by collecting a percent of your sales. There have been a few long threads on starting a business, search archived threads.
 

DWW

Platinum Member
Apr 4, 2003
2,030
0
0
Get into fast food if you have enough for franchising fees.

That is unlikely you can get a big name like McDonalds or Buger King. But I think Subway franchises are in your financial area. Seriously, once you launch a fast food restaurant you just pay pimple faced teenagers minimum wage and rake in the rest. McDonalds are gold mines if you can get into them eventually. The food sucks but they are the busiest around here.
 

CTrain

Diamond Member
Sep 26, 2001
4,940
0
0
Originally posted by: DWW
Get into fast food if you have enough for franchising fees.

That is unlikely you can get a big name like McDonalds or Buger King. But I think Subway franchises are in your financial area. Seriously, once you launch a fast food restaurant you just pay pimple faced teenagers minimum wage and rake in the rest. McDonalds are gold mines if you can get into them eventually. The food sucks but they are the busiest around here.

Umm...NO, fast food is a bad investment right now.
Alot of people are into eating healthy these days.....and fast food have already peaked years ago.
Listen to me cause I'm a store manager at a McDonalds and we are not making that much money.

For example, the owner of our franchise of 19 McDonalds made a whooping $50K in Jan after all expenses.
Granted Jan is a slow month for us but it gives you an example of what Mcdonalds is making.
(This is from the income statement released by our accountant so its pretty accurate.)
 

CraigRT

Lifer
Jun 16, 2000
31,440
5
0
Bank account... PM me for my account info :D
that's a alot of money dood.... you lucky punk :)