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Entrepreneurship:  Piggy Bank for Grownup Farmgirls?  |
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Rosemary
True Blue Farmgirl
1825 Posts
Virginia
USA
1825 Posts |
 Posted - Jul 24 2007 : 2:33:48 PM
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Didn't know where else to put this post, but I figure entrpreneurial farmgirls would know best!
I have a nice little settlement coming my way from a personal injury lawsuit I initiated against a certain big-box retail store that I'm sure I shouldn't name until the check clears.  I'm thinking of using some of it to try investing in a money market fund that will allow a fairly small minimum investment for the cowardly. I've never done anything like that before, but at age 59 and counting, I think maybe it's time to give it a shot!
What do you gals think about this sorta thing? Ever tried it yourself? Any advice on how to get started? |
Edited by - Rosemary on Jul 24 2007 2:43:01 PM |
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therusticcottage
True Blue Farmgirl
4439 Posts
Kay
Vancouver
WA
USA
4439 Posts |
Posted - Jul 24 2007 : 5:28:02 PM
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Rosemary -- my best advice would be to contact a financial advisor that your trust or go to your bank. A money market might not be the best because they're not paying much right now. We're fairly close in age and our financial advisor said we're better off being more on the conservative side of things. Why not check into a CD? If you don't need the money to be liquid then you could probably get a pretty good rate on a longer term CD.
http://therusticcottage.blogspot.com
http://cottageramblings.blogspot.com |
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Tracey
True Blue Farmgirl
766 Posts
Tracey
State of Confusion
USA
766 Posts |
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mikesgirl
True Blue Farmgirl
3659 Posts
Sherri
Elma
WA
USA
3659 Posts |
Posted - Jul 24 2007 : 6:37:39 PM
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| I'm dying to know which store - I know which store I HOPE it is! |
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willowtreecreek
True Blue Farmgirl
4813 Posts
Julie
Russell
AR
USA
4813 Posts |
Posted - Jul 24 2007 : 6:39:50 PM
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My husband and I always put our "extra" money into CD's. They get a REALLY good interest rate and there are varying types that last different lengths. We like the CD's because you have to actually go in the bank and fill out papers to get the money out and while that isn't difficult it does cut down on the temptation to go get out that extra money and blow it on something. Also we get a nice little statement in the mail everymonth telling us how much interest we made. It's like getting free money.
When we first got married we bought stocks in several airlines and in Tyson (not my idea!!!!). Well shortly after 9-11 happened and the airline stocks plumeted. Tyson got in some big beef lawsuit(not surprised) and that stock fell. I never wanted to invest in stocks but when we first married I wasn't working yet so the money was really my husbands so I let him have his way. He lets me say "I told you so" every time it comes up so it worked out! :) I would probably never buy stock again though!
Jewelry, art, baskets, etc.
www.willowartist.etsy.com
www.willowtreecreek.com |
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Alee
True Blue Farmgirl
22941 Posts
Alee
Worland
Wy
USA
22941 Posts |
Posted - Jul 24 2007 : 7:16:04 PM
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CD's are great and I like my money market with paypal. I consistently get 5% with paypal whereas my savings account is only around 1%. The only reason I don't have a CD is they normally have a minimum amount to start around $1,000 and I never have had that much to spend.
Alee
The amazing one handed typist! One hand for typing, one hand to hold Nora! |
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willowtreecreek
True Blue Farmgirl
4813 Posts
Julie
Russell
AR
USA
4813 Posts |
Posted - Jul 24 2007 : 8:13:39 PM
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We can get CD's as low as $500 at our bank and you can go from 1 month to 5 years in length. Also if you did NEED the money they usually just charge you a penalty for the last interest payment. So say on your last monthly statement you made $4.32 interest - that would be your seperation penalty for ending your CD early.
Jewelry, art, baskets, etc.
www.willowartist.etsy.com
www.willowtreecreek.com |
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bramble
True Blue Farmgirl
2044 Posts
2044 Posts |
Posted - Jul 25 2007 : 06:20:08 AM
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Rosemary-We have always been told diversity is best , don't put all of it in one spot. 1/3 stocks, 1/3 mutual funds and 1/3 more ready $$ like a money market,cd's (though you do pay early withdraw penalties which can be steep depending on the institution).
A financial planner will know about things that we never even hear about. Ask friends if they know of one they are happy with. Good luck with your "nest egg".
with a happy heart |
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Rosemary
True Blue Farmgirl
1825 Posts
Virginia
USA
1825 Posts |
Posted - Jul 25 2007 : 08:31:58 AM
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| Thanks, ladies. Good advice. I'd forgotten that PayPal offers a money market fund. CDs are a good suggestion, too. My "windfall" isn't quite large enough to warrant going to a financial advisor (I imagine they'd just laugh at me), nor would it allow for much diversification, given the minimum amounts involved in most kinds of investment. After I pay off a few bills (whew! what a R-E-L-I-E-F!) I'll only have about $2,500 left over. But I don't want to piss it away, you know? I'd like to do something meaningful with it. (Charities are already covered.) |
Edited by - Rosemary on Jul 25 2007 10:18:17 AM |
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Rosemary
True Blue Farmgirl
1825 Posts
Virginia
USA
1825 Posts |
Posted - Jul 25 2007 : 10:18:44 AM
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quote:
Originally posted by mikesgirl
I'm dying to know which store - I know which store I HOPE it is!
Think smiley faces. ;-) |
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Entrepreneurship: Piggy Bank for Grownup Farmgirls? |
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Piggy Bank for Grownup Farmgirls?
