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Thread: Off the wall off Topic

  1. #1
    Join Date
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    Off the wall off Topic

    So the bank's savings accounts pay less than 1%. There is a $6500 limit to a Roth IRA and you can only have one. I can't put more money in my 401K. CD's and term savings bonds at my age are kinda limiting. I don't know beans about Money Market accounts. I don't have enough money for REIT's. No heirs and no debt so an insurance product is unnecessary. Good thing. After last fall I am considered uninsurable.

    I won't make any semi-quasi political statement about a conspiracy of big money boys making it very unrewarding for poorer folks to profitably socks some bucks away. And don't you either!

    So I'm looking on line and see on-line savings accounts paying a full 1% or a bit more. Some banks' names I even recognize! Anybody ever look into this? Or doing it? Ever know anyone doing this? Wanna make an informed (not just your opinion) statement? Or better yet, know of an investment that pays better than 1% with reasonable liquidity? The goal is a revenue stream for after I no longer want to work.
    ++++++

    Some say the land of milk and honey; others say the land of fruits and nuts. All together my sort of heaven.

    Power is not taken. It is given. Who have you given yours to? Hmmmm?

    Carol Reed

  2. #2
    Join Date
    Dec 2008
    Location
    falcon heights, minnesota
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    hi carol! i spoke with my banker, as the roth ira piqued my curiosity. she says that you can open one, one year, max out the deposit, then you cannot deposit again until the next year, and do the max deposit again. as for money markets, after working in the belly of that beast in 2008, i'd be a bit leery of that one. if you, as an example, invest 10k, you could earn interest on that. you could lose the interest, but not your original investment. when a company cannot guarantee your original investment, its called breaking the buck. in 2008, our company came within 3/1000ths of a basis point (think skinny cat hair split 6 ways) of breaking the buck. i'll be happy to tell you about that thursday night in 2008 some time, definitely give you something for a sermon or two.
    benedictione omnes bene

    www.burroviejowoodworking.com

    check out my etsy store, buroviejowoodworking

  3. #3
    Join Date
    Apr 2008
    Location
    Independence MO
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    I think a lot of people wonder the same, personally. I have no experience, but I do have a concern about an online place with no local physical location, as it would seem to me to be much easier to commit fraud. (someone gains access to your computer, etc. and gets into your account how to prove it wasn't you)
    You want to make good money on yours, become a credit card company. (leaving it there, bit of humor, bit not)

  4. #4
    Join Date
    Feb 2008
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    East Freeetown, Massachusetts
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    Aside from a couple of things I have I don't really know what to do.

    The one thing I do know is I need to talk to someone that does know.

    I recommend that you seek out a good financial advisor that can help you.
    I don't mean - talk to the bank. You will get nowhere there.

  5. #5
    Join Date
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    somewhere east of Queen Creek, AZ - South East of Phoenix
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    I will use just one word. Annuity. Although I personally don't set them up only because I didn't want to bother getting the necessary certification it is designed to do just wat you want.

    An annuity is an insurance product that pays out income, and can be used as part of a retirement strategy. Annuities are a popular choice for investors who want to receive a steady income stream in retirement.

    send mean E mail if you would like me to refer you to someone in your area who does them.



    "There’s a lot of work being done today that doesn’t have any soul in it. The technique may be the utmost perfection, yet it is lifeless. It doesn’t have a soul. I hope my furniture has a soul to it." - Sam Maloof
    The Pessimist complains about the wind; The Optimist expects it to change;The Realist adjusts the sails.~ William Arthur Ward

  6. #6
    Join Date
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    Location
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    Quote Originally Posted by Don Baer View Post
    I will use just one word. Annuity. Although I personally don't set them up only because I didn't want to bother getting the necessary certification it is designed to do just wat you want.

    An annuity is an insurance product that pays out income, and can be used as part of a retirement strategy. Annuities are a popular choice for investors who want to receive a steady income stream in retirement.

    send mean E mail if you would like me to refer you to someone in your area who does them.



    Don, I have a friend who is specialized in them, and I think you missed one important part that Carol mentioned. Liquidity. Annutiies are not liquid.

  7. #7
    Join Date
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    somewhere east of Queen Creek, AZ - South East of Phoenix
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    Quote Originally Posted by Randal Stevenson View Post
    Don, I have a friend who is specialized in them, and I think you missed one important part that Carol mentioned. Liquidity. Annutiies are not liquid.
    It depends on the product they have varying degrees of liquidity. Some are set of on a 5 year or ten year plan it depends on a lot of things that's why I told Carol to e mail me on it I am an Insurance broker and don't feel that a thread on a woodworking forum is the proper place to get into the nitty gritty details.
    "There’s a lot of work being done today that doesn’t have any soul in it. The technique may be the utmost perfection, yet it is lifeless. It doesn’t have a soul. I hope my furniture has a soul to it." - Sam Maloof
    The Pessimist complains about the wind; The Optimist expects it to change;The Realist adjusts the sails.~ William Arthur Ward

  8. #8
    Join Date
    Mar 2007
    Location
    Escondido, CA
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    5,172
    FWIW, I do have a financial advisor for the 401K and the Roth. He is where I got thr information I have. He suggested a simple savings account. Reason being that I will need the liquidity to complete the house. Think it is back on again. If not, then I need to look at something else. Interesting about annuities. No one seems to recommend them but maybe because they don;t make as much money setting one up. Remember, I am not insurable, so not sure an annuity is even possible or how much money it takes upfront. I'll email you, Don.

    As for asking on a woodworking forum, remember, you are my family. I trust you guys. I appreciate your empirical and anecdotal information. It is not the only information I seek when making a decision but it does help balance out what strangers tell me. So thanks!
    ++++++

    Some say the land of milk and honey; others say the land of fruits and nuts. All together my sort of heaven.

    Power is not taken. It is given. Who have you given yours to? Hmmmm?

    Carol Reed

  9. #9
    Join Date
    May 2007
    Location
    Thomasville, GA
    Posts
    5,994
    Carol, we (Bobbie and I) decided last year to consolidate all of our holdings with a national financial firm after much consideration. Because of former work situations, an inheritance, etc., things were scattered and we wanted a local face to deal with going forward. One thing we were already doing right was diversifying in our 401k investments. Being retired now, we looked at other options. We can't complain about the advice we've received so far. You said you have a financial advisor for part of your investments. Perhaps you need to consider the type of consolidation we've done and move everything under one roof. We thought long and hard about going that direction, but it's working great for us.
    Bill Arnold
    Citizen of Texas residing in Georgia.
    NRA Life Member and Member of Mensa
    My Weather Underground station

  10. #10
    Join Date
    Feb 2013
    Location
    Clyce, Texas
    Posts
    187
    Carol,

    I'd recommend you look at Credit Unions in your area and see how they are doing. The ones here in Texas are paying higher returns than anyone else - around 3% right now. I can get my money anytime I want by fax or a phone call. Been a great investment for several in my family.

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