View Poll Results: with 10k, i would...

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  • put down payment on a car

    1 2.38%
  • buy new boobs

    6 14.29%
  • save a little more than put down payment on condo/house

    12 28.57%
  • invest in ..something

    14 33.33%
  • other (please explain)

    9 21.43%
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Thread: what would you do with 10k?

  1. #1
    Veteran Member carmen124's Avatar
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    Default what would you do with 10k?

    So I have around $10K just sittingin my savings account...everything is pretty much paid off. I have no debt, loans are paid off, i'm paying tuition on time -- i pay/paid all of this from my checking account which is completely seperate. Anyway I'm completely lost on the whole $$ thing, and I'm trying to figure out what to do with this lump of cash. what would you all do? grr $ is so confusing!!
    Last edited by carmen124; 11-09-2006 at 01:05 AM.
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    God/dess Emily's Avatar
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    Default Re: what would you do with 10k?

    it depends on your investment goals at that time. it's such an individual thing, and even then the timing in her life.

    Obviously, someone with a house, implants and a car (like me) won't pick the same things as a young girl in college.

    I just put 9,000 in a CD because my IRA is maxed out for 2006....and I'm saving up for investment properties which I plan to buy in a year or so. My savings goals are short term and long term. Such a broad question and such limited answers. I couldn't answer.

    So....what do you ultimately want?

  3. #3
    Veteran Member mia_bella's Avatar
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    Default Re: what would you do with 10k?

    Quote Originally Posted by Emily
    Obviously, someone with a house, implants and a car (like me) won't pick the same things as a young girl in college.
    i wish i had all those things. well maybe not implants, i don't think they'd suit me. but the house and the car...those are my goals.
    www.myspace.com/infinitelymia

  4. #4
    Veteran Member carmen124's Avatar
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    Default Re: what would you do with 10k?

    Your right, its a vague question..Ultimately I do want to be a home/condo owner (most likely in Manhattan..thats long term as in 4-5years) but more short time I'd like to invest in something like a condo here in AZ, live there for the remainder of my college (2years) than sublet and hopefully make some income off it.

    I guess what I need to do is open more than just one savings account for these different "investments" Who do you use for you CD's? I've heard good things about ING Direct.
    XoXo


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    God/dess sxybrat07's Avatar
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    Default Re: what would you do with 10k?

    I would invest...in something...even if it's a house or condo that you're going to live in for awhile. As far as what to invest in...I have no idea. I'm a newbie as far as that goes.
    I believe you Dottie and you have my support

  6. #6
    Veteran Member StuartL's Avatar
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    Default Re: what would you do with 10k?

    From the professional perspective, this raises an interesting point that most people really never seem to get.

    Most people say that they want to invest and have really one of two questions:

    What is best?

    What will get better / higher growth?

    Both good questions but in reality, what is best for you is completely different from almost anyone else. If you have $10m not $10k then it comes down to getting the highest growth. But if you have $10k then there are other lifestyle issues to think about as well. They are more important than returns.

    When will you need the money? On a set date in the future or 'never'?

    How much risk are you willing to take?

    Do you need the money to provide an income?

    Do you have other money invested elsewhere? If so where, how and under what restrictions?

    Do you have debts that could be repaid?

    What tax bracket are you in? Is taxation an issue for you?

    Do you plan to monitor the investment yourself?

    These aren't everything, but they will give you a useful start.

    Good luck!

  7. #7
    Banned Melonie's Avatar
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    Default Re: what would you do with 10k?

    Given that I already have a house, a decent car, breast implants etc. if I had an 'extra' 10k to 'do something with' right now I think that I would invest it in shares of silver mining companies. This idea is based on three future assumptions ... that the US dollar is going to be weakened internationally, and that the wave of consolidations which has recently occurred in the gold mining industry will spread to silver mining, and that huge new demand for silver as an industrial metal will likely be 'legislated' into existance by new (democratic supported) environmental regulations requiring the use of lead-free solder (as are already being put into effect in western europe).

    In regard to Carmen's own situation, since she plans to 'park' this money in preparation of purchasing a house and/or car, short term CD's are probably a very practical approach.

  8. #8
    Veteran Member StuartL's Avatar
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    Default Re: what would you do with 10k?

    I must admit that when I saw the poll, my first thought was ... 'Id buy more silver bullion'. But that is just me.

  9. #9
    God/dess Emily's Avatar
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    Default Re: what would you do with 10k?

    Quote Originally Posted by carmen124
    I guess what I need to do is open more than just one savings account for these different "investments" Who do you use for you CD's? I've heard good things about ING Direct.
    I agree with melonie. You should buy some CDs since you want the money in 4-5 years. That's considered short-term in the investing world. Have you thought about long-term investing goals like retirement?

    And yes, ING is good. I took advatange of a promo that Wachovia was offering (that's the bank I use, so the ease factor was nice and I think they may still be doing it.) It was 5.15% for 9 months.

  10. #10
    God/dess ViolaStrings's Avatar
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    Default Re: what would you do with 10k?

    I'd put it in savings as "just in case" money

  11. #11
    God/dess VenusGoddess's Avatar
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    Default Re: what would you do with 10k?

    I'd definitely invest it.

    Where you put that money to invest depends on your tax situation. Just remember that whatever you do...that money has to be claimed/accounted for...

    But, since you are wanting to buy a place in a few years...put it someplace where it'll earn you money. I've never been one to put my money down on a place that I could not easily access it (ie. a mortgage...down payment) but having that money there to prove you can afford the place and having that money work for you while you are living in the house/condo knowing that it can be used it needed is a good idea.

    Before you buy anything...check your local housing market. Check the rental market. What is renting out and for how much? What areas have the highest rental/purchases? It will make a big difference in where you buy if you are going to want to rent it out later.

  12. #12
    Featured Member Katherine's Avatar
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    Default Re: what would you do with 10k?

    I'm shocked that no has asked this, though viola touched upon it...

    Carmen, do you have an emergency fund of min 3 preferably 6 months living expenses? You say all your bills are paid and you're paying tuition on time. But that's all you said.

    What happens if you break your ankle? Or your car breaks down? Or ________? Or ___________?

    Before you think of spending or investing that money, you need to save enough for emergencies.

    As for my answer? I have enough for emergencies, my IRA is maxed out, I just bought into a new (to me) mutual fund. Although I'm ready to look at some stocks, I just found a 9,000 tanzanite ring I'm trying to convince myself not to get. It's barely affordable. I wouldn't go into debt, but I'd be pushing it.... That's where 10 grand today would go. But a week ago? After I own this ring (I want it I want it I want it!!)? Definately investing.

    But first thing's first girl. Emergency fund.

    You could keep the money in a high yield money market account (my local bank even offers 4%). Or, you could take a page from Melonie. She's talked about keeping your emergency fund in in multiple short term CD's. I loved that the min I heard it and I used that with my own money! She can better explain, but basically each cd is one month living expenses and they are staggered so that one matures every month. That way you're not tempted to use the money unless it's a real emergency, and go forbid you can't work, it's like getting a monthly paycheck for the months you can't work... It's a really wonderful system.

    Thank you Melonie!!!

  13. #13
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    Default Re: what would you do with 10k?

    Of course I'm going to go with the emergency fund too. It's insane to be a long term dancer without one- stripping is not a stable job, there are no paid sick days, it depends 100% on your health and beauty. I volunteer at a hospital and it's filled with people who swore nothing would ever happen to them. I know it's not as much fun as the other options but put the $10,000 in an emergency fund if you don't already have one.

  14. #14
    sexynsweetSF
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    Default Re: what would you do with 10k?

    i have 10k in a ING CD & 30k in a ING Savings Account (I can withdraw, transfer funds without penalty's anytime)

  15. #15
    God/dess Emily's Avatar
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    Default Re: what would you do with 10k?

    "rainy day fund" is still more complicated than it seems

    cash in the mattress?
    cash in a safe deposit box?
    money market account?
    CD?
    how much?

    is your IRA maxed out already?

  16. #16
    Banned Melonie's Avatar
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    Default Re: what would you do with 10k?

    i have 10k in a ING CD & 30k in a ING Savings Account (I can withdraw, transfer funds without penalty's anytime)
    Again I don't want to get political, but with the results of this week's election you may want to seriously consider moving part of that $30k into tax-free muni bonds or something else with tax favored status !!!

  17. #17
    sexynsweetSF
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    Default Re: what would you do with 10k?

    hi melonie! whats a good tax free bond that you would recommend?

  18. #18
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    Default Re: what would you do with 10k?

    I voted other.....Emergency fund.


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  19. #19
    Sitri
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    Default Re: what would you do with 10k?

    Quote Originally Posted by Emily
    it depends on your investment goals at that time. it's such an individual thing, and even then the timing in her life.

    I just put 9,000 in a CD because my IRA is maxed out for 2006....and I'm saving up for investment properties which I plan to buy in a year or so. My savings goals are short term and long term. Such a broad question and such limited answers. I couldn't answer.

    So....what do you ultimately want?
    If you want real estate returns without the tenants, you may want to take a look at some REITs. They have good returns and are pretty liquid.

    I sat in a presentation today from the group below. It is commercial real estate and isn't in the "bubble".

  20. #20
    eyeawry
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    Default Re: what would you do with 10k?

    Personally? I chose Other: Half would go to paying off debt, half would stay in my savings account.

  21. #21
    God/dess leilanicandy's Avatar
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    Default Re: what would you do with 10k?

    Quote Originally Posted by carmen124
    So I have around $10K just sittingin my savings account...everything is pretty much paid off. I have no debt, loans are paid off, i'm paying tuition on time -- i pay/paid all of this from my checking account which is completely seperate. Anyway I'm completely lost on the whole $$ thing, and I'm trying to figure out what to do with this lump of cash. what would you all do? grr $ is so confusing!!

    I would put it in a cd
    Last edited by leilanicandy; 11-10-2006 at 10:31 PM.
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  22. #22
    Veteran Member carmen124's Avatar
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    Default Re: what would you do with 10k?

    thanks for everyone's input!

    Yes i do have a small "emergency" fund. (around 5k) soo I'm thinking of putting half into my "emergency fund and the other 1/2 into a CD or maybe a tax free bond (although i don't really know shit aobut them..so i'll need to do some reasearch) Its not as exciting as a boob job or a new car but I think it's the smartest thing for right now anyway.
    XoXo


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  23. #23
    God/dess dlabtot's Avatar
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    Default Re: what would you do with 10k?

    Sorry, I didn't read the thread, but...

    if you are young and you have 10k to spend... take part of it and travel... go to France or Patagonia, or China, or Mount Kilimanjaro, or wherever you've dremt of going... you won't regret it. I guarantee you won't be laying on your death bed thinking.... "I'm so glad I bought that tax-free bond"....
    Last edited by dlabtot; 11-10-2006 at 03:54 AM.

  24. #24
    Banned Melonie's Avatar
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    Default Re: what would you do with 10k?

    hi melonie! whats a good tax free bond that you would recommend?
    Well, directly buying tax free muni bonds is often beyond the reach of 'small time' investors, as many of the 'best' bonds have minimum denominations of $50,000+. This is fine for the 'very rich' who have hundreds of thousands or millions in investment funds, but it's rather painful for 'small time' investors to put $50k in a single 'basket'. Fortunately Fidelity, Nuveen and other large mutual fund houses have created mutual funds consisting entirely of tax-free bonds that don't have the large minimum 'buy in' amounts. See

    Also, if you live in Nevada, then you don't have to worry about a state income tax (yet). But residents of high tax states line New York, California, Illinois etc. have prompted the large mutual fund houses to also create specialized tax-free bond funds for each of these states which are exempt from both federal and state income tax. For example, Nuveen's New York tax-free fund currently offers a 4.6% tax free return ... which is equivalent to a 7-8% taxable rate of return after federal and state income taxes were subtracted. The higher your earnings, thus the higher your tax bracket, the more advantage that tax-free bonds or tax-free bond funds offer. Buying the bonds themselves offers the absolute highest potential return, as the mutual funds do subtract management fees, but the minimum 'buy in' required for direct purchase of some tax-free bonds can be a tall hurdle for 'small time' investors.

  25. #25
    God/dess VenusGoddess's Avatar
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    Default Re: what would you do with 10k?

    Quote Originally Posted by carmen124
    thanks for everyone's input!

    Yes i do have a small "emergency" fund. (around 5k) soo I'm thinking of putting half into my "emergency fund and the other 1/2 into a CD or maybe a tax free bond (although i don't really know shit aobut them..so i'll need to do some reasearch) Its not as exciting as a boob job or a new car but I think it's the smartest thing for right now anyway.
    Just think of it this way...save/invest what you can now...when you've got yourself "set" then you can start splurging.

    I have friends who spend everything...I mean EVERYTHING...and they regret it later in life. I make sure we save as much as possible. Joe likes to spend...but I like to save. I really, really want to be well-off later in life. Not depending on social security (cough, laugh) or working until I'm 85 just to live in a shit-hole senior housing project.

    So, save and invest what you have now...and make a separate account for "fun days"...use that money that you specifically put aside for boobs, car, traveling. It won't hurt and you'll feel more "secure".

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