Averett

I'm not sure that I would want to use my car as collateral. I don't want to take a chance with it. Just called up MBNA and I was able to lower the APR to 13.99%. Still pretty high, but better than 15.99%. Every little bit helps.


Now to do some math from that scary thread

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Absence is to love what wind is to fire. It extinguishes the small, it enkindles the great.

Yakk

BOOO!

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Last edited by JHVH : 10-29-4004 BC at 09:00 PM. Reason: Time for a rest.

Averett

ARGH!!! It's the scary thread!!!

__________________
Absence is to love what wind is to fire. It extinguishes the small, it enkindles the great.

NoSoup

Lol, it certainly isn't for the faint of heart...
Nor the mathematically Challenged

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I have an aura of reliability and good judgement.

Just in case you were wondering...

Averett

I could spend hours upon hours doing the math from that thread. It's pretty sweet actually.

__________________
Absence is to love what wind is to fire. It extinguishes the small, it enkindles the great.

NoSoup

Hours and hours doing complex mathematical equations.... Not really my cup of tea, but good luck to you!

Different strokes for different folks, I guess

FaderMonkey

I'm fairly new here, so if this question has been asked before I apologize. You can just direct me to the answer you gave before.

I have about $25,000 in credit debt. It's spread across a few credit cards and most of them are very close to max. I finally stopped using the cards a few months ago. I'm just barely getting by financially. One of my credit cards called me a few months ago to update my income info and the guy recommended I call a company called Financial Management Sevices to find out about consolidating my debt. I called my credit union and the advisor there said I should call a company called CCCS (Consumer Credit Counseling Service). Is this a good idea that I look into this? Are there companies that are better than others? What should I look for? I called CCCS and briefly spoke to someone. She said that I have to come in for a session that will cost $25. If I end up deciding to use them she said it would cost me a max of $20 a month. What should I do?

NoSoup

Well, I have a couple of questions for you, if you wouldn't mind...
Are you a homeowner? If so, how much equity do you have in your home?
When you say "just getting by," does that mean that you are just making the minimum payments each month?
Other than credit card debt, do you have a lot of other debt out there?
How is your credit? Do you have late payments/bankruptcy? Open Collections?

As far as debt consolidation companies go, even if they are non-profit, they are still out there to make money. Your best bet would be to find a government-backed company, as they are more likely to actually have your interests in mind, since they are paid either way.

A couple things to note about these companies, though, are that they do report to your bureau that they are paying your bills for you. This can often result in a bankruptcy-like score, as well as other negative indicators that will make it more difficult for you to obtain a loan with decent terms in the near future. Also, they do make it easier usually only having you pay one bill per month, but, other than that, the services they perform are usually able to be done by the consumer, free of charge. Usually, consumers themselves are able to negotiate a lower interest rate with cards, as well as potentially overturn any late payment or over-the-limit fees. If you do decide to go with one of these companies, be very wary, and make sure that they are indeed making the minimum payment agreed upon with the credit card agencies. Too often I have seen people's credit ruined because their consolidation agency neglected to mention that their "one, low, monthly payment" neglected to cover the amount required by the credit card companies to avoid delinqueny.

If you are able to answer the above questions, I might be able to recommend a different course of action

Thanks for posting!

FaderMonkey

- No, I don't own a home, I rent an apartment.
- Yes, I am just making minimum payments.
- Other than credit debt, I have student loans I'm still paying back.
- I don't think my credit score is very good, but I don't know for sure. A couple of my credit cards have been lowering my credit limit as I lower the balance. I was late on a some payments a few months ago, but I've been pretty good about it lately.

Supple Cow

I saw that somebody else mentioned locking their loans, but I have a simpler question that whether or not I should do it:

HOW do you do it? Do you have to consolidate your loans? And can you do this for private as well as government loans? I currently have two loans (one private) and I keep hearing about how the economy is so bad right now that it's a great time to lock my rates. I really don't know anything about this, so I would appreciate any information about how this works. Thanks!

__________________
"I've missed more than 9000 shots in my career. I've lost almost 300 games. Twenty-six times I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed."
(Michael Jordan)

NoSoup

This is a difficult situation. A lot of you decision should be based on your income. If you are still "keeping up with the Jones'" and making just the minimum payments, forget the Jones'. If you are pretty much barely getting by with minimal unnecessary expenditures, bankrupcty may be an option for you.

However, if you are expecting a pay increase, a new job, or an apartment with less rent is feasible, or you can cut other expenses and apply the additional funds to the credit cards, I would recommend doing that. If you feel alright about taking the inititive and contacting the credit card companies yourself, I would do that as opposed to credit counseling, but if you prefer that they do it, that's fine as well.

Simply pick the credit card with the least favorable terms (ie Interest rate, annual fee, ect.) Make only the minimum payments on all other cards and put every penny you can on that specific card. Once it is paid off, simply pay the extra money on the next card, knocking them off one by one.

I hope this helps!

NoSoup

First off, I am going to assume that you are speaking about educational loans, if not, just specify the type

To be honest, you probably would want to speak with the lenders, as they would be able to tell you much better than I. However, although I am unfamiliar with educational loans, mortgage rates have increased dramatically in the last few weeks, so you may want to check into it quickly.

Wish I could help more, but I don't want to give you any bad information

If there is anyone out there with more student loan experience (I never took one out) please feel free to help Supple Cow Out...

skier

Hey great thread nosoup! I hope you can help me with my question.

I'm currently an 18 year old student with a full year of university under my belt, and no debt, but no credit either. I have become aware of an investment opportunity that will appreciate at about 10-15% every year. Obviously this is a great chance that I do not want to pass up. I have one year until the market stabilizes and then begins to climb at this new rate. What can I do in this single year to maximize my loan amount I can get from a bank, or credit union? I will be exploring other avenues for obtaining capital as well, like offering private investors a fixed 7-8% rate for the period, but would appreciate if you can think of any other ways to get some capital for this opportunity. Also my parents hold a lot of property, and will be investing as well- should I try and go through them, in a way leeching off their credit rating? Any help you could give me would be appreciated.

__________________
"Asking a bomb squad if an old bomb is still "real" is not the best thing to do if you want to save it." - denim

NoSoup

Hmm... well, a couple of things to point out, then I'll answer your question

From your post, I am going to assume that this investment opportunity will not last forever, although there will be a period of maybe 3-5ish years where you will be earning that return. If I am incorrect in my assumptions, please let me know.

"...an investment opportunity that will appreciate at about 10-15% every year"

Well, the word "will" implies that there is absolutely no question as to whether or not your investment will increase or decrease, and if there is no risk of loss at all. If this is truly the case, congratz on finding a once in a lifetime opportunity. If it isn't though, a word of caution - It may not be wise to borrow funds to invest when there is a possibility of losing the investment.

However, that aside, I would recommend that you immediately apply for 2 credit cards (if you are unable to qualify for the first one that you apply for, then get secured cards or have your parents cosign) Also, obtain a secured loan of some type, with a low balance. A small savings/cd secured loan should do. Do not allow the balance on your credit cards to exceed 40% of the credit limit at any time, and make sure all the bills that you have are paid on time every month. Also, you can pay your credit cards off in full each month if paying a little interest bothers you, but make sure that you wait until the bill comes and you do it only once per month, to ensure that it did report a balance to your credit report. Make sure you obtain credit ASAP, as you want it to report as many months as it can before you apply for the other loan.

Now, if you really have a guarenteed investment return of 10-15% with absolutely no risk of loss I would save ever penny I could get my hands on until you invest it. Picking up a second job, ect. would not be a bad idea either. Also, borrow as much money as you can from your parents to invest with. Depending on their rental property, and how quickly it is appreciating, and also how much equity they have in the properties, they may want to consider taking out additional mortgages or even selling the properties to put as much into this opportunity as possible.

If this is not too good to be true, here are some figures to get you hyped up & help you realize that this could potentially be a once in a lifetime opportunity...

At 10% (the minimum in your example!) you'll double your initial investment in less than 7 years. At 15% it would take less than 5 years to double your money. If you can get individual investors involved and pay them a flat %, I would do so, as long as the % paid is less than the minimum earned. The same side of the coin however, if you can borrow money from whereever for a lower % than the minumum earned, I would do that as well. However, putting as much "free and clear" money, money that is yours, is where you will see the greatest return.

Good luck, and if you have any more questions, please ask

skier

Haha ok I was buying into some hype that was associated with my excitement. But this really is a solid investment opportunity, with suprisingly low risk, and right now after doing a fair amount of research i'm figuring that the appreciation will be somewhere between 7% and 12%, annually. Do you think private investors would invest in a flat rate of 6% or even 5%?
What in your opinion is the best way of getting that second card? I'm confident I can get a card through my local bank, but am unsure on how to get the next one. The loan you discussed is something I would get now and pay off over the year right? I'm wondering what a "secured" loan means. How can I secure a loan, and what advantages/disadvantages does this have over a non-secured loan? Sorry for all the questions, i'm relatively new to credit-debit systems because of a preference of dealing in cash.

__________________
"Asking a bomb squad if an old bomb is still "real" is not the best thing to do if you want to save it." - denim

Cynthetiq

heck if it's such a good investment there should be plenty for everyone to go around.. share the tip

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NoSoup

It really depends on the investor. Nowadays, 5% is a very, very high percentage to earn if you are are basically going to guarentee them that they will not lose any money, and require either no or minimal amounts of time that money will be "locked in" with you. Basically, I think you have a pretty good shot of getting some private investors at 5% you can guarentee that they will not lose money (by replacing it with your own) and that if they do invest with you, they are only required to keep it there for 1 year or less. To be honest, unless they have some type of emergency or something, I would imagine most will keep it there untill savings/certificate of deposit rates increase dramatically. Currently, in my area, savings account rates are at about .25%, which is absolutely terrible.

It doesn't really matter where you get your second card. I would imagine that you probably need your parents to cosign for you, but that won't really be an issue as far as credit-wise, as it reports the same whether you are on it alone or you have a co-signer. You could probably check with like Capitol One or some other major credit card company.

A secured loan is basically money borrowed to you with the lender using something as collateral. Some examples of secured loans would be a car loan, a mortgage loan, or a savings/cd secured loan. In your situation, I probably would do the cd secured loan. Basically, you should be able to go into a local bank/credit union and and give them $500 dollars to put into a certificate of deposit. Put it in for 1 year, and at the same time apply for a cd secured loan. What they do is freeze the funds in that CD, so you cannot withdraw the funds without paying off the loan (however, you can use those funds to pay off the loan if you must) I would apply for a $500 Cd secured loan, with the amortization being either 6 months or 1 year if they'll allow it. There is a very high likelyhood of it being approved without a co-signer, as the bank gets their money even you default on your loan. Then just make your payments (on time) each month till it is paid in full.

Secured credit is usually looked upon as "good" credit on your bureau, as opposed to unsecured credit (ie credit cards, personal loans, or any other debt that you carry that has only your promise to pay backing it up)

Don't worry about the questions, that's what I'm here for

If you need anything else, please don't hesitate to ask...

Cynthetiq is right, lol... feel free to let us know what the investment is - if you don't want "everyone" to know... feel free to send me a PM

skier

heh, I guess it can't do any harm in telling people. Just a few weeks ago, Latvia officially became a European Union member. This has many interesting repurcussions for this former soviet state. Along with a dropping in trade barriers, there are many regulations and measures that are being put in place that will put an end to the rampant money laundering and other such corruption that is just dying out now in Latvia. To eliminate liquid assets, various organizations have been purchasing expensive cars, property, and the like. Property is increasing in value at 30% per quarter presently. This is the unstable market that will either bottom out or collapse outright in about a year. I've just returned from Latvia myself, and have talked to more than a few prominent members of real estate and investment, and they agree about the current situation (sidenote- to deal with corruption, latvian legislation has increased various taxes to the point where if you dealt legally and recorded all your income, you would be taxed for over 100% of your total revenue)
This is why I need to wait about a year for property prices to fall again to a reasonable level. That'll be the time to purchase as much property as I can. Why? Because as a new member of the EU, Latvia is a prime location for development, and has most of the infrastructure already constucted for furthur growth. New EU restrictions and regulations are giving the economy a fresh start. Free trade will allow for greatly increased economic activity. It's a country on the brink of a economic boom. You just can't buy land in Germany, or Poland, or France at any reasonable price. If you buy land within 100Km of Riga, it will appreciate easily over 6% a year- most likely in my estimate to be at 7-12%.
Well at least that's my take on it. Feel free to shoot it down, if there are glaring holes in my analysis i wouldn't mind being made aware of them so I don't lose my money.

__________________
"Asking a bomb squad if an old bomb is still "real" is not the best thing to do if you want to save it." - denim

NoSoup

Lol, that was unexpected, but thanks for the tip. Unfortunately, I am not too familiar with situations like this, so before I give an opinion or decide whether or not it could potentially be something I want to invest it, I should do a little research.

Thanks for posting, and if you need anything else, please ask

Rubyee

Okay, new question.

This may have been asked before, but I didn't see it, so I apologize if it has been.

I have two student loans- one for each year I was in school. They are both through the same place- Iowa Student Loan.

There is an option to consolidate my loans on the website. What does that mean and should I do it?

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shannon

as with FaderMonkey, i didn't bother to check through all of the past questions, so if my question has been asked before, I'm sorry too.
i was thinking that it would be good for me to get a credit card to start building some credit. i'm 20, i know i wouldn't use it for stuff that i didn't already have money for, mainly just for building credit and maybe internet purchases.
i applied for a student card and got rejected. when i called to find out why, they said it was because of my student loan. i have a government student loan now for almost $10,000, but i am not paying it off now because i am still in school.
i was wondering if my applying online would have had anything to do with my rejection. if i was to go in to the bank and apply in person would they be more appathetic to the student loan issue? i would like to get a card from this bank as it's the bank i deal with regularly and i really like them. if they turn me down in person, might i have better chances somewhere else?
thanks.

__________________
"When I look down I just miss all the good stuff. And when I look up I just trip over things"

eribrav

skier, not to be a wet blanket, but your idea doesn't hold water.

First off, the yield on a 10 year US Treasury is closing in on 5% right now. That's backed by the full faith of the government of the United States. You, on the other hand have no assets and no way to guarantee your investors their money back. That would make you a sub-junk level borrower if you were a corporation. You will need to offer sky-hgh rates to people to take a risk on you.

Second off there is absolutely no way to know if a land investment will appreciate, especially one in a near-third-world nation. Take a look at Tokyo real estate values over the last 20 years. Still think land always appreciates? What will happen to your money in the event of civil unrest?

Third, you will be "investing" in a highly ILLIQUID asset. You may or may not make some positive net return with time, but it likely won't be available during much of the holding period.

Finally, please summarize in one paragraph what will happen to your holdings in the event of a Latvian currency devaluation. If you can't do that much then you better think doubly hard about what you're getting into.

NoSoup

Basically if you were to consolidate the two loans, you would take them both and just have one larger loan. I would certainly check into it, and if consolidating them offers you better terms than you currently have (ie lower interest rate, lower payments, ect) then I would go ahead and do it. If the terms are not favorable, I would hold off.

If you have any more questions, please ask!

NoSoup

Well, excellent choice by choosing to begin building your credit. You may not have been turned down solely due to your student loan, but that may have played a role in it. I would imagine that a large factor would be the lack of credit history that you have.

If you want the credit card through that specific bank, I would go into the office and apply for a secured credit card. Basically, they'll take some of your money (amounts may vary, depending on the institution) and freeze it. Then they'll give you a credit card for that amount, so that if you don't pay your bills, they still have the money to pay for it. It will most likely report just as a normal credit card, and after a bit with that card you should be able to obtain an unsecured card, providing that you want one.

I would imagine that they have the same underwriting guidelines no matter how you apply, so re-applying for the same card in person probably won't make too much of a difference. The secured card is your best bet to build up credit without a co-signer.

If you have any more questions, just ask

skier

Ok, I accept that I would be an extremely unsatisfactory borrower. I would like to say also that while the yield curve is at about 4.75% for a 10 year bond, it is only 1.84% for a single year. Offer a 6% rate compounded every year for 10 years and you have a much better interest rate (albiet extremely risky) than a guaranteed 5% gain over 10 years that is rock solid. It barely covers inflation.

Good thing I don't have to deal in absolutes. I have already assesed risk vs. benefit. Sure, there is a chance that there could be civil unrest, or a flood, or maybe some outdated russian nuclear missle will misfire onto the property. I've just been to Latvia, and talking to people from all walks of life there. Lawyers, real estate agents, improverished seniors that live with my grandfather in an aging planned apartment complex, young men in pubs. I heard no mutterings of despair, no longing to overthrow the government. The joining with the EU has been something to celebrate, and there was anticipation in the air. True there are a few dissidents, but they are few and far between- mostly russian immigrants angry at the loss of russian being taught in schools. I do not feel that there is much risk to this opportunity I see unfolding in front of me.

I'm trying to figure out what you were thinking when you typed out illiquid in bold. I've never heard the term, but I think you mean that the assest has little liquidity. I agree that compared to, say, certificates of deposit, or stocks and bonds, land makes a quite solid investment. But property and houses are far more liquid than some other items of investment however, like valuable paintings, commercial buildings, and antiques. I feel that by purchasing property and marking it up 8-12% (depending on the market), in less than 2 years it will be sold again, leaving me with this extra that I can return to investors (if they feel inclined to risk their money with me) or just take for myself.

We are talking devaluation, not depreciation, right? If the latvian government decides for some strange reason to devalue it's currency, I would not be concerned. If their financial department feels the boost to exports and trade would be worth the tradeoff to currency, i'd be happy with that. I would change my asking price to euros, being that potential buyers would be coming from established european union members. Also, the bank of latvia is converting to euros, and current proposals are saying this will happen by 2008.

If you are talking about the depreciation of the Lat, I can say that I would just be fucked- and would have to cut my losses, and work myself out of debt, depending on the severity of that loss, it could be anywhere between 10K and 150K. Which would really suck. But it's a risk that I feel is small enough to be overcome by benefit.

P.S.- Actually i'm not really sure how U.S. treasury bonds appreciate- could it really be 5% compounded annually? You would double your investment in only 15 years. If you took a 20 year bond, at 5.45%, at the end of the 20 years you'd have almost 3 times your initial investment. This can't be right.

__________________
"Asking a bomb squad if an old bomb is still "real" is not the best thing to do if you want to save it." - denim

eribrav

Interest rates are expressed as an annual yield on US treasuries and notes. Thus if you bought a 10 year at auction, and the yield was 4.75%, you would receive that amount annually.

You can ask to be paid for your properties in any currency you want, but unless you're moving overseas you will ultimately have to repatriate that money into dollars. Can you see what would happen if one day 10 "Lats" (sorry, I don't know the real Latvian currency) bought a US dollar, but a week later it took 100 Lats?

I still maintain that overseas RE is a highly illiquid asset. You're telling your lenders they can have their money back when they want it, but you have no way to return it that quickly. What if there's a dip in the Latvian market and somebody wants their bucks back at that time? You would be forced to sell at poor sale prices. That presents a tremendous risk to your enterprise, even though long term your concept could be a succesful one.

Also, you seem to be ignoring transaction costs. Buying something one year and selling a year or two later will be expensive. I doubt you can do it for under 10% of the transaction cost.

Best wishes, and good luck with your investments.

skier

Ok, point taken, eribrav. Fluctuating exchange rates could result in a lower return or in an extreme case, a loss. I feel confident in the future strength of the Lat, but I can see how this raises risk for the investment.
To deal with the problem of low liquidity, I was intending to reach out to many lenders for small sums, not a few lenders with a considerable sums invested in each property. This would let me be more flexible if an investor got "cold feet" and decided to pull out- I would take what surplus I have and give that to them, but still retaining ownership of the investment to sell at the right time.

I'm unsure how transaction costs would eat away as much as 10% of the total value. I hope you can explain this to me more, I appreciate your constructive critism. Currently I see about 4-5% going to the realtor, and 1-2% in exchange fees. I'd like to know what other costs are associated with this sort of thing, as I am new to all of this and i'd like to get started with both feet firmly planted on the ground.

__________________
"Asking a bomb squad if an old bomb is still "real" is not the best thing to do if you want to save it." - denim

shannon

thanks for the info, i didn't even know about secured credit cards.

__________________
"When I look down I just miss all the good stuff. And when I look up I just trip over things"

NoSoup

No Problem, that's what I'm here for

If you need anything else, please ask!

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Just in case you were wondering...

eribrav

Actually skier when I said 10% I was estimating what the total cost would be for both ends of the transaction (i.e. the buy and the sell).

shannon

i have been thinking lately, if i were to get a secured credit card, would i get that money back sometime? like how would they decide? as i built good credit would they one day just give me my money back or something? or would it be when i cancelled the card?

__________________
"When I look down I just miss all the good stuff. And when I look up I just trip over things"

NoSoup

Although this answer is not universal, usually you get your money back when you cancel your card. Another option would be to re-apply for the card with your bank, and after reviewing your credit history, they'll decide if they are able to release your money.

In my experience, usually you are able to get your money back after 6 months, as that is how long it takes for you to obtain a credit score.

__________________
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Just in case you were wondering...

shannon

thanks again.

__________________
"When I look down I just miss all the good stuff. And when I look up I just trip over things"

guinnessgurl

Ok, some background info. I'm 18 turing 19 in August, and I don't have any credit yet. I live in British Columbia so I can't technecially get any until I'm 19 anyways. But I desperately need a car (both my jobs have been working early/late and the buses don't always run early enough/late enough for me - i live in a small town) and therefore I need a loan to get one...
I am willing to wait until I'm 19 to get a loan (I realize if I wanted to do it before then, I would need a co-signer, which I don't have), but I've been told that even then it will be really hard for me to get a loan (even though it won't be for very much - something around the $5000 range). So here is my question....any advice for how I can get a car/loan without the advantage of having credit/a co-signer? I don't really want to have to wait to build up my credit either, I would love to have a car asap if I can.....
I work two jobs, both are very reliable and I'm making a decent amount of money. Even after paying rent, cell phone bill, etc, I still have about $300-$400 left over each month, so i could more than afford to pay off a loan, but it just doesn't seem like I'm going to be given one!!!

Help! Any advice would be greatly appreciated!!!

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NoSoup

I hate to be the bearer of bad news....

It will be extremely difficult to obtain a loan without credit. You might be able to with one of the high risk auto lenders that usually advertise "No Credit, Bad Credit, ect is fine! 29.9% Interest... " If you do decide to go with a high rate loan, after six-seven months you should have a score that will allow you (hopefully) to refinance for a lower rate. However, if you are going to be paying much more than you need to, you may not even want to refinance.

You might just want to by a "beater" until you have enough money saved up to buy the car, or at least put a large amount down, as financial instiutions are more likely to lend if you have a lower LTV (loan to value ratio)


I would suggest beginning to build your credit ASAP, the easiest way is likely with a secured credit card. If you have any more questions, please ask!

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Cycler

Okay here is one for you. Should I buy a new Motorcycle through the Yamaha finance program at 3.9% for 2 years or go through the local credit union I belong to checking to see if they have a comparable rate and time frame? <p>Credit rating is good and I am already approved through the Yamaha program I just haven't pulled the trigger yet. Paying it off won't be a problem, my sister and I are on track to receive money from a trust. <p>Last thing who sould I go talk to about a Roth IRA (Don't know if this is up your alley but who knows)?

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Yakk

In University, they practically threw a credit card at me (no secuity, no income information, no credit history (not even student loans), as far as I remember). It was a small limit. Is this a Canada/US difference, or was I just lucky?

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Last edited by JHVH : 10-29-4004 BC at 09:00 PM. Reason: Time for a rest.

NoSoup

In University - you crazy foreigners

Some credit card companies will send out solicitations for credit cards for people with no credit, but there are usually A) Very high interest rates or B) Annual Fees. C) Other undesireable terms

Combined with a (usually) small credit limit, they usually are not worth your time.

My roomate recently got a credit card offer that gave him an initial credit limit of $300.00.
However, there was a $95.00 Annual fee (to be paid when activated) a $65.00 Activation fee, and a $45 Dollar Processing Fee. Basically, it was "Sign here and pay us $205.00... plus interest at 29.99%" The Kicker was that it was all taken as a cash advance, and a 5% cash advance fee was to be added to the balance as well, as well as interest beginning immediately.

Er... sorry, got a bit off topic there. Indeed, you can get a credit card without credit, but a vehicle loan (other than the high risk places) are usually a different story...

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Just in case you were wondering...

NoSoup

Well, is the motorcycle loan 3.9 fixed for 2 years? At the end of the two years, is the loan required to be paid off, or is it just an introductory rate that increases after 2 years?

If you are going to pay it off before the 3.9% changes, It is likely that you won't find a better deal than that, although it doesn't hurt to call around and see what rates other institutions offer.

As far as the Roth IRA, it depends on what you want to do with that money. If you just want it to sit in a money market account or Certificate of Deposit, you can probably just go to your Credit Union to get set up. If you would prefer to put it into the stock market, a financial planner would be more up your alley. If you are unsure of what you want to do, speak with an investment planner to get all your options, but take what he says with a grain of salt, as he is trying to sell you on what he gets paid on.

If I didn't clarify enough or you have any more questions, please don't be afraid to post

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Just in case you were wondering...

Cycler

Fixed for two but then it jumps if not paid off so I guess that is motivation to get it paid off.<p>As far as the IRA goes yeah just sit on it I want my money to make money not play around in the market. Thanks for your help.

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