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04-02-2009, 01:05 PM
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Senior Member
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Join Date: Jan 2009
113 posts, read 61,875 times
Reputation: 18
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Financial Questions and where to go on LI?
I am asking for my buddy. He is probably the cheapest person I even met so over a couple of beers the other night he mentioned how he saved as much as he could for the last 10 years and doesn't know what to do with it. He has saved $130K and it is sitting in his savings account that he has had since he was 16! lol I am not an investing man - I played with stocks a few years back and made a killing with AMD but I was telling him to look into a high interest account and stay away from stocks.
SO the question is - what should he do with the money and what is the safest thing to do? He doesn't want to buy a house, owns his car and doesn't want to take any risks - what are his options. Also which banks would you suggest he uses on LI? He is currently at HSBC.
thanks all - I know it is a vague question bu I have a feeling you guys will give good opinions...
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04-02-2009, 01:38 PM
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Member
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Join Date: Jul 2008
Location: Suffolk County ,Ny
81 posts, read 54,503 times
Reputation: 35
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You can have a money market savings account at a bank for higher interest rates. Invest in Bonds,Stocks,mutual funds. I suggest visiting an accountant or a financial expert to help your friend with his situation. They can lead him in the right direction. HSBC is a good bank.On LI there are so many banks to choose from.
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04-02-2009, 01:41 PM
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Senior Member
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Join Date: Aug 2008
3,118 posts, read 1,449,920 times
Reputation: 190
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Quote:
Originally Posted by ianwaters
I am asking for my buddy. He is probably the cheapest person I even met so over a couple of beers the other night he mentioned how he saved as much as he could for the last 10 years and doesn't know what to do with it. He has saved $130K and it is sitting in his savings account that he has had since he was 16! lol I am not an investing man - I played with stocks a few years back and made a killing with AMD but I was telling him to look into a high interest account and stay away from stocks.
SO the question is - what should he do with the money and what is the safest thing to do? He doesn't want to buy a house, owns his car and doesn't want to take any risks - what are his options. Also which banks would you suggest he uses on LI? He is currently at HSBC.
thanks all - I know it is a vague question bu I have a feeling you guys will give good opinions...
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I like Index Funds. |
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04-02-2009, 01:41 PM
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Member
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Join Date: Jul 2008
Location: Suffolk County ,Ny
81 posts, read 54,503 times
Reputation: 35
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P.S. Savings Bonds as of now are the safest for investing purposes but they are for long term investing also, what about bank c.d.'s look into it there are many options.Best of luck  |
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04-02-2009, 01:46 PM
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Senior Member
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Join Date: Jan 2009
113 posts, read 61,875 times
Reputation: 18
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I am going to tell him to take half and put it in cd's and bonds - of course he will discuss with a a banking expert....
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04-02-2009, 02:05 PM
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Senior Member
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Join Date: Nov 2007
Location: Long island,New York
2,954 posts, read 1,138,084 times
Reputation: 408
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cd's are always one of the safest options
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04-02-2009, 02:38 PM
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Member
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Join Date: Jul 2008
41 posts, read 14,892 times
Reputation: 11
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Buy a bigger mattress. 
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04-02-2009, 03:12 PM
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Senior Member
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Join Date: Oct 2006
4,339 posts, read 1,934,868 times
Reputation: 1484
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how long of a time frame before he will touch it is my first question?
if he wants no risk he has noooooo choice... money market, bank or cd....
problem is after taxes and inflation thats a guaranteed loss each year
Last edited by mathjak107; 04-02-2009 at 03:21 PM..
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04-02-2009, 03:32 PM
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Senior Member
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Join Date: Sep 2007
1,182 posts, read 679,834 times
Reputation: 206
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Quote:
Originally Posted by ianwaters
I am asking for my buddy. He is probably the cheapest person I even met so over a couple of beers the other night he mentioned how he saved as much as he could for the last 10 years and doesn't know what to do with it. He has saved $130K and it is sitting in his savings account that he has had since he was 16! lol I am not an investing man - I played with stocks a few years back and made a killing with AMD but I was telling him to look into a high interest account and stay away from stocks.
SO the question is - what should he do with the money and what is the safest thing to do? He doesn't want to buy a house, owns his car and doesn't want to take any risks - what are his options. Also which banks would you suggest he uses on LI? He is currently at HSBC.
thanks all - I know it is a vague question bu I have a feeling you guys will give good opinions...
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I know a horse in the third race at Aqueduct he could put it on...it's a lock  |
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04-02-2009, 03:40 PM
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Senior Member
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Join Date: Sep 2008
147 posts, read 84,653 times
Reputation: 33
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7 series BMW Have him see a profesional financial advisor at his bank. |
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