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I live in Canada, so that 10K would go directly into my Tax Free Savings Account, which last year had a 19 percent return on my investment. You can have as many TFSA as you want, with a limit of five thousand dollars in each one. No tax on the money, or any earned interest, at any time.
The Canadian wealth management company that my wife and I are invested with has been able to produce from 15 to 21 percent return on our money, for the past five years. I look forward to seeing the monthly statements. Last month, in March of 2014, they made us $6740 in interest, in 30 days, on our 190k investment portfolio.
I can't understand why any one would be satisfied with a measly three present return on a investment, if they have a choice of where to invest their money. We are both seniors, both retired, and we are conservative investors. No debts of any kind, except monthly utilities, and property taxes of $2300 a year on our home, here in Toronto. Car is paid for, as is the furniture, and we carry no credit card debt, as it is paid off each month when the statement comes into our home computer.
Being Canadians we are both fully covered by the Provincial health care plan, which for those over age 65 is "no cost ". My wife's pension from the University of Toronto includes an private additional care plan for those things not covered by the Provincial health care program. Medications, eye glasses, physical therapy, hearing aids, and so on, cost us just $80 month, and are life long, for both of us. The plan covers 100 percent of all services.
I live in Canada, so that 10K would go directly into my Tax Free Savings Account, which last year had a 19 percent return on my investment. You can have as many TFSA as you want, with a limit of five thousand dollars in each one. No tax on the money, or any earned interest, at any time.
The Canadian wealth management company that my wife and I are invested with has been able to produce from 15 to 21 percent return on our money, for the past five years. I look forward to seeing the monthly statements. Last month, in March of 2014, they made us $6740 in interest, in 30 days, on our 190k investment portfolio.
I can't understand why any one would be satisfied with a measly three present return on a investment, if they have a choice of where to invest their money. We are both seniors, both retired, and we are conservative investors. No debts of any kind, except monthly utilities, and property taxes of $2300 a year on our home, here in Toronto. Car is paid for, as is the furniture, and we carry no credit card debt, as it is paid off each month when the statement comes into our home computer.
Being Canadians we are both fully covered by the Provincial health care plan, which for those over age 65 is "no cost ". My wife's pension from the University of Toronto includes an private additional care plan for those things not covered by the Provincial health care program. Medications, eye glasses, physical therapy, hearing aids, and so on, cost us just $80 month, and are life long, for both of us. The plan covers 100 percent of all services.
Jim B.
Toronto.
If I didn't work in US Taxes, I would want to move there. Sounds awesome.
Assuming no one claimed it, I'd donate 50% to charity and spend the rest! It was never budget-ed for in my savings or retirement or son's 529 plans (all of which are comfortably funded) so I'd treat it the way it's meant to be treated - free money!!
That's what would make it so rare! He would have to sign it from beyyyoooond the grrraaave.
I agree, smart people make smart choices. Now you have to decide if you're a smart person or not...
3% doesn't touch the 10% -12% you can get with long term investments in a diversified index fund in an IRA/ Roth IRA acount. You are limiting your cash flow by investing into a CD or Bond or Savings account right now.
I feel like the majority of Americans could learn how to effectively use credit to earn income through FF Miles or Membership reward points/benefits. Pay of your credit every month, its easy if you have a sense of what you're spending..
Uhhh... Why? Gold is probably not a good investment, especially if you like to make money.
A lot of people dont understand the difference between a hedge, and an investment. Gold is a hedge, its perceived value goes up only because the value of the dollar has gone down.
A lot of people dont understand the difference between a hedge, and an investment. Gold is a hedge, its perceived value goes up only because the value of the dollar has gone down.
But gold has done miserably for both purposes in the last decade. Besides, I thought the OP was talking about growing 10K in the most efficient way.
^ You would be better off with an actual Compact Disk which has investment value (like Signed Jimmy Hendrix). Good luck with a Certificate of Deposit...
At this point, putting the money in something that will not lose value is a good idea, though putting it under his mattress would serve almost as well. There has been tremendous asset inflation thanks to the Fed and QE. Eventually that will end and the market will crash once again. That will be the time to buy stocks, which at this time have no investment value. You should be selling stocks, not buying.
But gold has done miserably for both purposes in the last decade. Besides, I thought the OP was talking about growing 10K in the most efficient way.
Most efficient way, I would sock away 5,500 in my Roth IRA (although I am not sure what I would do with the remainder. Depending on how I got the money, I might need it to pay taxes). Assuming I don't need it for taxes and it's free money, I might just put the rest it in my daughter's 529 plan.
But I really need to build up my short term/emergency savings--which took a big hit until recently. I am just starting to rebuild it. With $10k I would most likely put it in high yield money market account so it could remain pretty liquid.
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He would have to sign it from beyyyoooond the grrraaave.
