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Advise for short-term, easliy accessable investing
Old 08-09-2004, 08:43 AM   #1
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Advise for short-term, easliy accessable investing

Hello all!
I'm looking for some help on deciding what is the best way to temporarily hold about 50K. I'll be getting it from the sale of a property and be looking to use it to purchase another property sometime within the next year. It will need to be readily available, but I would still like to make the most of it while I have it... 8)

Thanks!
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Re: Advise for short-term, easliy accessable inves
Old 08-09-2004, 09:40 AM   #2
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Re: Advise for short-term, easliy accessable inves

Find the best money market or short term cd rate possible. Some banks/credit unions offer 'teaser' deals on interest rates, find one if possible.

I can get 2.5% in a MM at my credit union, and they're offering a 3% 11 month certificate.
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Re: Advise for short-term, easliy accessable inves
Old 08-09-2004, 12:17 PM   #3
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Re: Advise for short-term, easliy accessable inves

Thanks TH!

After a little searching, it looks like the best MM interest rates are from on-line banks....I've never used one and am a little concerned about handing over all that money to a bank that I can not walk in to if I want to. Could the forum share some of their experiences with on-line banks? Are there any that known to be particularly good? I've never had a lum of money like this before so I'm a little nervous about how to handle it... :-/
Thanks!
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Re: Advise for short-term, easliy accessable inves
Old 08-09-2004, 01:35 PM   #4
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Re: Advise for short-term, easliy accessable inves

I use ING direct and have had no problems. Most of the problems I've seen reported had to do with people trying to do weird stuff.

Only thing is it takes a couple of days each way to move your money.

Check out the credit unions though. You probably qualify to join one or more and they have good deals.

Look at mine www.dcu.org to see if you qualify. 2.25% limited money market, 2.5% 7 month cd's and 3% 11 month cds.

Or you can adopt me, which would allow you to qualify as a family member, which I would graciously agree to if you deed me all your remaining investments in your will.

I should however disclose that I've already offered myself up to Jarhead for adoption, but so far he hasnt agreed.
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Re: Advise for short-term, easliy accessable inves
Old 08-09-2004, 02:19 PM   #5
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Re: Advise for short-term, easliy accessable inves

Quote:

I can get 2.5% in a MM at my credit union, and they're offering a 3% 11 month certificate.
Hi TH,

Would you care to share the name of this credit union and what would it take to qualify?

Can you apply on-line?

Thanks

MJ
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Re: Advise for short-term, easliy accessable inves
Old 08-09-2004, 05:14 PM   #6
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Re: Advise for short-term, easliy accessable inves

Oh boy, are we in lazy mode again? See above!

I highly recommend them; they've been my bank since I was 18. Basically no minimums for anything, no fees, almost everything is free, and their rates are pretty darn good. Excellent online banking and phone banking services.

www.dcu.org

click "join now"

If you live in a couple of small towns in MA you qualify.

If you work for, retired from, are related to someone who worked for or retired from, a list of about 500 companies including the defunct Digital Equipement Corp (who spawned this CU), Compaq, HP, Intel and many others. The list is on the web site.

Are part of one of several organizations (which cost $8-50 to join). I am willing to bet that 99% of the people who belong to some of these groups joined to get into the credit union. Once you are joined, I dont believe you need to continue being a member of the organization to continue to participate in the credit union.

Here are the organizations, also delineated on the dcu web site. DCU includes a pair of dual purpose applications that sign you up for both a DCU account and makes you a member of the AAPD or the tower hill group.

AAPD – American Association of People with Disabilities
AAPD Member Services, 258 Main Street, Suite 203, Milford, MA 01757
AAPD Web Site | AAPD/DCU Application Package (pdf format)
AAPD is a national nonprofit cross-disability membership organization dedicated to ensuring economic and political empowerment for all people with disabilities. Member benefits include access to DCU, mail order discount pharmacy discount program, and more. Memberships start at $8.


MRWC – Merrimack River Watershed Council, Inc.
Merrimack River Watershed Council, Inc., 600 Suffolk Street, 4th Floor, Lowell, MA 01854 • 978-275-0120
MRWC Web Site
MRWC is a not-for-profit organization founded in 1976, dedicated to the protection of the Merrimack River watershed. We have a growing constituency of individuals, businesses, municipalities and community groups seeking to protect the natural resources of the watershed. We are the voice of the Merrimack. Memberships start at $25.


OAR – Organization for the Assabet River
OAR, Damonmill Square, Concord, MA 01742 • 978-369-3956
OAR Web Site | OAR/DCU Application Package (pdf format)
OAR is a nonprofit membership organization established in 1986 to protect, preserve, and enhance the natural and recreational features of the Assabet River, its tributaries, and watershed. OAR serves 21 Assabet watershed communities including Concord, Acton, Maynard, Hudson, Stow, Berlin, Marlborough, Northborough, Westborough, Littleton, Bolton, Boxborough, Sudbury, and Shrewsbury. Its activities also benefit downstream communities. Memberships start at $30.


Worcester County Horticultural Society – Tower Hill Botanic Garden
Tower Hill Botanic Garden, PO Box 598, Boylston, MA 01505-0598 • 508-869-6111
Tower Hill Web Site | Tower Hill/DCU Application Package (pdf format)
Worcester County Horticultural Society is a non-profit horticultural and educational institution whose mission is advancing the science and encouraging and improving the practice of horticulture. The Society manages Tower Hill Botanic Garden in Boylston. Members enjoy unlimited free admission to Tower Hill Botanic Garden, the quarterly newsletter Grow With Us!, and many other benefits. Memberships start at $50.
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Re: Advise for short-term, easliy accessable inves
Old 08-09-2004, 06:16 PM   #7
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Re: Advise for short-term, easliy accessable inves

Sorry Mr TH.
Not lazy, just careless.
I guess I am not as careful when I review one of my favorite sites from my work office.

Please forgive me.

MJ :-/
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Re: Advise for short-term, easliy accessable inves
Old 08-09-2004, 06:19 PM   #8
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Re: Advise for short-term, easliy accessable inves

No forgiveness given, and no soup for you.
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Re: Advise for short-term, easliy accessable inves
Old 08-10-2004, 07:39 AM   #9
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Re: Advise for short-term, easliy accessable inves

Quote:
No forgiveness given, and no soup for you.
You sound like a "soup Nazi".
My wife watches very little TV, and I pretty much restrict mine to sports. (With 5 ESPN channels, there's always somebody, somewhere in the world, kicking, receiving, hitting, or throwing an object.)
I had never watched a Seinfeld episode until they went into syndication a few years back. Since then, I think I've probably seen every one of them. My wife doesn't get it.
Those characters were the most neurotic, selfish, self-centered, screwed up people I've ever seen, but they were funny as hell.
Larry David, one of the top dogs of that show, co-creator, writer, etc. has his own show. His character shares all of the Seinfeld troops bad traits. Once again, funny as hell.
My wife and I have tried to live our lives with none of their traits.
Maybe Trumpeting Angel (I think she said she was a shrink), can explain why I find both shows so falling off the couch laughingly funny. (I think I need help).
Regards, Jarhead
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Re: Advise for short-term, easliy accessable inves
Old 08-10-2004, 08:36 AM   #10
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Re: Advise for short-term, easliy accessable inves

Thanks TH!
How's about you adopt me instead? 8) Then I would qualify as a family member and you could practice your parenting techniques and lavish FI/ER nuggets on me.... : Plus, isn't there some kind of rule about adopting someone older than yourself?

Have a good one!
Adventuregirl
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Re: Advise for short-term, easliy accessable inves
Old 08-10-2004, 09:32 AM   #11
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Re: Advise for short-term, easliy accessable inves

Good advice about Credit Unions. Once you are a member of a CU, you are a member 'for life' as long as you don't close your accounts, even if you leave the org that got you membership in the first place.

Many CU's are community chartered meaning you need only live in the community to join. Call a few CU's in your area and ask what the criteria is to join. THey will go out of their way to find a way for you to join of course.

CU"s can afford to pay better rates because they are cooperatives, owned by their membership and not a bunch of fat cat stockholders who take profits. Also, they are federally regulated and insured so safe.

I've been a member of my CU since 1980 and love it! Great service, good rates, and they don't 'fee you' to death.
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Re: Advise for short-term, easliy accessable inves
Old 08-10-2004, 09:41 AM   #12
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Re: Advise for short-term, easliy accessable inves

Quote:
No forgiveness given
TH,

Has ER hardened you or were you always soooo unforgiving?

Quote:
and no soup for you.
Soup, we don't need no stinken soup, senior!

MJ :P
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Re: Advise for short-term, easliy accessable inves
Old 08-10-2004, 11:18 AM   #13
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Re: Advise for short-term, easliy accessable inves

Hey MJ, I'm a pussycat. Just kiddin with ya. You can have some soup.

Adventuregirl...you sure you're younger than me?

I dont know about adopting, if I told my wife I was adopting a woman in her 20's or 30's I imagine she'd have my head on a stick in short order. I already tried broaching the swedish nanny idea and that went over like a lead balloon. Guess I'll have to stick with the blonde 18 year old babysitter from next door and try not to become a cliche.

Looks like for joining DCU your best bet is the combo application for an account and an $8 one year membership to the AAPD. If the fed raises rates today, the 7 and 11 month cd's might get even sweeter. The 5 year 4.51% jumbo cd's with six month interest penalty for early withdrawal look pretty good too for intermediate term money.
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Re: Advise for short-term, easliy accessable inves
Old 08-10-2004, 12:16 PM   #14
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Re: Advise for short-term, easliy accessable inves

TH - yep, I'm sure...So I guess adoption is out of the question then eh? :-/ I can't imagine why your wife would object!

Anyway, thanks for all the Credit Union info, I appreciate it and plan to put it to good use....now I must cruise the boards for potential PenFed members who might be interested in adopting me...

Adventuregirl
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Re: Advise for short-term, easliy accessable inves
Old 08-10-2004, 12:35 PM   #15
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Re: Advise for short-term, easliy accessable inves

The Fed raised the rates .25.
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Re: Advise for short-term, easliy accessable inves
Old 08-10-2004, 12:36 PM   #16
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Re: Advise for short-term, easliy accessable inves

Hey TH,

Thanks.. for a micro second, I thought you were being serious.

What kinda soup you serving up today?

Hope it's not from the can.

MJ
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Re: Advise for short-term, easliy accessable inves
Old 08-10-2004, 02:08 PM   #17
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Re: Advise for short-term, easliy accessable inves

Nah, I'm rarely serious and if you're not sure assume I'm not. I was just carrying forward from a prior "I'm so lazy" set of postings where we were progressively too lazy to find a post, then read it, then do a google on it, and so forth.

I'd remember to put more smileys in but I usually have at least one, and more often two, cats trying to get into my lap while at least one of the dogs is poking me with a cold wet nose trying to get me to pet them, while said cats are swiping at the dogs, who are trying to figure out why they arent universally loved by all the cats.

Its a lot of pressure to perform under

I made lobster and clam chowdah for dinner last night. We had lobster twice this weekend due to me and the wifes birthdays. She's 3 days before mine. Cradle robber.

Leftovers from the lobstah, a couple of cans of baby clams, a bunch of butter, half and half, little bit of flour, onions, clam juice, and a reduction I made from simmering the lobster bodies. Dash of sherry.

See how much more I have to offer than those prospective Penfed daddies? 8)
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Re: Advise for short-term, easliy accessable inves
Old 08-10-2004, 05:21 PM   #18
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Re: Advise for short-term, easliy accessable inves

Quote:
Nah, I'm rarely serious and if you're not sure assume I'm not. 8)
Hey TH,

I was just kinding as well.
Didn't really think you were being serious but if you had been, I wouldn't have given a hoot. (my cleaner rendition)

The chowder you made sounded delish.
I'm too lazy to cook up a storm.
I generally prepare simple but nutritious meals.

MJ
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Re: Advise for short-term, easliy accessable inves
Old 08-10-2004, 06:29 PM   #19
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Re: Advise for short-term, easliy accessable inves

I cant be lazy when it comes to food.

Heck, at midnight last night I was brewing up a batch of homemade espresso ice cream.
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Old 08-10-2004, 06:32 PM   #20
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Yeah, but I bet it was pregnancy duress!  (ntip)

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