Listen, I'm not a financial guru, this is just a heads up. If you have some money just laying around look into getting it into some CD's. Right now the best CD's seem to be 12 month, paying 5% or more, but you can get a cd at 4% for 36 months. Meaning interest rates look like they will hold at 4-5% for awhile, this is pretty good, and I think we are in a window of opportunity right now. When we get into fall and winter interest rates might go down, and this opportunity will be gone. I'm just saying it's time to start paying attention.
I’m not a financial anything either, but you can get 4.65% on Robinhood and still have access to your money anytime you need it.
CDs are generally the worst investment you can make. They're designed to let the banks hold and use your money under contract and make the elderly feel good about getting a defined return with almost zero risk.
I'm not saying it's never a good idea, but it's rare.
Still, it's good to let others know that the higher rates we're seeing on everything are trickling down to savers.
I think you must claim gain on your taxes from that interest gain.
Don't we get taxed at about 30%.
Is there really a gain worth going for?
If you owe money on a car or house pay that off before going into a CD or something.
Just my thinking.
Don't we get taxed at about 30%.
Is there really a gain worth going for?
If you owe money on a car or house pay that off before going into a CD or something.
Just my thinking.
If you can't touch it, you don't own it.
Huh?
Currency "held" by a financial institution is not yours at best, in reality it is straight up fictitious. Your (Peter) "money" is used for other's (Paul) withdrawals. If it was really ours, everyone could withdraw simultaneously physical notes.
Heck if you try to take out more than $1000 these days they shake in their boots.
I'm glad you qualified your 'advice' with "I'm not a financial guru..."
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