Investments

williamsb27

williamsb27

Ok first off I know a lot of people will have their own opinions on my views, which I consider, but this is just my way of thinking.

First off, yesterday I started a Variable CD account for my "future" son's motocross career. Yes I know all of the "don't force your kid into motocross" point of views, which is not what I plan. I plan to get a starter bike, go to the track and who wouldn't like motocross? :noidea: Now I don't "plan" to have a child til I'm around 26, which is 6 years from now, and probably wouldn't use this money until 8 or 9 years from now. I want to start saving money now into an account that has more of a higher interest rate than a regular savings account. The Variable CD I started yesterday has an accrual rate of 0.71%, which obviously varies.

So now that you have the basic concept of what I'm going for, what type of account do you think is the best? I know I could speak with the representatives at my bank, but for now I'd like some input from you guys.

Also I know life doesn't go as planned, especially with birth, but I can always turn around and use this money for other things. A win-win situation if you think about it.:thumb:
 
CDA

CDA

williamsb27:
Ok first off I know a lot of people will have their own opinions on my views, which I consider, but this is just my way of thinking.

First off, yesterday I started a Variable CD account for my "future" son's motocross career. Yes I know all of the "don't force your kid into motocross" point of views, which is not what I plan. I plan to get a starter bike, go to the track and who wouldn't like motocross? :noidea: Now I don't "plan" to have a child til I'm around 26, which is 6 years from now, and probably wouldn't use this money until 8 or 9 years from now. I want to start saving money now into an account that has more of a higher interest rate than a regular savings account. The Variable CD I started yesterday has an accrual rate of 0.71%, which obviously varies.

So now that you have the basic concept of what I'm going for, what type of account do you think is the best? I know I could speak with the representatives at my bank, but for now I'd like some input from you guys.

Also I know life doesn't go as planned, especially with birth, but I can always turn around and use this money for other things. A win-win situation if you think about it.:thumb:
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Forget the CD/Putting money away, We can get this thread off track just on the highlighted comments above....:noidea:
 
Y

yamadogyz

williamsb27:
Why not put the money away? Like I said above I can turn around and use the money for anything else.
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He's joking, that's a great idea Blake :thumb: The money can be used for anything, at the least and emergency roll if crap hits the fan. It is smart to think about this stuff now, as there can always be a money shortage when the time comes with hospital bills, finances, or just plan life. I wish I could help more than now, but I figured I'd throw in what I had to say so I can learn this stuff myself :thumb:
 
williamsb27

williamsb27

yamadogyz:
He's joking, that's a great idea Blake :thumb: The money can be used for anything, at the least and emergency roll if crap hits the fan. It is smart to think about this stuff now, as there can always be a money shortage when the time comes with hospital bills, finances, or just plan life. I wish I could help more than now, but I figured I'd throw in what I had to say so I can learn this stuff myself :thumb:
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Lol it's been awhile since I've been on, so I gotta remember who all is the jokers. Good point, and yes the younger to learn about investments and finances, the better. One of the hardest things to deal with in life though, nobody wants to save they just want to spend. Gotta think smart :thumb:
 
CDA

CDA

CDA:
Forget the CD/Putting money away, We can get this thread off track just on the highlighted comments above....:noidea:
Click to expand...
williamsb27:
Why not put the money away? Like I said above I can turn around and use the money for anything else.
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Maybe I should have made myself a little clearer. I was not saying you should not put money away. I was saying "forget" about the subject of putting money away and ..well....Nevermind.

Carry on...:thumb:
 
Travace

Travace

CD interest rates are so weak you aren't really putting your money to work. i have seen savings account rates better at times.

Jos has a great idea right there :thumb:


and there is nothing wrong with spending... just dont spend past your means. :smirk:
 
Y

yamadogyz

williamsb27:
Lol it's been awhile since I've been on, so I gotta remember who all is the jokers. Good point, and yes the younger to learn about investments and finances, the better. One of the hardest things to deal with in life though, nobody wants to save they just want to spend. Gotta think smart :thumb:
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Oh most definitely, come to think of it, Dave Ramsey made an excellent video series we watched last year in class. It brought up a lot of great point, which inspired me to put aside money to spend on my bike at the end of the year. I would check it out, it was actually enjoyable to watch with the demonstrations and stories and such.
 
williamsb27

williamsb27

Travace:
CD interest rates are so weak you aren't really putting your money to work. i have seen savings account rates better at times.

Jos has a great idea right there :thumb:


and there is nothing wrong with spending... just dont spend past your means. :smirk:
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Yes they are very weak, but more than what my savings account is putting out.

I use USAA, which is military only, and the advisers are paid on salary instead of compensation, so I will for sure give them a ring.

I think these past few months I have spent more than I have in a year :banghead:
 
williamsb27

williamsb27

yamadogyz:
Oh most definitely, come to think of it, Dave Ramsey made an excellent video series we watched last year in class. It brought up a lot of great point, which inspired me to put aside money to spend on my bike at the end of the year. I would check it out, it was actually enjoyable to watch with the demonstrations and stories and such.
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Dave Ramsey is good, I started to read his Total Money Makeover book just haven't got around to finishing it. Good your starting early :thumb:
 
josmoloco

josmoloco

Travace:
CD interest rates are so weak you aren't really putting your money to work. i have seen savings account rates better at times.

Jos has a great idea right there :thumb:


and there is nothing wrong with spending... just dont spend past your means. :smirk:
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I might become one in a few years :thumb:
 
Emily

Emily

yamadogyz:
Oh most definitely, come to think of it, Dave Ramsey made an excellent video series we watched last year in class. It brought up a lot of great point, which inspired me to put aside money to spend on my bike at the end of the year. I would check it out, it was actually enjoyable to watch with the demonstrations and stories and such.
Click to expand...

THAT GUY IS SO ANNOYING.
 
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