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have some questions about financial growth..short term ish

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posted on Oct, 28 2014 @ 11:38 PM
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Ive come into some nice money and i am trying to figure out what to do with it. Im planning on buying a car and furniture and thats about it. So i have a lot left and dont want to blow it....i dont know the best type of account i could put it in.
Im thinking depending on the rules to the account and what i will get back on return and when, im thinking of putting away as much as 30k.
My goal would be to see high growtth on my return...depending on the terms maybe a 10 year or 20 year thing.
I would like to know what you guys recommend....

I was planning to live for the next year or so off the money and then sprintg of 2015 go back to work.

Then i thought maybe i could put 25k into something and grow it for 10 years and go back to work now and grind out these 10. After the return take out my money and return and live off that for a while so i could take more time off

I guess the simple way to say is im not 100% anymore. Work is going to be different for me now. Lost finger. Shredded and repaired middle. Constant pain. I want to work as little as possible...
Let me clarify. I would like to use this money in a way to allow me to work very little while keeping mine growing.

I dont know what ira or cd or mutual fund is.

I want to take out more than i put in...lets say 10 years. How do i get the most out.

Thanks




posted on Oct, 29 2014 @ 01:41 AM
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Gold. Yes, gold.

Off topic, I know a Nigerian prince who is practically giving it away.



posted on Oct, 29 2014 @ 07:07 AM
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Depends on the tax laws of your country, how old you are, your risk preference, current housing circumstances, regular expenses, family situation, insurances etc.. There are too many things that need to be taken into account.

However, just as a general bit of financial advice, I have to say it's probably wise not to tell people you've come into a bit of money...



posted on Oct, 29 2014 @ 07:25 AM
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originally posted by: Jensen10
Depends on the tax laws of your country, how old you are, your risk preference, current housing circumstances, regular expenses, family situation, insurances etc.. There are too many things that need to be taken into account.

However, just as a general bit of financial advice, I have to say it's probably wise not to tell people you've come into a bit of money...


well im not rolling in it and im on the net though i think i am safe.

i always hear about saving and investing and whatnot but i never get anywhere with it. questions always bring more questions.

i live in the states and i honestly dont know the particulars of the tax laws. i know the money i have was/is tax free. i dont know how much would be taxed if any when i take it out.
im 37. married. toddler....
not sure what you mean by risk preferences but i will tell you i prefer no risk
i rent my house. been here for 2 years. will be renting for the next few years at least.
i see signs all over and commercials.....sigh up for a cd. sign up for an ira. a roth ira...

i dont know what all that is.....i have money in a simple checking account. thats it.

i want to put a bunch into a 'whatever' and 5 years or 1o years take it out with much more than i put in.
sounds simple to me...

is it all about what type of account generates the most interest?



posted on Oct, 30 2014 @ 07:11 AM
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Almost any investment has an element of risk. Ultimately upon withdrawal of the funds you will likely be liable for payment of tax on any capital gain. So keep that in mind. Unfortunately I don't know what potential tax offsets could be used to balance this, as I am not familiar with US laws, taxes etc & wouldn't be inclined to wing it based on the laws here, as countries vary substantially.

Can you go to a financial planner & see what they have to say? They will look at your unique situation & come up with a plan especially for you - they can often dial down their fees also so you won't necessary pay a fortune for their services. Regardless, as the saying goes you've got to spend money to make money. Besides if you get professional assistance, they will theoretically be able to judge what investment strategy to employ.

Good luck, I wish you well. Sorry I can't be of much assistance in your case.

Ps: when I said not to tell many people about your cash situation, I meant real people whom you come into contact with in your day to day life. Those whom you may know on a surface level only.



posted on Oct, 30 2014 @ 09:13 AM
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a reply to: Jensen10

the only people that know are my wife and my mother....i had to sign a confidentiality agreement anyway...

i know there are risks with everything but i also here invest invest all the time...

my other problem is i dont trust any of it.....i know its not best but i feel safer with all my cash in my closet in the safe..it does not grow that way though




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