Now I can buy 70 transcripts of Nightline!

[captpackrat]

Well, my grandparents house has been sold, and I just got the check for my share of it.  I deposited the money into a local bank into a money market account, as it had the best interest without locking the money up for long term.   I need to search around to find a bank with a better interest rate, as this bank was only offering 2.25%.

Or, better yet, I should consider investing in stocks, bonds, or some other instruments.   My 401(k) is pulling about 6.5% interest, so I know I can do better.

I need to be careful with the money, as that is the last thing I will ever receive from my grandparents.  No blowing it on buying stuff, I need to invest it carefully.

It's nice seeing all those digits on my computer screen.

Comments

401(k)

[bubbycat.livejournal.com]

Dose 401(k) make you wait till your 60 something like retirement with social security dose?

Re: 401(k)

[captpackrat.livejournal.com]

Yeah, the only way I can get money out of the 401(k) is when I reach 65 (I think), or if I pay a HUGE tax penalty (something like 25%).

[bubbycat.livejournal.com]

i just saw when i logged into my paypal to check it cause i hadn't in a while and they said they have a bank account called PayPal Money Market Fund and that it pays 5.02% i dunno if that's good or not. it said that 5.02% was as of 1/3/2007. i couldn't find where it said how much money you have to put in it to start an account. the only thing i didn't like was i saw it said on there link that said Prospectus it said
Main Risks
Your investment is not a bank deposit. Investments in the Fund and
the Master Portfolio are not insured or guaranteed by the Federal Deposit
Insurance Corporation (FDIC) or any other government agency. dose that mean it can go down like the stock market in value? Or dose that just mean if there was another great depression like in the 1930's the money wouldn't be guaranteed that they would give it back? Anyways I saw that 5.02% they say they pay on your money and then I remembered that you mentioned something the other day in your LJ about looking for a better interest rate to put your money in. Ps I posted this a minuet ago but didn't see it I think I posted anonymousely by mistake. it may have had more information in that first one I posted too cause I couldn't remember the whole letter word for word I just posted :) anyways if you see part of this post 2 times I made the first anonymousely one :)

[captpackrat.livejournal.com]

Paypal isn't FDIC insured, which means if they go out of business or otherwise lose (or take) your money, you're screwed.

A lot of people don't realize Paypal isn't a bank, and they aren't subject to the same regulations as banks. They can pretty much do whatever they want with your money, and you can't do a thing about it.

5.02% is pretty darn good for a money market account, but I wouldn't trust Paypal with even $1. I've had trouble with them in the past.