10-31-2007, 03:25 PM
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#1 |
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Greenhorn
Join Date: Apr 2007
Posts: 17
Rep Power: 0  |
How to invest $15,000 cash?
I am a married male, who's wife does not work. I fund my retirement at work through a 401K plan (by a matched 6% annually). I also have a Roth IRA which I contribute approxiatemately $2000 per year to. I am in the 15% tax bracket.<br />My mortage is now at $65,000 with at a rate 0f 8%, and have approximate equity of $165,000<br />I have no credit card or auto loans.<br />
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10-31-2007, 03:25 PM
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#2 |
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Greenhorn
Join Date: Jul 2006
Posts: 22
Rep Power: 6 |
How to invest $15,000 cash?
look into the stocks or invest in a bank not put into a bank because your money just stays there invest into a bank so your money grows
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10-31-2007, 03:25 PM
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#3 |
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Piggy Bank
Join Date: Jul 2006
Posts: 59
Rep Power: 6 |
How to invest $15,000 cash?
Since you won't miss the money, stick in your Roth Ira,
or Try an Orange Savings Account with ING Direct, over 4% interest. |
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10-31-2007, 03:25 PM
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#4 |
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Piggy Bank
Join Date: Jul 2006
Posts: 54
Rep Power: 6 |
How to invest $15,000 cash?
I'd put another $2K into the Roth, that will max your '07. Then put the rest in a money market account. Somthing online like HSBC or one of those paying a decent percent. Then when 01/08 rolls around, put another $5k into your roth. (Limits increase next year, and if your over 50 this can be increased by $1K)
On a side note, I'd be tempted to refi your mortgage. If you have good credit, you should be able to get a no-doc loan for around 6.25%. JMO AJ |
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10-31-2007, 03:25 PM
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#5 |
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Greenhorn
Join Date: Jul 2006
Posts: 28
Rep Power: 6 |
How to invest $15,000 cash?
Since you are married you should max out your Roth IRA. I'm not sure what the limit is for a married couple, but this is a great tool. You should take advantage of it.
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10-31-2007, 03:25 PM
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#6 |
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Greenhorn
Join Date: Jul 2006
Posts: 22
Rep Power: 6 |
How to invest $15,000 cash?
you do realize you are in better financial shape than 99.99% percent of the work force--- i would put 2k more in your roth ira == max you can put is 4k a year= i am assuming you put 2k each year in the roth fund -- if that is the case i would ladder 6K in cds so over the next three years i could put the max in my roth ira and i would put the balance in a growth mutual funds === if you do not have a broker there are a lot of good ones out there -- i use edward jones since they have a lot of small offices through out the usa -- keep up this pace and you will be retireing to debt free life style!!!
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10-31-2007, 03:25 PM
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#7 |
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Greenhorn
Join Date: Jul 2006
Posts: 22
Rep Power: 6 |
How to invest $15,000 cash?
Invest in this order....
1. Max out you 401K since the company matches.. thats an immediate 6% ROI 2. Max out your ROTH IRA 3. Max Out your Traditional IRA. 4. Pay down your mortgage as much as you can stand. Just making 1 extra payment/year cuts off 3.6 years of a 30 yr mortgage. Think about it....you are at a point in your mortgage where big payments are paying predominantly PRINCIPAL... 5. Open a brokerage account and invest in a index fund, which over the past 40 years has averaged 175+ ROI annually....... |
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10-31-2007, 03:25 PM
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#8 |
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Piggy Bank
Join Date: Jul 2006
Posts: 75
Rep Power: 6 |
How to invest $15,000 cash?
A few things to note. Max out your Roth IRA by adding $2k. Then open a Roth IRA for your non-working spouse, and fully fund it with $4k (why didn't anyone who answered pick up on this?!). Put the rest in a 6 month CD, and next year do the same thing until it's all invested.
I am a bit surprised that you would be asking the general population this question; you appear to have knowledge of finances and investing. But that's what we're here for. |
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