Ok Vain, here's your big chance

[bull]

Or anyone else who wants to chime in.

I have worked my tail off for the past seven months and saved almost $10k for the restoration of my Charger. Rather than let it sit in a savings account at a low interest rate I have decided to look into time deposits. My credit union has a special going on right now for time deposits between $5k-$50k with a rate of 5% for 5 months. This a good term for me as the Charger will be out of the paint shop next spring (I hope) so I should get the money back in time to blow it all.

Would you use a time deposit at this rate, which is a very good rate, or do something else? I need the money to be secure, ie. I can't be rolling the dice on the stock market or some other high-risk endeavor.

Also, we signed up for one of these credit cards that award you with airline miles but we don't use it for big stuff all that much. I was thinking of putting my paint job and engine rebuild on the credit card and then paying it off with the money I've set aside in the time deposit. That can be a bit of a gamble too in case something big comes up but my wife and I have always been very responsible with the credit cards. We've always paid it off each month and, except for maybe two occasions in the past 11 years, never payed a dime in interest. And the time deposit should mature before we have to pay for the paint job anyway.

What do you think?

[Ponch ®]

Or anyone else who wants to chime in.

I have worked my tail off for the past seven months and saved almost $10k for the restoration of my Charger. Rather than let it sit in a savings account at a low interest rate I have decided to look into time deposits. My credit union has a special going on right now for time deposits between $5k-$50k with a rate of 5% for 5 months. This a good term for me as the Charger will be out of the paint shop next spring (I hope) so I should get the money back in time to blow it all.

Would you use a time deposit at this rate, which is a very good rate, or do something else? I need the money to be secure, ie. I can't be rolling the dice on the stock market or some other high-risk endeavor.

Also, we signed up for one of these credit cards that award you with airline miles but we don't use it for big stuff all that much. I was thinking of putting my paint job and engine rebuild on the credit card and then paying it off with the money I've set aside in the time deposit. That can be a bit of a gamble too in case something big comes up but my wife and I have always been very responsible with the credit cards. We've always paid it off each month and, except for maybe two occasions in the past 11 years, never payed a dime in interest. And the time deposit should mature before we have to pay for the paint job anyway.

What do you think?

give vainglory your 10k, and by the end of college football season youll have 15K.

[Vainglory, Esq.]

Actually, my yield at the end of last season was 135%   Then again, I'm not doing so good so far this year...

Anyhow, for a short term deposit, a rate of 5% is good - it's better than regular savings interest and money market.  Also, over 5 months, I wouldn't bother with stocks, since I believe that if you don't have the time, inclination, or expertise to follow it all the time, it's either long term or nothing.  So that's a yes on the deposit.

As regards the credit card, I'm a big believer in plastic.  I don't carry cards that don't have reward plans, and I always just take the rewards as a check at the end of the year.  Seeing as I pay off my cards and don't generally carry a balance, I actually tend to make money off of credit cards, which is fine, since they usually take a ~2% cut from the merchant on every transaction and have plenty of deadbeats to make their interest on.  So if you have the money in the bank, go ahead and use your rewards card and pay it all off immediately.  Unless you're not sure of where the funds to pay it off are coming from or if they're definite, you can't lose.  Plus it stands the chance of positively impacting your credit, and especially your credit with that particular lender.  So that's a yes on the card too.

[bull]

Or anyone else who wants to chime in.

I have worked my tail off for the past seven months and saved almost $10k for the restoration of my Charger. Rather than let it sit in a savings account at a low interest rate I have decided to look into time deposits. My credit union has a special going on right now for time deposits between $5k-$50k with a rate of 5% for 5 months. This a good term for me as the Charger will be out of the paint shop next spring (I hope) so I should get the money back in time to blow it all.

Would you use a time deposit at this rate, which is a very good rate, or do something else? I need the money to be secure, ie. I can't be rolling the dice on the stock market or some other high-risk endeavor.

Also, we signed up for one of these credit cards that award you with airline miles but we don't use it for big stuff all that much. I was thinking of putting my paint job and engine rebuild on the credit card and then paying it off with the money I've set aside in the time deposit. That can be a bit of a gamble too in case something big comes up but my wife and I have always been very responsible with the credit cards. We've always paid it off each month and, except for maybe two occasions in the past 11 years, never payed a dime in interest. And the time deposit should mature before we have to pay for the paint job anyway.

What do you think?

give vainglory your 10k, and by the end of college football season youll have 15K.

After his 50% cut or before?

[73dodge]

I think that's a very good idea. I kinda did the same when I was restoring my 74 Satellite I bought my parts from a parts store in Cleveland that gave you one of those punch cards that when you fill it up with holes they gave you 5 dollars off any purchase. I saved enough to get headers, aluminum manifold and holley 4bbl for free because I had so many cards punched out.

But don't be so tight with the money things come up in life that you might be glad that you had some extra saved up and would have to use it for life problems.


But what about a 6 month CD? I have not seen the rates on those but you might make more on intrest at the end of the 6 months. The downside is your money is tied up and you can't get it out for 6 mos.

[73dodge]

Also, we signed up for one of these credit cards that award you with airline miles but we don't use it for big stuff all that much. I was thinking of putting my paint job and engine rebuild on the credit card and then paying it off with the money I've set aside in the time deposit. That can be a bit of a gamble too in case something big comes up but my wife and I have always been very responsible with the credit cards. We've always paid it off each month and, except for maybe two occasions in the past 11 years, never payed a dime in interest. And the time deposit should mature before we have to pay for the paint job anyway.

What do you think?

Maybe you should also get one of those card that give you airline miles instead of reward points. It would make a nice trip to someplace nice for you and your wife to take. Kind of a reward for her for being a partner in your Charger and she might not be resitant when you want to buy that HEMI for your Charger..........

[bull]

I'll look into the CDs. That rate of 5% is pretty darn good for the term. Even some of the three or four year deposits aren't as good.

[bull]

Also, we signed up for one of these credit cards that award you with airline miles but we don't use it for big stuff all that much. I was thinking of putting my paint job and engine rebuild on the credit card and then paying it off with the money I've set aside in the time deposit. That can be a bit of a gamble too in case something big comes up but my wife and I have always been very responsible with the credit cards. We've always paid it off each month and, except for maybe two occasions in the past 11 years, never payed a dime in interest. And the time deposit should mature before we have to pay for the paint job anyway.

What do you think?

Maybe you should also get one of those card that give you airline miles instead of reward points. It would make a nice trip to someplace nice for you and your wife to take. Kind of a reward for her for being a partner in your Charger and she might not be resitant when you want to buy that HEMI for your Charger..........

That's what we have. Once our youngest daughter gets to the age of five or so we're going to use it for a Disneyland trip.

[Ponch ®]

That's what we have. Once our youngest daughter gets to the age of five or so we're going to use it for a Disneyland trip.

cool...you and Vain can get together for a beer. 

[Charger_Fan]

That's what we have. Once our youngest daughter gets to the age of five or so we're going to use it for a Disneyland trip.

cool...you and Vain can get together for a beer.  

Hey! That means we might not have as many verbal bashings around here...we can't have that, this place just won't be the same.

[Chris G.]

One minute Bull is telling Vain how he couldn't come close to filling a shot glass with his "real life" experiences, and the next, he's asking Vain how to make more money. What a wonderful place this is.  

Play nice guys, you never know who might be able to help you out down the road.  

[Vainglory, Esq.]

That's what we have. Once our youngest daughter gets to the age of five or so we're going to use it for a Disneyland trip.

cool...you and Vain can get together for a beer.  

Hey man, I'm down.  And believe it or not, I'm even old enough to buy beer.

[Ponch ®]

Hey man, I'm down.   And believe it or not, I'm even old enough to buy beer.

no no...you have to buy him a shot.

[ChargerBill]

Shoot, the way the classic car market is going, I'd almost spend some time finding a '69 1/2 440-6 Roadrunner or clean GTX or Charger RT and sit on it for a while. Buy at 30K and sell at 50K next year...can't make that return anywhere else. One things for sure, even if you can't turn a 50% profit, you will get some return and you'll NEVER lose a dime!

And if 5K is your spendable limit then buy a project car and pickle it...you'll gain money either way. Doesn't have to be muscle either. 59 El Camino's are going WAY up in value, Impala bubble tops are on thy rise, 50's verts of ANY kind are on the rise, BIG FIN cars are going up...find a screaming deal and sit on it.

[bull]

One minute Bull is telling Vain how he couldn't come close to filling a shot glass with his "real life" experiences, and the next, he's asking Vain how to make more money. What a wonderful place this is.  

Play nice guys, you never know who might be able to help you out down the road.  

I never said he didn't know economics, I just said I didn't want to hear textbook jibber-jabber while I'm bitching about gas prices. Anyway, I'm over it. If I get really irritated I usually launch a nuke and try to lay waste to all, but then I'm better and will gladly buy the survivors a beer.

[ChargerAndy]

Bull,
     Sounds like a good plan to me.....so long as, like you said, nothing unforseen goes wrong. Go for it!     Andy

[last426]

I have worked my tail off for the past seven months and saved almost $10k for the restoration of my Charger. Rather than let it sit in a savings account at a low interest rate I have decided to look into time deposits. My credit union has a special going on right now for time deposits between $5k-$50k with a rate of 5% for 5 months. This a good term for me as the Charger will be out of the paint shop next spring (I hope) so I should get the money back in time to blow it all.
What do you think?

Heck, I would just stick it in a money market fund -- sure, they pay a little less, around 3 percent, but you can write checks on them and you're only talking about $200 gain for the 5 percenter or maybe 125 gain for the 3 percenter (I am estimating these numbers).  It's not enough money to hassle with and it is good to have the money available instantly.  Kim

[69charger2002]

screw all that putting money in the bank. tell ya what.. you want some return.. send me the $10k for 6 months.. in 6 months, i will send you $12,000 back, how's that?
whatever else i make on top of that, consider it my fee.. can you go wrong with that??
trav

[bull]

screw all that putting money in the bank. tell ya what.. you want some return.. send me the $10k for 6 months.. in 6 months, i will send you $12,000 back, how's that?
whatever else i make on top of that, consider it my fee.. can you go wrong with that??
trav

That sounds great. Are you cooking meth or what?

[69charger2002]

haha that would be too easy.. and illegal. let's just say i'm blessed in the ability for good old american capitalism. if interested let me know.. for real. gotta give me 6 months for turn around.. the wife won't let me do 10k all too often, or i'd be a millionaire already.. once this house gets paid for however.... lol
trav

[bull]

  This is scary.

[69charger2002]

lol it's carefully investing i cars if that makes you feel any better.. not drugs or the superbowl

[bull]

So I just write a check for $10,000 and mail it to some guy I don't know? Forgive me but there might be a few concerns with this proposal.

[Brock Samson]

send it to me, ya know me... 

[bull]

send it to me, ya know me...  

Yes, and that's precisely why I won't be sending it to you.