Quote:
Originally Posted by jims69camaro
that's just it, man. if you spend the money you will no longer have it to save for a later date. sure, CDs keep you from spending the money, and once you do a rollover as opposed to a payout, you will forget that the money is even there. it's a representation of money at that point - which is a good thing for a young guy. besides, you'll impress the hell out of your parents.
the other side of the coin, pun intended, is that saving money makes more money. sure, it's not that much to start out, but it has a habit of growing. you don't need a high risk to see a decent return. ask at your local banks about their money market accounts. that gives you the best of all worlds, really, in that you get a decent return and liquidity when you need it.
sure, saving money is boring, but when you decide you want a house or a brand new car, and you can pay cash (for the car, downpayment on the house) it's not so boring anymore. think about the future, not like this is the last summer blah blah blah. there will be other summers.
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very true. I made a nice amount of money on the truck because I bought it as a little project, did some mechanical work to it, and sold it as a solid running truck. I may try my hand at "flipping" a car again to make a nice profit and then sit on the money for college. Btw, not trying to sound like a know it all, but how do you think I was able to afford a LS1 6 spd. as my first car?- being smart with money is my thing
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A little off topic, but relevant to the cd thing: a little over 2 years ago I got about $1000 from one of my grandparents. I decided at the time that I would spend $500 and put $500 in a 2 yr cd. That way, when I could cash out the cd I would just be getting my license and have $500+ to do whatever I wanted to my first car.