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comment by user-inactivated
user-inactivated  ·  3245 days ago  ·  link  ·    ·  parent  ·  post: Ask Hubski: You have $100k What do you do with it? How would it change your life? Your circumstance?

I wouldn't accept interest personally. So I can't answer the question in the sense its expected. I'd be taking away from peoples income, something they need as they work hard for it. They would be poorer, and I richer. It would ruin my life, morals, integrity, and heart.





user-inactivated  ·  3245 days ago  ·  link  ·  

A tax free savings account is a fixed yearly amount someone can deposit - $5,000 yearly saves you paying tax on it at the end of the year. I'm personally not interested in the interest the savings account would earn me. I may just have to leave it in the account if I were to withdraw and close it. Risky stock market investments can ear quite a bit, if there's no fail, thus an investment worth while. Property is another good one, as it gives you income, which subsequently would end up being used on repairs/maintenance. If the property goes up in value you gain should you sell one day. If your property is fully paid off, your expenses are below that of renting, so you gain. Starting up a business is another good option, if managed and marketed property. Sorry for the confusion earlier.

_refugee_  ·  3243 days ago  ·  link  ·  

Don't forget stocks and bonds, which will most likely earn you more than a savings account these days, but are much less risky than the stock market. The only problem is they are not very liquid.

If I had 100k I'd never put it in a savings account - or at least not all of it - just because there are other financial products which are just as safe (CDs for instance, even if we just totally eschew stocks & bonds) that will earn more. Interest rates are awful right now, savings, checking, AND CD accounts, but CD accounts will get you the most and are still FDIC Insured. Plus while they aren't liquid-liquid, they are nearly so - you forfeit something like 3-6 months' worth of interest for an early withdrawal, that's it. (The penalty is federally regulated to boot.)