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Travel Budget, Money Matters, Financial Talk Mom, can I borrow ten grand?! Gimme yo mastercard! How the heck can I pay for my trip?! Ideas for making money. How much dough do I need?

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Old 04-29-2005, 01:37 PM   #1
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Last year I started putting money into an investment, not really saving for anything in particular...I just wanted to put some money away and not be able to waste it.

So I went to the bank and opened a GIC account (this is Canadian, probably worded as something different in other countries) I got a two year one, where every month the bank transfers $100 from my checking account and puts it into the GIC. I get a 2.3 % interest rate (not great, but the interest rates haven't been spectacular lately)

So the money just builds up and I don't even notice that I am missing any money. By the end of the two years it will be up to $2400 plus about $460 interest. So that is almost 3 grand people, enough to at least get started on a trip.

Sorry if I am boring anyone with my sleepy money talk...I am reading a book about investing, so I wanted to share.
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Old 04-29-2005, 01:40 PM   #2
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$460 interest off of $2400 in 2 years? that is a lot of interest....did u do the math right on that? or is it already there? Thats a 19% gain over 2 years?
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Old 04-29-2005, 01:56 PM   #3
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I totally could have made a mistake on the interest....I don't have a calculator on me right now.
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Old 04-29-2005, 01:56 PM   #4
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I totally could have made a mistake on the interest....I don't have a calculator on me right now.
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Old 04-29-2005, 03:03 PM   #5
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it's probably around 46, close, just minus a 0. if it's 460 i'm investing in Canada!

either way, props on the investing/saving

jp
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Old 04-29-2005, 03:22 PM   #6
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yes yes either way.....i likes it !!!!!
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Old 04-29-2005, 03:56 PM   #7
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For those intrested this in the states is known as a CD aka Certificate of Deposit and can also be opened at any bank You can get rates either one of two way:

1. Straight intrest based on term.

A bank may say we will give you 1.5% if you stay in for 6 months , 2.0 for a year, 2.5 for 3 years etc etc.

2. A ladder account. This will let you sign up for a given amount of time still but will let you ladder up if a better rate comes along. So say your at 1.5 % and the offer for 2.5% comes along you can make the move up to it.


Just remember that your money is locked in for however long the term is you signed up for and will be taxed a penalty for early withdrawel.

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Old 04-29-2005, 04:36 PM   #8
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ing direct u get get like 4% for a 2 year CD
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Old 04-29-2005, 05:03 PM   #9
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I hate the name of that bank "ing" I always think that their needs to be something in front of it.

but the last time I looked into a CD don't you have to deposit the money up front?

4% that's hella good, what is the principal required to get that rat and for what time?
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Old 04-29-2005, 05:33 PM   #10
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i think the 4% was for a two year CD....they dont have minimums for deposit, but yes, you do need the $ up front
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