5000 cash, 745 fico: now whats my best powermove?

[PrecisionL]

I ended up having some extra cash for the holidays...but i don't feel like spending it on depreciating bullshit. I welcome your ideas of making the cash go further...and yes, your boy's credit is nice


ps. before you mention it...i already own a home and a couple of rentals. However, feel free to throw some 'creative' RE moves at me.

 

[mook]

well im proud man congrats...............i would say open up a buisness establish buisness credit so you can keep that 745......then link up with the cats on here and brainstorm on some power shit..........me for instance i need help on gettyin to where you at...........rentals and such plus your credit game..............i have a1 buisness credit but 650 personal.. hook a brotha up and i can help you with buisness if your interested........


thanx in advance

 

[Temujin]

1.Put the 5k in a CD or money market account with the highest rate you can find at a bank that you want to build a relationship with. Use the CD to establish a line of credit. With your credit score and the CD as collateral your line of credit interest rate should be relatively low. In addition the interest you would gain on the CD and money market would offset the interest for any money you may use for the holidays from your line of credit.

2.Even with the line of credit with your credit score you should qualify to get most major purchases for no interest for 12-18 months. Most major stores and companies are offering these kind of deals to people with good credit during the holidays.

You should be able to get the majority of your holiday spending done with interest free money.

Now if you are done your holiday spending I would check and see if you have maxed out your IRA contributions for the year. If not go ahead and do that first to reduce your taxable income for the year. Technically you have until April to contribute to your IRA and have it still count to 2006 tax return but you won't be able to use those contributions for your 2007 return.

 

[BigATLslim]

Son, first of all CONGRATS!!! It seems you have already been making some power moves. Your first move is to invest in a library card and check out your local library on starting a business from home on a particular industry that is interesting to you. I can point you some resources in a pm.

But before we get ahead of ourselves, if you are not afraid to bank online, park your money here: www.everbank.com. Their rates will ALWAYS be in the top percentile of anyone in the U.S. Then, get your knowledge up on commercial real estate and retirement get's closer and closer and closer.

I mean, what are your goals for 2007? What is your risk level? Do you want to go in a stock, real estate or business direction? Maybe I should have asked these questions first.

 

[Chase Bannon]

I ended up having some extra cash for the holidays...but i don't feel like spending it on depreciating bullshit. I welcome your ideas of making the cash go further...and yes, your boy's credit is nice


ps. before you mention it...i already own a home and a couple of rentals. However, feel free to throw some 'creative' RE moves at me.

Here, thank me later

http://198.65.131.81/board/showthread.php?t=142478