HELP ME OUT ! woo (financial advice)

[Shaved &/or Laid]

im going to college. Im also dead set on putting an h22 in the civic. so guys, come up with some plans ! parts ideas etc, budgeting, all that. This forum needs some activity, so im gonna do a shameless plug. Emphasis on saving ~ 3000$ in a reasonable amount of time. h22 is love. (eg chassis, btw)

thanks !

lmao.

[pdiggitydogg]

Dude, you should open a 12month CD @ a credit union w/ a min. of $1000.
CD's have much better interest than a standard savings account, and credit unions have better deals, rates, cs, etc than banks.

[Shaved &/or Laid]

whats CD stand for ? and..how will this net me an h22 most importantly ? (yay people might actually contribute and make this a worthwhile post)

[pdiggitydogg]

certificate of deposit...its like a savings account that has really good interest (so you get more money) but you cant get to it...its locked up/away from you.
If you were to open that you would gain more money quicker (from the higher interest rate) than if you stuffed $ in a box under your bed or even a standard savings account. Some let you add more money, some do not...gotta watch for that.
If you want to save for a motor, Id say that is your best bet because it really makes you commit to saving (since you cant withdraw funds from it) AND gives you good interest

[Shaved &/or Laid]

so what happens when i have enough money ?
if i cant withdraw it, how the hell do i use it ? or do you put a time restraint on it ? what do i do in order to put the money back into my hands, that is.

[pdiggitydogg]

you can make them in 6mo sizes, from 6-36months.
When the time is up...you go get your money

[ebpda9]

one word for you chad: prostitution ;) :d

[biker's back]

honestly, get your priorities striaght. School is more important then an h22. Get your schooling done and then think about the car. In the mean time put some money aside every pay check into an account you dont touch.

[Shaved &/or Laid]

OR i can get the h22 while im in school.

[spoogenet]

Seriously, a CD won't give you anything unless you're talking serious money or long times. Even if you get what's considered a good interest rate right now, like ING's no minimum balance CD for 1 year minimum at 2.6%. Don't expect to get much over that. Put in $1000, and you get a whopping $26 extra by year's end BEFORE taxes.

Don't get me wrong, investing is a great idea and the earlier you start the better, just don't expect something like that to pay for an H22 unless you have the cash up front and just want a few bucks extra.

As Rob said, your priority probably should be schooling not the H22...unless you've got the cash to pay for both (or aren't paying for school perhaps). Just don't forget that school will probably require an increased eating and partying budget....which may cut into your H22 budget. ;)

b

[Shaved &/or Laid]

*doesnt party*