I just bought my second family house 3 months ago. I am in my early fifties and my wife is 48 years old. Going with CDs isn't a bad idea. We're both retired and have a net worth of over $3.5M in assets and savings with zero debts. At this stage, we're living smart and frugal with spending. It wasn't always this way so many years back then when we struggled to barely keep up. We retired early because we practiced proper saving and key passive income procedures to fuel our dreams.

@richmmdt4853

Жыл бұрын

Very well, thanks for sharing I'm working but don't want to depend on one source of livelihood and I've thought of making some strategic moves towards growth and inv€$tment but I don't think I can combine both well. Any information for me that may help ?

@richmmdt4853

Жыл бұрын

​@Van Drex I am happy to hear this, I think I heard about him at a seminar I once attended and didn't know he was this good. How can I relate with him ?

@travispaul5149

Жыл бұрын

​@@richmmdt4853 Look him up on the internet and leave a message for him. His services are quite notable as he was recently featured on CNN. Rest assured he can work with anyone irrespective of your location.

@vandrex01

Жыл бұрын

​@Van Drex I have spoken to him already and I admire the confidence he has in himself as well as the information he gives out. I will give it a shot.

@cathenido1624

Жыл бұрын

​@Van Drex Absolutely You are right, I am one of many who has benefited from investing with William Alex Jude. 2020 is an unforgettable year in my life. Back then, I lost my job due to covid and had no reason to live. William made a good life possible for me through passive income and I owe him my life. To be honest, I feel like he is a guardian angel who was sent to help those who are suffering financially.

Thanks for one, if not the best explanation about cd investment I have watched. You made it interesting and helped me with my understanding of cd investment. You were clear to the point without stretching the video out with double talk. Awesome job. I am going to invest in a ten month c d through my credit union.

The only problem with CDs is you have to pay taxes for the interest you earn. If you have a large amount of money in a CD for example $100,000 at a 5% APY which is what most banks and credit union offer these days. When this CDs mature the interest you accumulated is $5K and this is considered a personal income and must be filed at form 1099-INT along with your W-2 or 1099. Depending on your job income you can get tax from this $5K interest from 10% up to 37%. Ouch!

When your CD time period is finished, does it hurt your credit score if you close the account/don’t continue using it?

Yea flipping CDs isn’t a bad idea. I actually just learned more from this.

i have an outstanding loan at 3.49 percent...rather then pay it off, i park the same funds in a CD at 5%, so in my mind, this makes the loan...free? Since inflation is eroding both values at the same rate? Recently the bank has offered me 10% incentive to pay off the loan in full, and now, i don't know what to do.

@davidburke4101

Жыл бұрын

They're offering the incentive because you are effectively getting free money. However the actual return is lower than inflation

Wait, so if I deposited $500 for a CD at 4.75% APY, I'd only get $23.75 for the entire year or would I get $23.75 every month for the duration of the CD? Confused...

@clintbustwood4800

10 ай бұрын

Per term. In your case you’d get 23.75 a year

I appreciate your explanations!

@PracticalPersonalFinance

2 жыл бұрын

My pleasure!

Thank you for such a straightforward explanation!

thanks, used this for my avid class👍👍

I have a CD ladder....always have CD"s maturing every month and rolling them back into the higher interest rates.