Paypal Money Market

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DaveTheAve
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Paypal Money Market

Post by DaveTheAve »

Alright Dave Ramsey, the financial adviser and podcaster, suggested that I join a Money Market. Well, I googled for money markets and I found that Paypal has money market option. I was wonder what you people think of it; I'm guessing you never even heard of it but it's worth a shot.
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feyd
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Post by feyd »

What we think of PayPal's Money Market hook?

Unless you have loads of money in your PayPal account you're not going to make much money off of it. In fact you could make far more money off the cash you have in there to begin with. For example, with the current investments my family makes we pushing towards a gross close to 1500% a year with a fairly low level of risk.
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DaveTheAve
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Post by DaveTheAve »

feyd wrote:Unless you have loads of money in your PayPal account you're not going to make much money off of it. In fact you could make far more money off the cash you have in there to begin with.
How to you suppose to do this?
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feyd
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Post by feyd »

...by pulling it out and investing it well.
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DaveTheAve
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Post by DaveTheAve »

ha ha, Invest in what? Thats the question. Around here there is nothing to invest in.
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feyd
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Post by feyd »

Stocks, bonds, the bank if you have to... there are many markets that often make more than PayPal's. My family does stock options. It takes a bit of time to get good at them, but the return rate is quite impressive.
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Maugrim_The_Reaper
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Post by Maugrim_The_Reaper »

Unless you know what you are doing, stay away from stock options. ;) They amount to betting so it takes some careful decision making to figure out which way to bet and when. The usual safe options are Corporate Bonds (little risk), Gilts (Govt Bonds with almost 0 risk), Savings Account. Equities are higher up the risk chain, but have higher returns (hitting 20% last two years or above). They are riskier though and you can lose money if something causes a stock market downturn unless you are holding stock for the long run.

Seriously though, if you want to invest and make money for a future date (and not just a quick profit) I strongly suggest getting in touch with your bank. At the very least you'll know what safe or low risk options are available. From there you can test the waters...
TulsaDev
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Post by TulsaDev »

Hello from another Dave listener. I opened up my paypal money market account a few months ago.

The paypal money market is where you want to put your Baby Step 1. It's not really meant to make any money, it's just there for emergencies. You're only going to put $1K in here, so we're not really concerned too much about the APR, just happy it's not 0%.

What I did do, is get the Debit card, and all purchases you make with the debit card where you use it as a mastercard (the sponsoring entity) where you do not enter your PIN, then you get 1% cash back on those purchases.

I drive 110 miles round trip to work everyday, so every 2 weeks, I transfer from my checking account enough to cover gas for the next 2 weeks, and use the paypal debit card swiped at the pump as a credit card and get 1% back.

After you get that $1K put back, then you pay off all your debts but the house, then start investing 15% into Mutual funds, etc.
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