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Music and Financial Advice
Tuesday. 7.31.07 9:17 am

New music. More Yellowcard. This is the sweetest song. It’s called Dear Bobbie

Okay. Wanted to share some cool financial advice. For those of you who have paypal (or are thinking of getting paypal) and are old enough to have credit, sign up for the Money Market Fund. In simple terms, this fund gives you %5 interest on any money you have in your paypal account. No minimum account balance required, no maximum balance. No fees for putting money in or taking it out. The interest gets added on at the beginning of each month.

The awesome thing about this is that it’s basically a CD (a high-yield savings account) but without all the restrictions. Most CD’s have the same interest rate (in the %5-6 range), but require you to open your account with a minimum of like $1000.00, and then you have to leave it in for like 6 months or a year or however long of a plan you have. It’s all a big mess. Plus you can’t just take the money out whenever you want. With the Paypal Money Market Fund, you can put money in whenever you want, take it out whenever you want with no fees. And you’re still earning %5 interest. There’s no risk involved, unless of course Paypal goes bankrupt... which isn’t likely.

Seriously. For those of you who want to save money for the future, look into it. It’s a really easy way to not only save money, but make money. Myself, I’m gonna be sticking $80 a month in there. Which means in a few years, provided we don’t all blow up, the monthly interest will be enough to pay most of my monthly bills. (Cell phone, tv, internet, etc.) Plus I’ll have saved a crap load of cash that I can transfer to my bank account whenever I want for emergencies or whatever.

Anyway. That’s enough of my rambling. I realize that all sounded like a sales pitch, but I really do just think it’s something cool that every young person should know about. Look into it folks.

4 Comments.


Yeah, I posted about the Paypal moneymarketing a long while ago... but after checkign teh internets, I heard some sketchy things about it.
» ikimashokie on 2007-07-31 11:01:30

What *did* I hear/read... I guess it wasn't anything unusual, but mostly about the killing accounts and keeping the money, and being investigated by the SEC.

Sue Paypal

This is actually rather old.. Maybe they've been investigated by now.
» ikimashokie on 2007-07-31 11:26:55

Is there a catch?
» alexsedotcx on 2007-07-31 03:31:47

sounds really good. but so far do u need to pay any tax? i know banks in NZ are like giving 7% interest per month with the same conditions as paypal, but i noticed from the 7%, 2.something is deducted for tax.
» renaye on 2007-07-31 09:31:12

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