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PreMed Finance Advice

Discussion in 'Finance and Investment' started by AKPsiMD84, May 7, 2007.

  1. AKPsiMD84

    AKPsiMD84 5+ Year Member

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    Mar 1, 2007
    I am a premed and hopefuly will be one for one more year. However, I seek to invest with the purpose of putting my money to work for me. Are there any investment vehicles I can put my money into despite my limited resources?
     
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  3. Sol Rosenberg

    Sol Rosenberg Long Live the New Flesh! 10+ Year Member

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    Yes. Care to be more specific? How much risk are you willing to take? Will you be investing for the long or short term? What kind of returns are you looking to realistically get (I know, as high as possible, but that answer isn't very helpful.)
     
  4. The White Coat Investor

    The White Coat Investor AKA ActiveDutyMD Physician Partner Organization 10+ Year Member

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    What are you going to use the money for?
     
  5. etf

    etf Moderator Emeritus 10+ Year Member

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    Apr 27, 2005
    probably amcas. i know i'll have to shell out for it pretty soon...
     
  6. AKPsiMD84

    AKPsiMD84 5+ Year Member

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    Mar 1, 2007
    Realistically I am looking to get returns above the average inflation rate (3%) plus any interest on my loans (if the loan is subsidized however... even better). Long-term is best since med school is over several years.
     
  7. The White Coat Investor

    The White Coat Investor AKA ActiveDutyMD Physician Partner Organization 10+ Year Member

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    Long term ain't several years. That's short term. I suggest Vanguard Prime Money Market. It pays 5.1% right now.
     
  8. Zetterberg07

    Zetterberg07 2+ Year Member

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    May 7, 2007
    GMAC CDs offer 5.35% APY if you have $500 or more that you can put away for 12 months.
     
  9. etf

    etf Moderator Emeritus 10+ Year Member

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    ford's interest advantage is a non-fdic insured, more liquid version of this, and pays a higher yield i think.
     
  10. Zetterberg07

    Zetterberg07 2+ Year Member

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    May 7, 2007

    The thing I really like about the GMAC account is that it is FDIC insured. Personally, I don't know how much sleep I'd get at night right now knowing that my money was basically invested in Ford (with no insurance).
     
  11. The White Coat Investor

    The White Coat Investor AKA ActiveDutyMD Physician Partner Organization 10+ Year Member

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    The APY on that Vanguard MMF works out to something like 5.23%, and you can take the money out anytime you like. There is a $3000 minimum to open it, but you can then let it go down to $2500 without additional penalties, and down to $500 with a $10-20/year fee. If you prefer CDs, a place called Pentagon Federal Credit Union offers a great deal every January on them. I think this year they were 6.25%. Either way, if you're going to use it for AMCAS, you don't want to be taking ANY risk with it.
     
  12. AKPsiMD84

    AKPsiMD84 5+ Year Member

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    Mar 1, 2007
    Not for AMCAS... more like for personal use and wealth and some practice in investing :). How liquid are these investments?
     

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