Archive for July, 2010
Okay, I’m a college student that couldn’t get a job this summer, so I made it through the whole summer with under 300 bucks and did some chores to get a wee bit of money out of my parents.
Okay, so this fall, I have to pay for books, which will cost about $250, go on a trip to texas, which costs about $50-100 (driving there, three people, its not that expensive) + I plan on buying a blackberry phone $200.
now, in the bank i have $400 (aka, about enough to break even with all my purchases.) + $200 worth of savings bonds. (all issued in around 2008, so there’s maybe a few cents of interest.) is it wise to cash those bonds to have a safety net of cash in case other unforeseen expenses arise? The issue is that I do have a job already for this fall, but won’t get any paychecks until min-September. or maybe I should just hold off on a new phone until i get those paychecks?
note: if i was to cash those bonds, i’d buy a 1000 bond later in the fall to replace it (what does that cost, $500?)
thanks in advance!
Neida Bennion
If I understand savings bonds correctly (which I probably don’t), my bond is only worth like $25 right now and won’t be worth $50 until it matures (in 30 years)? Is that right? How do savings bonds work and what is the point of them?
Warren Edmister
Why would any sane person invest in savings bonds?
If Obama wanted to do something constructive for a change I have a few ideas. This would generate a lot of federal revenue and help the gubmint pay off some of this crazy spending they have been doing.
1. pay face value for a savings bond. Have the bond accrue value at say 1% per year up to 10 years. then it gains no more interest. but it could be held and used tax free for education or retirement indefinitely.
Make it where it could also be used tax free for medical procedures or in hardship cases, such as a disabling illness Etc.. I’m just looking for ideas to put money in Americans pockets and help bring some of the national debt.
I know that it’s a longshot but I think it’s better that just belly-acheing about it.
Emily Esteybar
I’m 20 years old, moving out of my house, not on the best of terms with my parents, and they’re holding on to my bonds out of spite. I’ve found this website with information about obtaining your bond information ( http://www.savings-bond-advisor.com/list-of-us-savings-bonds-by-ssn/ ) but unfortunately I have none of the info it asks for other than my ssn. I don’t know my mother’s, haven’t the faintest idea whether or not her name is on any of them as well, and I can only give a rough estimate of when I received them. I don’t even know how many I have, because I was given them all probably between the ages of 0-5. any helpful ideas about how I can go about obtaining my bonds through the U.S. Treasury with what little info I have would be greatly appreciated!
Lemuel Sangha
If I wanted to take a lot of my money and keep it some where, what types of bonds or certificates could I use? Are there any like $10,000 notes or larger? Do they have to keep record of who has those? What is the best way to take out all my money other than in cash? What is the least traceable, I don’t want the government tracking my money. Thanks.
Myrle Halcomb
From my understanding, it is basically a loan to the government and they pay you back after so many years plus intrest. How are they making money from these? It seems like a sure way to lose money when you are constantly payout out a higher percentage than you brought in.
That is exactly correct, but politicians have figured out that if you decide to raise taxes or anything to take any more money away from the people then you wont be in office after the next election.
Leonel Ullrich
I have thought about it for a while and I’ve decided that I would like to buy some savings bonds for my niece (she’s turning 3 soon) that she could use later on in life for college or something. I plan on putting both of our names on them (just in case) but I am wondering if every year that I buy one do I have to report it when I do my taxes. I thought since I am not going to be cashing them in or getting the interest myself that I shouldn’t have to but I’m guessing thats probably not the case. So basically, do I have to put it on my taxes every year that I buy the savings bonds even thought I am not cashing them in and do my niece’s parents have to list them or claim them anywhere?
This is all very interesting. I don’t think my sister will ever qualify as low income so I don’t think that will work. I wanted to have my name as well as my niece’s name just as a precautionary measure. I have no plans to ever be the one to cash the bonds, I know at some point in her life my niece will cash them. I just want to make sure I won’t get a letter in the mail someday saying I owe taxes on a bunch of bonds that I didn’t even cash myself. So basically, only my niece will have to pay taxes on the interest of the bond when she goes to cash in the bond but I won’t have to as long as I am not the one who cashes it?
Anissa Thompson
In this past year I cashed savings bonds, and the interest came to $510. I’m a college student and received a subsidized loan totaling $5000.00, but they sent me a form saying “amounts billed for qualified tuition and related expenses” is $4254.10. I work part time and paid about $780 in Federal taxes and about $330 for state taxes.
My parents still claim me as a dependent since I really don’t make much and they are helping me with bills. So, I’m pretty sure I get taxed on the interest from the savings bonds, but does the loan effect how much I will get back or pay? And as for the savings bonds, around how much will I have to pay for that?
Thanks!
Mac Maid
I went to the US treasury site about Savings Bonds and I’m a little confused…Is my savings bond from 2000 with the denomination of $100 REALLY not worth $100 til 2030?! I looked at the worth for right now, it’s about $60…
My understanding from the people who started giving my kids savings bonds for bdays and xmas was that when they go to college (which is only going to be about 5 yrs from now, which is 2015) they would have A LOT of money, that the bonds accrue interest and I was thinking they could buy books and supplies (b/c I know that stuff is expensive), but it says right on the site that the bonds themselves don’t become of face value until they mature and they don’t mature for 30 yrs!!! What’s the point?! What, my kid can pay his car payment when he’s 30?! I’m just a little put off….
Jennifer
money
Johnny Bonvillain