cashing out 3/4 of my USD bankroll, convert in CAD? invest?

spacebetween · #1 08-31-2007, 01:07 PM

I'm gonna start using the 6 months expenses + 30 BI bankroll management. My monthly expenses only avg 2k so I'm cashing out 12k. For now its in my Partypoker account. I was thinking if I was better off cashing it out to my us bank account or converting it to CAD. Or even letting it in my party poker account. Can u do wire transfert with Party? How does this work?

I'm not quite sure if it'S worth it to invest it. The thing is I can't risk that money and I'm prolly gonna need it to live. Thoughts on that? I might not need more than 2k off it unless something happens cause I plan on withdrawing every 1-2 month to make it to 12k again.

gonebroke2 · #2 08-31-2007, 02:11 PM

My advice is to just put it in your US Bank. Doesn't look like you are currently in a position to invest it and its not worth putting it in canadian dollars for such a small amount. Not worth the headache. Although I do believe the CAD is going to reach $1.20 by 2010.

skindog · #3 08-31-2007, 02:34 PM

If you're gonna put it in a bank you might as well squeeze a few extra $ by putting it in a money market acct. Higher yields, same risk!

Fishhead24 · #4 08-31-2007, 03:18 PM

Yup, get at least a 5% return on that money collecting dust.

haakee · #5 08-31-2007, 04:41 PM

If you're American keep it in USD, if you're Canadian keep it in CAD (either way, put it in a money market account). Don't speculate on currency with your living expenses emergency fund.

superadvisor · #6 08-31-2007, 05:07 PM

Don't worry about converting to CAD, just wait till the North American Union and they will do it for you.

captZEEbo · #7 09-01-2007, 03:54 AM

what money markets do you guys recommend for high tax bracket people?

Scotty_12 · #8 09-06-2007, 05:56 AM

You should open a US bank account for the withdrawl from party, the exchange rate that they give you is ridiculous.

[ QUOTE ]
If you're American keep it in USD, if you're Canadian keep it in CAD (either way, put it in a money market account). Don't speculate on currency with your living expenses emergency fund.

[/ QUOTE ]

I am Canadian but am in a similar situation, just having withdrawn a large sum from party. I am hesitant to convert it to Canadian earning only 3 cents per dollar on the conversion, when I remember going on trips to the US in the past decade and getting over 50 cents on the conversion. What would your recommendation be for me? I am thinking of putting it into ING direct, where I have both a US and CAN savings account. Is there a wiser option? Would you recommend the conversion now, or will the US dollar gain (or the canadian dollar fall) in the short term future?

superadvisor · #9 09-06-2007, 05:37 PM

[ QUOTE ]
Would you recommend the conversion now, or will the US dollar gain (or the canadian dollar fall) in the short term future?

[/ QUOTE ]

Geeze...

Scotty_12 · #10 09-06-2007, 09:08 PM

Sorry man I am probably as big of a noob as you could find in this area. I tried to search this forum as well as read the stickys, and this thread was as close as I could find. If you had 15-20k (currently usd) that was collecting dust, would you choose to keep it in USD and invest it that way, or convert it to CAD?

Thanks for the help [img]/images/graemlins/smile.gif[/img]