Hi IL's, My husband and I live in US. Both of us work. I am like the driver of our house when it comes to any decision making or taking any kinds of risks or taking whatever new steps in life for us. My husband likes my decisions and so relaxes that I will find a way out for everything :bonk My husband never thinks of investing money in India or here in US. His family members have not maintained good relationships with him or me, even if they improve in future, My husband says he will never trust them for such matters like taking their help in investing in India. Recently I sent some money to India and asked my mom to keep some Fixed Deposit on my name. I wish to keep some more money in the same bank, but we are scared of investing lot of amount with one bank, more over when we do not live in India. After my marriage, my siblings have changed their attitude towards me. I am the same and never show off or anything that kind, but they always try to prove that they are more better off than me etc...The kind of closeness we had before no more exists. I some times get wierd thoughts and stop loosing my trust on my mom. I sent a Power of Attorney some time back in her name as I wanted to buy a property in India. But I didnt buy it and now I'm scared of the POA being there with her. The worry is, my Mother is good with me but when she is with my brother, she changes her attitude towards me. My brother tries to use his own ideas on what ever I ask my mom to do, which I do not like. I have tried to tell him several times that I live in a different country so there is a way I would want particular things to be done, but he does not understand that and also brain washes my mom to do things in a particular way. I tell my mom and him that I never interfere with how guys should do anything but when it comes to my work I would want my mom to do things in the way I want and not the way my brother says. For Eg: when it comes to paper work, I like to have all the documents accurate, but he will not want my mom to do that. My mom has started staying with him now, and will here after stay with him and his wife. Before she used to live alone. I dont find it comfortable now to talk any personnel matters to my mom or ask her to buy a land for me in India. I was thinking of revoking the Power of attorney too. But I dont know of any means on investing here in the US. Investing in India will require some one's help. I'm so stressed about our and my childrens future. Money does not grow in the US and neither do we have doubling options here like FD's in India. Can you all please help me out of this and suggest ways to invest.. Thanks, Friend
Hi Ladies, I would also like to know the Saving and investment options while in US. This thread is already open so would look forward to the answers. we are on H1 here and and Gc process will start by end of this year. I wish to know, what are the option while in US.whatever money we have that is in the bank because I do know what to do while in US. Other than keeping it in bank, where there is very low returns. My dh is very laid back person and is not interested in managing finances so i have to step in... -retirement savings have not been started as we do not know where we would in few years. -college savings, same reason as above. Please enlighten me, thank you so much. -Ginni
Thank you friend for starting this thread .. even i want to know the options of savings in US other than shares and mutual funds. is there any FD or recurring deposit like India here ?? please pour in your valuable ideas..
In US banks FD intrest are very low..so inversting in bank is not advisable. but inversting in mutual funds, buying stocks,buying home..and land in us. its will be better. because now all are in buyers market. all the best.:thumbsup
Yes every bank in US offes Fixed Deposit schemes...they are called CDs. You have to check which bank offers the best rate of interest and ensure the bank is FDIC insured and put your fixed deposit. Check this site for rates on FDs and other interest rates. Bankrate.com
This is only my opinion and I am not a financial planner or other financial person. But if I was going to do it, I would convert it back to rupees and put in fixed deposit in India. My reasons: 1. Although we are in a buyers market, we are also going to have another default problem shortly to hit and housing prices are going to go down again. If you buy a repossessed house, there have been reports of title problems meaning there is no clear title and the buyer is screwed. The legal ramifications of this and how long it will take to clear at what cost are awful. If you can find a place to buy, remember it takes 5 years to start paying on the principle unless you are making double payments so you need to stay there a long time to start making money. Yearly taxes are going to be a great burden and depending on your location the heating costs also. When you want to leave that property, it may take years to unload it depending on your area. There is also an assumption that the property will appreciate which may not happen or it might be flatlined for a decade...who knows. 2. Cds, savings accounts, etc pay less than even the current inflation. Good place to stick money on short term but bad idea longterm. 3. Its still unclear which stocks are going to be good....if anyone knows something concrete here let me know. I have a chunk of bank stock that was not involved in subprime, good bank still liquid, and to date it has risen to only 60% of its former value. I have no clear idea if it will ever appreciate to its former level. 4. Sometime soon the dollar is going to depreciate. If you are transferring to rupees you will get the interest plus the increased value due to dollar depreciating.
Hi friend Donot worry about your future coz you are not the only one who is confused regarding investment options. Even my husband and I have faced some problems regarding investments with savings account and CDs...we did not get any interest in savings account investment. As someone suggested in this thread, my husband converted his savings into rupees, opened an NRE a/c with ICICI bank and as of now we are getting about 8% interest from the same I will keep you posted if I have anyother options ALL THE BEST :thumbsup
I heard that systematic investment plan is a good saving plan in India where you can make monthly contributions . Found on the HSBC's SIP calculator site that the current yield in India is good (upto 15% annually..) Check out the Indian SIP calcutors (HSBC / fidelity) online for more details..
Dear friend, I am not a financial planner, but few things came to my mind when i read your post. I don't have the problems you mentioned, as my dad actively invests the money for us. But some of my friends have the same problems you mentioned. Those are common to some of the NRI's. You may want to consider the following options. 1. Invest some money in gold and silver. They protect you to beat the inflation rate. That way at least some of your money is invested. 2. Before making any visits to india, ask your mom/brother/ real estate broker to look for some properties in india. When you visit india, you can select best property among all and buy it on your/ your DH's name. You do not need to worry about power of attonery et al. You can find some real estate agents online like sulekha.com etc.. 3. you already made an FD in the bank. Try to keep it in different banks. Also donot take FD for a large amount. Break it into smaller amounts and FD it for different terms. That way if you need money for any emergency, you can withdraw only one FD instead of the single large FD. This way you avoid bigger penalty on your FD. 4. If you have kids, invest some money for kids education plans. there are lot of 529 plans available. Think though them and invest in the one that suits you best. 5. You may invest in stocks and bonds in USA. But you need to get familiar with lot of stuff to make the better investment choices in stocks , bonds and mutual funds. These are just some of the options i can think of now. I haven't gone through all the responses. Please ignore if it is duplicate. Wish you good luck in your investments. Cheers! Shainy
