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On the plus side it gives you a long term fixed yield bond that, if you dump in some bucks (say $5k or so) up front, will net you a pretty penny when it matures: right around the time you pay off your mortgage (a good time to have it actually).
On the downside, it encourages this type of investment to support our government's gross deficit spending, further increasing our country's debt and decreasing fiscal responsibility. If these things don't bother you, then there is no bad side.
So, if you want a haul in 30 years, dump 10K into a 30yr bond and watch it grow. If you want a future for more than just your children (like, say, their children) you'll dump that money into equity in your home, buy CDs with it (you have to turn them over every so many years, but at least CDs stimulate the economy), or hell just re-investment in the consumer economy (can you say 96" flat screen plasma TV).
question: anyone know what the rate on these bonds is and what the interest calculation period is (monthly, annually, other)?
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