StraightShooter

Thought I'd kick this thread off to help each other share advice to advance each of our personal finances.

Here's one for starters:

I would like to buy 1,000,000 (million) Iraqi Dinar for 1,000 (thousand) US Dollars.

The exchange rate prior to the invasion was 3:1, now it's 1,000 to one (roughly). I believe the nation of Iraq will come back around. It has to. Some people say it has 100 years worth of oil. No suprise that John McCain says we will be there for 100 years. Regardless, everyone agrees that Iraq is loaded with oil. If it's not our country, someone else will bring that country back to being civilized. Then the Iraqi Dinar will go up in value. I think it would be a good idea to make a quarter million or so.

If I'm wrong, then I have some fancy wall paper!

Thoughts?

Grumpy311

Exactly why is this posted in the Major Airline forum ??

DAL4EVER

There was a full page ad in the USA Today a few days ago on this. Sounds similar to the nigerian man who descends from royalty and needs a bank account to store his $250 million.

beis77

I picked up some Iraqi dinars while deployed to Kuwait. I can tell you they are legit; not a scam. The real issue is stability. Buying dinars is like playing the "penny stocks". There are no guarantee's; it's a very risky investment.

I bought them back in 05, and they still are not worth the paper they are printed on. I can also tell you they probably will not be worth anything substantial for some time to come... if ever.

To the OP; I'd suggest holding off on the purchase until after this next election. If Mcain wins, then what the heck; it might not be a bad idea. Still very risky, but you never know; he seems committed to Iraq. If Hillary or Obama wins, I'd steer clear. They've already made it clear they don't want any part in Iraq. If either of them is elected, I give it only a matter of time before we pull out; Iraq collapses, and Iran takes over.

Bottom line, no need to hurry. Dinars aren't worth anything now, nor will they be worth anything anytime soon, if ever. No need to make a hasty decision. I'd put the 1000 bucks to better use for now.

StraightShooter

Alot of the currency is selling on EBAY. Also if you google "dinar" you will see alot of companies that are selling them. I don't know if I trust buying that online. I'd rather buy from a bank. When I went to the local bank, they said they are unable to trade my US currency for Iraqi currency. That makes me hesitant to buy it.

hotelmode

You could buy some Mesa stock while you're at it!

TheGreatChecko

Its worth just about as much...you could probably get more Mesa stock than Iraqi dinar for $1K!

boost

The First Rule of Airline Pilot Finances is to never take financial advice from a pilot!

FlyerJosh

There are a lot of better investments out there than the dinar... I'd be willing to bet that if you took the $1K and put it into a mutual fund or even an online savings account at ~6% you'll do better off at least over the next few years.

dansia

Where are you still finding online savings accounts at 6%? Seems to me everything has dropped in the last 4-6 months to 4% max, most lower.