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Good ways to invest money? What are some good ways to invest money? | |
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The best way is to but a large amount of small bills in an envelope and mail it to me.  No More Haters on the Internet. | |
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littlemissG said: The best way is to but a large amount of small bills in an envelope and mail it to me.
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you gotta spread your risks :
- put 1/2 in an enveloppe and send it to littlemissG. - put the other 1/2 in another enveloppe and send it to me.  | |
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hmmmmm! No, really???? If I was about to die...maybe, but I think I have lots of years ahead of me. | |
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If you don't already have one, I recommend starting with a basic savings account. I really like www.ingdirect.com -- they don't have actual branches (like banks), so that keeps their expenses lower and you earn a higher interest rate. Set up direct deposit at your company so that a certain amount (as much as you think you can afford) from your paycheck goes directly into the savings account every pay period. Out of sight, out of mind works for me---if I don't see the money in my checking account I am less tempted to spend it.
If your company offers 401(k) or 403(b) for retirement, sign up for those as well. Even if you are only putting a little aside, every little bit adds up and if you are young, time is on your side. Once you get a raise or a higher paying job, just pretend that you didn't and put all that extra money into your retirement or savings. Try to save the equivalent for least 3 months worth of expenses. Once you have all that, then maybe meet with a financial advisor to get into the stock market. Good luck! | |
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DevotedPuppy said: If you don't already have one, I recommend starting with a basic savings account. I really like www.ingdirect.com -- they don't have actual branches (like banks), so that keeps their expenses lower and you earn a higher interest rate. Set up direct deposit at your company so that a certain amount (as much as you think you can afford) from your paycheck goes directly into the savings account every pay period. Out of sight, out of mind works for me---if I don't see the money in my checking account I am less tempted to spend it.
If your company offers 401(k) or 403(b) for retirement, sign up for those as well. Even if you are only putting a little aside, every little bit adds up and if you are young, time is on your side. Once you get a raise or a higher paying job, just pretend that you didn't and put all that extra money into your retirement or savings. Try to save the equivalent for least 3 months worth of expenses. Once you have all that, then maybe meet with a financial advisor to get into the stock market. Good luck! I have a 401k, but the money keeps going down...I tried changing some stuff in it. I also have a savings account similar to ING. | |
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i recommend stashing it away in a crematorium. | |
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unlucky7 said: DevotedPuppy said: If you don't already have one, I recommend starting with a basic savings account. I really like www.ingdirect.com -- they don't have actual branches (like banks), so that keeps their expenses lower and you earn a higher interest rate. Set up direct deposit at your company so that a certain amount (as much as you think you can afford) from your paycheck goes directly into the savings account every pay period. Out of sight, out of mind works for me---if I don't see the money in my checking account I am less tempted to spend it.
If your company offers 401(k) or 403(b) for retirement, sign up for those as well. Even if you are only putting a little aside, every little bit adds up and if you are young, time is on your side. Once you get a raise or a higher paying job, just pretend that you didn't and put all that extra money into your retirement or savings. Try to save the equivalent for least 3 months worth of expenses. Once you have all that, then maybe meet with a financial advisor to get into the stock market. Good luck! I have a 401k, but the money keeps going down...I tried changing some stuff in it. I also have a savings account similar to ING. Don't worry about 401K returns. They'll go up and down, but in the end, if they're invested in good mutual funds you'll be fine. Every 10 year period in the stock market history has been positive. Even the periods with wars and depressions, etc. So don't worry about the year to year fluctuations too much. First thing to do is make sure that you have no debt. Your biggest wealth building tool is your income. Once you're out of debt, and have a good emergency fund established (3-6 months of living expenses), then you can really focus on investing. Max out your employer match on your 401K. Once you've done that, get a Roth IRA. You can put up to $5000/year, and it grows tax free, which is HUGE!! When you're picking what you want to put your Roth IRA into, just make sure you pick mutual funds with track records of at least 10 years. You'll want to diversify and have maybe 25% in growth and income (large cap, big companies), 25% in growth (mid-cap, mid-sized companies), 25% in international, and the final 25% in aggressive growth (tech, web, health care, bio-tech, small companies, emerging markets) Do all that and you'll be in great shape! | |
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truefunksoldier said: unlucky7 said: I have a 401k, but the money keeps going down...I tried changing some stuff in it. I also have a savings account similar to ING. Don't worry about 401K returns. They'll go up and down, but in the end, if they're invested in good mutual funds you'll be fine. Every 10 year period in the stock market history has been positive. Even the periods with wars and depressions, etc. So don't worry about the year to year fluctuations too much. First thing to do is make sure that you have no debt. Your biggest wealth building tool is your income. Once you're out of debt, and have a good emergency fund established (3-6 months of living expenses), then you can really focus on investing. Max out your employer match on your 401K. Once you've done that, get a Roth IRA. You can put up to $5000/year, and it grows tax free, which is HUGE!! When you're picking what you want to put your Roth IRA into, just make sure you pick mutual funds with track records of at least 10 years. You'll want to diversify and have maybe 25% in growth and income (large cap, big companies), 25% in growth (mid-cap, mid-sized companies), 25% in international, and the final 25% in aggressive growth (tech, web, health care, bio-tech, small companies, emerging markets) Do all that and you'll be in great shape! Thanks, very informative. | |
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