handicap
Full Member
Cash: $ 8.62
Posts: 67
Joined: 02 Apr 2005
Location: Currently in London
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| Savings |
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Savings Account, IRA, CD, 401k, and other 3 letter savings accounts. Oi va. I'v read more about saving this month then most have in their life time. Everyone has a different take on whats best. So I'm asking you, whats the best? Here is what I'm looking for: good to great interest, no fees for withdraw, small minimum to start saving.
Chris' Travels - My random travels around Europe
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Thu Apr 14, 2005 4:39 pm |
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Rolo
Yo' Daddy
Cash: $ 309.70
Posts: 1551
Joined: 13 Mar 2005
Location: Colorado/Florida
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| Re: Savings |
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quote:
Originally posted by handicap
So I'm asking you, whats the best? Here is what I'm looking for: good to great interest, no fees for withdraw, small minimum to start saving.
What's best for what? Retirement? How long? Cash reserves?
401(k)s, IRAs do not earn interest. They are tax laws.
No fees, etc. can be just about anybody. However, if you do not know how to invest, you either have to learn or to hire somebody to do it for you.
Morningstar, Kiplinger, and investopedia are good web sites with primers.
"Expect me when you see me."
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Sat Apr 16, 2005 11:24 am |
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handicap
Full Member
Cash: $ 8.62
Posts: 67
Joined: 02 Apr 2005
Location: Currently in London
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| Re: Savings |
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quote:
Originally posted by Rolo
quote:
Originally posted by handicap
So I'm asking you, whats the best? Here is what I'm looking for: good to great interest, no fees for withdraw, small minimum to start saving.
What's best for what? Retirement? How long? Cash reserves?
401(k)s, IRAs do not earn interest. They are tax laws.
No fees, etc. can be just about anybody. However, if you do not know how to invest, you either have to learn or to hire somebody to do it for you.
Morningstar, Kiplinger, and investopedia are good web sites with primers.
Not sure for how long. A few years.
Chris' Travels - My random travels around Europe
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Sat Apr 16, 2005 9:41 pm |
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Rolo
Yo' Daddy
Cash: $ 309.70
Posts: 1551
Joined: 13 Mar 2005
Location: Colorado/Florida
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Have you found "investing 101" on those sites?
"Expect me when you see me."
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Sun Apr 17, 2005 1:44 am |
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handicap
Full Member
Cash: $ 8.62
Posts: 67
Joined: 02 Apr 2005
Location: Currently in London
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quote:
Originally posted by Rolo
Have you found "investing 101" on those sites?
Reading about Bonds right now. I'm very new to this side of the money world. I'm saving up for a home, car, material items.
I'm 20 years of age, I believe Suze Orman said I should have atleast $100 off each check going into savings by the time I'm 25. I'm really looking into whats the best for short and long term. I'd like to have 2 sets of savings. 1: short term for house, car, items. 2: long term for retirement.
Chris' Travels - My random travels around Europe
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Sun Apr 17, 2005 2:20 am |
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Rolo
Yo' Daddy
Cash: $ 309.70
Posts: 1551
Joined: 13 Mar 2005
Location: Colorado/Florida
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Oh yeah, I forgot about Suze Orman...good stuff. She's totally off on the whole mortgage thing though, but really sheds light on the human factor of money; she is good at treating the problem rather than symptoms. A great person to listen to when beginning. Check out her show if you haven't already.
Yes you should have: emergency money (oh crap, I fried my transmission drag racing), short-term money (I want another PT), and retirement money ($ makes it easier to get 20-year olds when you're 60).
emergency: MMA or low-volatility mutual funds in an easily accessible account (I use NetBank and Scottrade)
short-term: mutual funds or stable stocks. Dividend-payers are good (you can invest the dividends on more aggressive equities and keep your short-term investments steady). I used REITs and SIRI in the recent past. Now I spent all my short-term money and have to build it back up. SIRI is looking good for a buy point soon. Also, I do time my shopping around market conditions (why buy stuff when you are making a killing investing?).
retirement: you have a long time...don't get conservative on this.
The first two really are contingent about your 1. ability to sustain a loss, 2. your ability with investments (hey, if you know how to mitigate risk and get great returns trading futures, do it for your short-term investments), and 3. your time-horizon.
Learn a little at a time, don't overwhelm yourself. I've always have fun learning how money works. Sure, at times it can get tedious after you've spent most of the weekend researching investments, but the reward is well worth it...not just the $, but the sense of accomplishment, and, for me, since I am an engineer, I like seeing how my design works and looking to improve it. I like building stuff...my portfolio is a machine.
"Expect me when you see me."
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Sun Apr 17, 2005 3:52 pm |
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handicap
Full Member
Cash: $ 8.62
Posts: 67
Joined: 02 Apr 2005
Location: Currently in London
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| ING DIRECT -> Orange Savings Account |
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Another user posted about ING the other day. I went to the website to check out their savings accounts. Orange Savings Account has 3.00% Annual Percentage Yield. Thats looking pretty good to me at the moment. I think I'm going to open one of those.
Chris' Travels - My random travels around Europe
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Mon Apr 18, 2005 9:00 pm |
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SOLNET5
Member
Cash: $ 3.40
Posts: 15
Joined: 16 Apr 2005
Location: NEW JERSEY
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A traditional IRA, I believe is earning the higest interest at th is time. This is good for retirement saving.
A regular savings account or a CD is good . I suggest that you do a search to see which is paying the higher interest rate, and choose the higher.
Hope this helps.[/quote]
A SOLID COMPANY IN BUSINESS SINCE 1868.
http://www.tsginfo.com/index.php?rc=VT4446
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Mon Apr 18, 2005 11:57 pm |
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BlankenshipFP
Money Talk Advisor
Cash: $ 79.56
Posts: 390
Joined: 05 Oct 2004
Location: Illinois
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I just had to jump in on this...
A traditional IRA has no inherent return on its own. You choose the investments that go into the account, and thereby the return is determined...
Jim Blankenship, CFP®, EA
Blankenship Financial Planning, Ltd.
www.BlankenshipFinancial.com
Standard IRS Circular 230 Notice Applies
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Tue Apr 19, 2005 1:39 pm |
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