Uncle Leo
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Open a retirement account, like a 401(k) or an IRA, because they give you tax benefits. Use payroll deduction or automated transfers from your checking account to make contributions to the account. The first two webpages listed below have more information about doing this.
Invest the money in the retirement account in a lifecycle or target date fund. These are mutual funds designed for long term retirement investing. The mutual fund staff take care of the money management stuff for you, which saves you a fair amount of work. The third webpage listed below discusses these funds. Good luck. |
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Judy1
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If you get a raise or a bonus, put that into savings or investments instead of spending it. In the meantime, try to take a small percent of each paycheck and put it away toward retirement. If you have a 401K plan available to you at work, sign up for that - start with maybe 2 or 3% if things are really tight for you, then after awhile, try to increase it a little. It's easier to save somehow if the money is taken out before you see it. |
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curiouse123456
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roth ira at zecco.com, ask them to put the cash on money market. |
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dobrinski2003
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Max your 401K at work. Max an IRA Roth account. Pay yourself first from each paycheck and save the rest. |
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samw3
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If you need something liquid (like a savings account) PayPal is a simple way to invest to start with. You can transfer directly from your checking account and it currently earns 5.03% per year. That is not phenomenal, but is much higher than a savings account at a bank.
For retirement, I would second the 401k option, especially if your company pays into it (matches funds). That's free money! If you do not have that option then talk with local banks about an IRA and shop around for the highest interest rates.
Also if you are trying to get yourself financially free, take a look at Crown Financial Ministries' Money Map. They are a Christian organization but even if you don't share their beliefs, their financial principals are solid.
http://www.crown.org/MoneyMap/default.aspx |
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Cookie
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Any amount you can save can help your retirement.Even $50 a month over 30 years will make a difference.
$50 per month for 30 years earning 9% will have a value of around 92,000.
Just invest in a total stock market mutual fund for lower risk and higher return and you will have a decent amount.
Good Luck |
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Angie
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The best way is to have the money taken directly out of your paycheck and put in a savings account. That way you don't "see" the money and you aren't tempted to spend it. You, of course, have to have the willpower not to take it out of the savings account. |
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fscott_au
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Hide your savings under the shed. And don't let the Gov. know you have it. |
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Frank Castle
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Open a brokerage account at Zecco and invest in the Vice Fund (NASDAQ:VICEX) |
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