 How can I save money? |
| Could u suggest me ways to save money yearly, monthly and everyday (shopping, gifts, groceries, bills etc.)? Thx.... |
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 Whats the best place to put my extra money to save for retirement? |
| I am 40 , are roth IRA's only good if you are younger. Should I buy some good stocks with it like microsoft. What should I do?... |
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 Does any one agree that if everyone was paid their wages in cash like in the good old days people would have? |
less debt. Banks make it too easy to go overdrawn then bang on charges. Bring Back Cash
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Direct deposit isnt cash though is it ... |
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 Millionaire by 35? |
| A while ago i heard a savings plan to become a millionaire by age thirty-five if i started saving when i was eighteen. unfortunately, i have forgotten the plan. I have googled it and come up with ... |
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 Bankruptcy? |
| how to ... |
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 Money Order Lost.. now what?!? |
I bought a 100.00 money order a week ago and now my wallet has been lost OR stolen. What will the post office do if anything since I dont even have my reciept (it was in my wallet too)
Thanks ... |
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 What would you do if you won 100 million dollars? |
Be 100% brutally honest. What would you do with 100 million dollars (yes; after the taxes be deducted out)
Additional Details
A) Get a lawyer
B) Take 25 mil. put it in the bank to ... |
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| What happens if I forget to take the cash out of the cash machine? |
| Does the machine swallow it up again and can I get it back? I know what your thinking and it was late on friday night!!... |
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 I am fiona on disability benefits and baby on the way trying to find a loan shark in blackpool area? |
| i live in blackpool all the loans on net and banks turn me down yet my credit is ok otherwise i wouldn`t have current accounts etc. i need fast cash for baby stuff and maternityetc if anyone has any ... |
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 How could a 14 year old make money? |
| I am 14 and i dont really need money but im tierd of hassling my mother to buy me stuff so i want to make it on my own.. Plus im trying to get a new cellphone and comming upon 300$ aint so easy when ... |
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moogy | Do you think it is really possible to just save a million $$$? |
i figure i am only 18 if i start now and start off at a reasonable price reaching this goal shouldn't be impossible. i know $50 a check isn't much but that is $200 a month. i like to give myself a little for back up so when i see i'm cutting it close i cut back on thing i know i don't really need. so i can soo the $50 going to $75 really soon plus if working extra hours i could act like they don't exist and just put the money strait over. i know this would take years and i mean years, but do you think it is possible? and if so do i have to invest it or can i keep it in a savings account? will they eventually start taking money from me if i'm not spending it? and if they do is that right since i've paid taxes on it already?
Additional Details
i am in school have a full time job and honor roll grad and grauated early already have a cosmetology license and going for a business degree |
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Big R
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You're not dreaming by any means. You are one of the only people I've ever seen on here who wants a mil and is actually aware of what you have to do to get it. At your age it's definitely doable. If you don't end up with a mil if you follow your plan you'll still have plenty. IMO you should learn about index mutual funds. That's the best way to make your money grow. I say religiously put aside 10% of your income starting now. Invest it like I said and don't touch it. Live below your means with the other 90%. Eventually you'll have enough to be totally financially independant. Okay, it'll take 30 years or so but 48 is young to have that. I wish I had done that when I was your age. Do it kid! You'll be glad you did! I'm rooting for you! |
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tkquestion
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You can EASILY save a million given enough time. Never underestimate the power of compounding interest! Plus, you can invest your money when you gain more understanding of our financial market.
The way it works is that if you save enough money, you will earn interest. That interest is subject to tax. You pay a certain percentage out of your interest. No, they will not force you to spend it or take it out for you. What you save is yours to keep. (less tax)
What you are thinking is retirement saving. When you reach a certain age, you will have to start withdrawing, but you don't have to worry about that until you are 60+ years old.
Yes, start saving. That is a great plan. |
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Brian C
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Your plan is a great way to treat money. Without doing something fancy by way of investing your best bet is to make sure you have your money in the highest possible intrest rate on your savings account. You can usually find these at a credit union. They can have rates upwards of 4-5% per year. There are also money market accounts similar to checking accounts that are as high as 4-5%. It is true that it will take some time but you can acheive this goal. I would suggest you keep up with this program and take a class about money matters to help you acheive your goals quicker. Good Luck. |
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elmina
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Yes, there is a way.
Save all you can now, in a high-interest account such as ING online. You may have others in your country that do much the same thing.
When you have enough for a deposit (it depends on where you live, but about $10 000 will do nicely) get yourself your first investment property such as a condo in a big city, or a small house in the suburbs.
Whoever lends you the money will need proof that you can service the loan, so you need a steady source of income, such as a good job. These monthly payments will be instead of saving cash every month, get it?
You do not have to live in the property yourself - as a matter of fact, your tenant's rent is important, because it will help you pay off the loan.
Most properties double their value in 8 - 10 years, depending on where they are. In this time, you can accrue enough equity to obtain a second and a third property by the time you are 35 or so. (Equity is the value that belongs to you after you subtract what you owe the bank. It can be used as collateral to borrow more.)
When you have four or five investment properties, you will see that they will be worth much, much more than a million by the time you are 40.
Cash is not the go - investments work better for you in the long run. And those are the most important words I have written... in the long run. Investment in real estate really works, but you have to be patient. It makes a bit less than the stock market, but it is reliable, steady and for sure. And you can drive past it and say "That's mine." It is not subject to the whims of speculators, nor to the exploits of crazy CEOs.
Buy a property investment book, subscribe to a real estate investment magazine, and you are on the way.
Good luck. |
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videocrew
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they don't take money away from you if you don't spend it, they give you more. its called interest.
since you don't seem to know much about money, it'd probably be best to just put your money in a savings account until you learn about investing.
at 50 bucks a week it'll take you about 84 years to save a million dollars (3% APY). hopefully though, you'll be able to get a better job in the future and be able to save more. |
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lost.in.love
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It is, it totally is... You've just got to be strong-willed and a good budget plan. It'll take a few years, but it is possible. |
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Mike T
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The bank may take out taxes on the interest, you only file the interest on your tax return, most likely you will get it back or it is not that much to worry about.
You are best finding a high rate CD, the military credit union should have good deals. Go to the account manager, they should be happy to help you!
If can chose from 30 , 60, 90 days or 1-5 years, usually the longer the more interest rate.
Whether you get a million or not doesn't matter, but it will help your credit report to have a savings.
You will need this for a loan on a house or car, the more you have saved, the less interest the bank charges you on your loan.
So the more you save, the more you save.
Good luck! |
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Kelley
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it is if you watch your investments and allow yourself room for error. Check your interest rates |
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norther3122
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Or you can go to college, listen, make good grades, get a lot of cash faster. Wow there's an idea. Stupid kids...... |
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Andrew G
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I'm investing 100 a month into Edward Jones Mutual Funds. I have 1000 in there from a few years ago and with compounding interest they told me that would turn into at least 75,000 by the time i retire (40 years). It builds over time, very little risk. You can put your money at great risk and get great rewards with stocks, it's a personal preference I guess. Bank accounts just eat at your money. I would advise you to go to an Edward Jones representitive or someone you trust in Mutual Funds and put a little bit like you said 200 a month into it, and forget about it, don't cash it in ever. I know some people who take out loans just to put money into RRSP's. It's the smartest way for young people. |
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plowthis
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You you can save a million
take the $2400 a year and invest in municipal bonds that are not taxable, and check into 401K index and get a balanced portfolio
if you open an account with $50 and contibute $220 a month for 12 at 4.5% intrest you would save 2510.36 compared to 2450.68 no intrest
At 4.5% 20 years from now you would have $91000.00 compared to $55000.00 no intrest |
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RUNINTLKT
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In a savings account it's not going to grow that much.
I'd invest it in emerging markets (Brazil, China, Vietnam, etc..) There are funds out there where you can buy into it the same way as you would stock.. |
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the♥
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I'm sorry? |
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evrlst1910
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No, the fact that you may not want somethings now doesn't mean you wont want something 5 years form now. You might see something cool that attratcs you. |
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Michael
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I'm going to have to agree with the other guy saying go to college and get yourself a good job that pays well. You don't want to work some retard job for $12 an hour for the rest of your life and scrap by and save a little each paycheck. Live is F'n expensive!! It would take years and years and years to save that much after taxes and that's if you even invest it correctly. |
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Neil hampshire
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I saved $75,000 in 2.5 years working at $12.00 to $13.50 an hour. Buying Precious Metals mutual funds from January of 2009, the markets have been very bullish. When you get to over $15,000 what you want to do is invest in silver ETFs all in one shot since they charge a fee for each trade. You get out only during major corrections and re enter when the price falls down to the bottom. When you get out and re enter, add the mutual fund money that you sold to the ETF, since when you add only $200 a month, you do not want to buy ETFs with new money. You want a no load mutual fund instead. Another thing is to buy the VIX. I will tell you that I worked lots of overtime but that alone would not have given me $75000 in 2.5 years without learning about the equity markets. Also, I got in luckily right Agee or the tail end of the stock market crash and got to enjoy a rebound. I also borrowed $40,000 from the bank in Jan of 2010 and paid back the loan this march 2, 2010. I am currently buying the S&P500 inverse making money as the market tanks. Combine austerity with market timing. With only the fomer, with ultra low interest rates, you will have to get there on sheer principal, and that can be achieved only if Bernanke keeps up Quantatative easing until we get hyperinflation. |
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