2006-06-22 12:24:28 · 7 answers · asked by whtsgnon 2 in Business & Finance ➔ Investing
Stay away from stocks or mutual funds for now. Put your money in a bank account. Most savings accounts are paying 2%-3% interest--- not a lot. But you need to have the money available to you in case of an emergency.
2006-06-22 12:29:26 · answer #1 · answered by ps2754 5 · 0⤊ 0⤋
I DON'T recommend savings if you want to get richer. In fact, savings will just make you poorer for a number of reasons:
- the dollar has a high probability of devaluation, if you ask me. It's already lost 96% of its value since 1913. If you put in $1000 in an account, it could be worth close to nothing if the dollar loses its value.
- highest rate I've seen has been in a CD account at 5% interest. Actually, it's even lower than that b/c of tax. In fact, the real interest rate is probably around 3.3%.
I DO recommend developing your financial skills. Look for things that you like. Start a business (small businesses often make good money) or invest in something you love, but, most of all, learn. A word of caution: don't listen to those people that "play it safe" - they're not learning anything by doing that and they're losing in the long run.
2006-06-22 15:56:26 · answer #2 · answered by Josefina R 2 · 1⤊ 0⤋
I've been looking at CDs. They are just like a savings, but you have to do your homework. The best average rate is around 5%. But you'll need anywhere from $500.00 to $1000.00 to get started. If you have $2000.00, you do even better on your return. Just be prepared to let your money sit for about 9 to 23 months. Thats what they call maturing.
2006-06-22 14:10:59 · answer #3 · answered by Lucky123s 1 · 0⤊ 0⤋
Stash a few bucks away every pay period. Advance to a Roth IRA when you can afford it. Consider working for an organization or agency that has a 301B plan. This will contribute up to 10% of your salary pre-tax to a retirement package.
Go to your local library and check out some books on finance. Suze Ormon? knows her stuff. Don't pay for it, check it out-free. Put the plastic away for emergencies unless you can pay the balance each month.
2006-06-22 13:20:09 · answer #4 · answered by efriend1969 1 · 0⤊ 0⤋
I suggest you to open a brokerage account at Scottrade and then drop me a line.
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2006-06-22 15:42:04 · answer #5 · answered by Anonymous · 0⤊ 0⤋
ROTH IRA. Talk to a financial advisor.
2006-06-22 12:28:49 · answer #6 · answered by dancing_in_the_hail 4 · 0⤊ 0⤋
start a savings account.
2006-06-22 12:28:38 · answer #7 · answered by chrome_rider 4 · 0⤊ 0⤋