What is the best way to save cash and . . .?

Question

and . . . for those of you who might be operating @ a higher level of intelligence concerning this subject is there any definate method of using / taking a certain %age from these initial savings and putting this to use with some kind of higher rate of return or interest . . . ?

Answer 1

I am giving you in an Indian context. You can suit it to yours. Savings bank accounts pay an interest of around 5% per year where as a one year deposit around 7% and when it is 3 years it will be 8%. Savings from the salary has to be done a % feasilbe and to be put into savings Bank account which will help you have liquid cash. This is in the beginning of employment. At the end of the year, 50% out of the SB a/c should be put in one year deposit and balance 50% for any household expenses. If this is continued for 10 years, the amount on the fixed or yearly account will be a huge amount worth investing in real estate etc., One should clearly assess the correct amount one can save after allocating for monthly expense, taxes etc.,
VR

Answer 2

Take a certain percentage and put it in a safe, lock box or even under your mattress each paycheck. It does add up after a while. If you want to invest in a relatively safe item that can bring you anywhere from 14% to 50% or more, check with your local treasurer and ask about tax liens. The county will collect your money that is owed you plus the extra fee for the percentage you get over the initial investment and you don't have to do a thing but sit back and let your local treasurer do their work and they send you a check when the tax is paid. If the tax is not paid and it goes for the second year, many states will then give you the option of getting the property for what you have put into it and it will be yours for pennies on the dollar. Most will tell you not to expect a home coming to you like that but it does happen. I have a friend that did it and got three homes out of the deal and is now in the process of selling them for a huge profit. Lawyers do it every year in great blocks of liens so you know if they do it, it has to be something that makes a lot of money or they would not be doing it. Different states have different rates and laws on how to go about it so best check locally or if you go to another state, check their policies and you will make money.

Answer 3

Don't hold too much cash without putting the money in some form of benefit yielding financial instrument. Each has its risks and rewards profile. A banker will be able to tell you much more.

You need to decide what you plan to do with the money as well.

Answer 4

go dive in a wishing well and see if you can wish to save.