Hello, I am 31 years old and have had a 401K for over 6 years now, where I've been putting in 10% of each paycheck. I also have a little over $2K in a Roth IRA, but it has been effective for about 5 years now and hasn't seemed to make that much money. Lastly, I try to put away at least $500 a month in a savings account that has 4% interest for a rainy day (this has been going on for the past 6 months. Not sure if I can keep up with the $500 a month forever). Above all, I am very frugal with money and I would rather put it away than go on a huge shopping spree every weekend (once in a while I will go out and buy something for my house or myself, but I am careful to make sure
that is not an outrageous purchase and doesn't happen very often)
I want to know what else is out there for me to do to save my money smartly? I am not that crazy about stocks because I am a conservative investor, but can someone fill me in on some other good ideas? Bonds? Mutual Funds? How do I set those up?
2006-08-19 21:18:24 · 9 answers · asked by littlefurballs 1 in Business & Finance ➔ Investing
Have you ever considered investing in real estate? It is the only thing which gives such great returns ... in my experience.
2006-08-19 21:25:36 · answer #1 · answered by curiousgeorge 5 · 0⤊ 0⤋
Make sure that any savings plan is paying more than the rate of inflation otherwise ur going backwards. Ive done well investing on the Money Market, its pays really good dividends but u need a fair amount to get into it. When uve got a bit put by, GET INTO REAL ESTATE but do you homework first. Ive gone from being a person who lives from wage to wage to a person who collects rent as a job in 10yrs by smart real estate investment. I manage them myself. And I use the money market sometimes just for a week if I am doing a transaction between buying and selling. Theres so many books on the subject, read all of them before making a choice.
2006-08-19 21:36:45 · answer #2 · answered by livachic2005 4 · 0⤊ 0⤋
Check into various annuities. If you go to your investor which you obviously have one since you have a 401k and a roth. If you don't have one find one. Warning the annuities they present to you right off the bat aren't probably very good unless your best friend is your investor. You have to look for an annuity that has a larger penalty for early withdrawal. You'll get a better return that way. Just remember to check their return on each annuity. They'll show you the ones they make a ton on. Annuities are good for people who are financially secure and able to lock money into something for a while. Recently a friend of mine locked $100,000 into a 10-year annuity where he is guaranteed not to lose money and has a very reasonable Low rate of 7%. In fact his investor told him his money could double over the term of the annuity. And in fact it is on pace to do just that. Hope this helps. But have faith in that Roth too you are still young.
2006-08-19 21:33:17 · answer #3 · answered by Preston D 2 · 0⤊ 0⤋
Investing in stocks (solid companies) is an excellent way to invest. Some examples of companies with measuable movement would be Yahoo, Bank of America and some of the other big names. Look for companies that have an upswing that exceeds the previous upswing. All stocks go up and down, but many companies have measurable movement.
Otherwise, Check out some other goverment bonds
2006-08-19 21:30:28 · answer #4 · answered by John V 2 · 1⤊ 0⤋
investments r a good idea. invest on real estate, buy a house or an apt here n there.
also a lil risk may pay off. try out a small amount on stocks n shares. get urself a trustworthy n good stockbroker n he'l help u out.
but investments on land and/or houses are always a security for anythng tht mite happen to u.
2006-08-19 21:33:26 · answer #5 · answered by mihika 3 · 0⤊ 0⤋
Have you ever considered a home business. You can build residual income that you are paid for every month. It only takes a small investment to get started and the earning potential is amazing. Click here and fill out the form for more information.
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2006-08-20 04:41:13 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I would suggest you invest in Real state of mutual funds or personal Insurances. Sunlife of Canada is one of the best company in the world when it comes to mutual funds investment s and personal life. They really pay you on timem and when you really need most your investment.
Actually I am one of that investor so I know what to suggest to you.
MARITESS TAN
grand _empire_corp@yahoo.com
2006-08-20 01:54:34 · answer #7 · answered by maritess TAN 1 · 0⤊ 0⤋
Invest in a CD.
2006-08-19 21:23:28 · answer #8 · answered by Anonymous · 0⤊ 0⤋
look for a wife.....thats the best investment.......youll see it in the future
2006-08-19 21:30:25 · answer #9 · answered by cad_djp 2 · 0⤊ 0⤋