WHAT can you advise me? Because I want to save for the rainy days but there are many distractions that I encounter like:INTERNET,BUYING LOADS FOD MY CELL.I REALLY WANT TO SAVE BUT WHAT SHOULD I DO???? PLEASE I NEED YOUR BEST ADVISE!!! THANK YOU & GOD BLESS!!
2006-10-26 21:14:28 · 5 answers · asked by BLOW J. 2 in Business & Finance ➔ Personal Finance
First rule of any saving system is pay yourself first. Like it is a bill you must pay. Say start with ten percent- you make $400 a week that's $40. Now in one year (without INTEREST!) you have saved $2080. Make a budget for yourself and put that savings at the top of the list, cut back on the things you can live without and find ways to save on the things you must have.(cut coupons,check rates on phone,utilities and anything else you could pay less for) If you can't start with 10% do 5% that's $1040 a year before interest. Now it starts getting really good when you begin to "compound interest" ... Your money starts making money on its' own. Go to the library or search the net on investment strategies and learn the "lingo". As a new investor it's best to start in CD's (certificates of deposit) they can be done at any bank and the interest is figured on how long you commit the money to that account. Or start with a simple conservative mutual fund. These too can be done through most banks or any brokerage firm ( Ameritrade, Fidelity , E-Trade, etc.). Setting up an account is simple it can be done on-line or over the phone. Read,study,stick to your self-payment plan, and as you learn more and get comfortable you can begin trading individual stocks, get into real estate,or other higher return investments. CAUTION: Beware of get rich schemes, or people promising unbelievable returns for your investment. If it sounds to good????Do your homework and set goals. Good Luck.... You can do it!!!! ..... Just a thought.... Peace.........
2006-10-26 21:54:55 · answer #1 · answered by Martini-69 3 · 0⤊ 0⤋
You're now not doing whatever unsuitable, you simply have a bigger cognizance on extra useful matters. That will have to point out to you that you just will have to spend extra time and vigour studying matters that you just revel in alternatively than forcing your self to do matters you do not. Get via the categories you do not like, however you will have to take in a exchange while you conclude top tuition....move to group tuition and study a talent, do not move to institution...you're going to hate it.
2016-09-01 03:22:16 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Will power is the only way to save. Its not easy but it’s the only way. oh and CD that will punish you when money is taken out will help with the will power issue.
2006-10-26 21:23:48 · answer #3 · answered by Avskull 5 · 0⤊ 0⤋
I myself, am trying to head for a simple life to cut costs. I don't even know where my cell phone is... and I don't care. I'm cutting back to basics on my phone bills and such.
2006-10-26 21:18:54 · answer #4 · answered by mabell1025 3 · 0⤊ 0⤋
vitamin B, chocolate, listen to classical music or miles davis, get enough sleep and know what you have to do before you start.
2006-10-26 21:16:36 · answer #5 · answered by Gruntled Employee 6 · 0⤊ 0⤋