What should I save my hard earned cash for?

Question

I have been saving my money for at least 2 or 3 years, and I want to know what I should save it for, or what I should buy with it once I get a lot of money. Any ideas?

Answer 1

I'm afraid my answer is going to be a bit of a downer... I would love to say...buy a boat and hire a captain & sail around the world but...
Because you said "hard earned cash"... I'll speak realistically... I just ask that you consider my thoughts and keep it in mind the older you get.

Along with the other sensible ideas of saving for your retirement, buy a house, invest some to make more money...
I would stress to you to save for a rainy day...
Most of us enjoying good health or a steady job take it for granted... then one day "boom!" problems.... disease or accident or a stroke, layoff, employer closes up shop, a loved one takes ill and you have to help them etc.
(All of us don't want to think of it but it could happen... and if it doesn't....GREAT! You are that much farther ahead.)
Don't depend on your government for aid or your loved ones... if it happens...that help only goes so far.
No one knows if some day they require treatments (maybe travel to go to them), medications, a wheelchair or other machines, a specially made van, other tools for assistance like braces, canes or glasses or other services like daily nurse visits.

Take care of your future self (since you are working so hard, why should someone else benefit and not you?)... that's all I'm saying.

Just divide your income into comfortable/managable percentages... investments, savings, bonds, some mutual funds/stocks, and some fun money for trips or hobbies or whatever.
Your bank must have an advisor you could speak to... plus or instead pick up a book about it and see if that approach would work for you.
Hope you at least entertain the thoughts I presented.

Good luck with your money!!

Answer 2

It's hard to say without knowing how much money we're talking about, or what you already own.
Real estate is a great first option, especially if you are currently renting. A good car is also a nice idea, if you're current one's a junker.
However, if you have a car and house and are looking for something else, the two things I've bought that I've never regretted a penny of and enjoy on a daily basis are a ridiculously large screened TV and a hot tub.
We also really are happy with having our time-share and vacation club membership, but it just depends on if you travel much and would make use of it as to whether or not that's a good investment for you.

Answer 3

Retirement.....getting an IRA each year is a great way to do that.
Money put into an IRA is not taxable until you take it out. Also, it is not counted as income for tax purposes. Example: If you make $20,000 and do a $2,000 IRA, you only pay taxes on $18,000. Such a deal! CDs are also good. I'd advise against the stock market. I lost a lot of money there. They don't call them BROKErs for nothing! Most people work hard for their money; don't fritter it away. Live on a NEED rather than a WANT basis. (P.S. I'm retired and loving it!)

Answer 4

If you are young, you have a TREMENDOUS OPPORTUNITY to make yourself very rich!! If you can save $10.00 a week from the time you are 25 until the time you are 65, by the time you retire at 65 you will be a multi-millionaire! Just put the money into something that earns you 7% a year, like a good stock mutual fund. Go to a stock broker and they can help you set up a regular stock-buying program. You will be glad you did it!!

Answer 5

if you are planning on keeping the money for longer than six more months you should put it into a CD so it will earn a high amount of interest. then you can take it out and buy something you want. if you don't already have one, a house would be a smart decision, or if you do have one(or you don't want one), maybe a car would be fun.

Answer 6

Take yourself on vacation. Is there anywhere you want to go? Or keep saving your money to buy yourself a home an new car. Depends what you already have. The last thing you want to do is splurge all that money away, trust me. I have been saving up my money forever. Think smart.

Answer 7

WELL FIRST OF ALL YOU WORKED HARD FOR YOUR MONEY OVER THE YEARS AND YOU SAVED IT, SO THERE FOR YOU SHOULD SPEND IT WISLEY BECAUSE IT TAKES YEARS TO EARN IT AND JUST A COUPLE OF SECONDS TO SPEND IT! SAD BUT TRUE! YOU COULD BY A CAR IF YOU REALLY NEED ONE OF PERHAPS A HOUSE, A BEACH HOUSE OR MAYBE GET AWAY FROM WORK FOR AWHILE AND GO ON A TRIP, GO SOMEWHERE THAT YOU'VE ALWAYS WANTED TO GO, AND IF YOU HAVE SOME LEFT OVER GIVE IT TO THE NEEDY, DONATE MONEY TO BREAST CANCER AND SAINT JUDES HOSPITAL FOR KIDS, YOU CAN DO IT FOR A GOOD CAUSE OR TAKE YOURSELF SOMEWHERE, AND DEBATING ON HOW MUCH YOU HAVE YOU CAN DO BOTH. JUST DON'T GO SPEND IT ON SOMETHING THAT'S NOT GOING TO LAST YOU OR THAT'S NOT FOR YOU OR MAKES YOU FEEL GOOD. I HOPE I HELPED YOU OUT HERE. HAVE A WONDERFUL DAY AND WHATEVER YOU DECIDE TO DO WITH YOUR MONEY HAVE FUN AND ALWAYS LAUGH! GOOBYE!
♥MICHELLE♥

Answer 8

ok well i see that u have been saving for quite a while i think that u should save ur money! think about if u save it for about another 1 to 2 years think about how much more money u will have saved .if u use it now u probably won't have any money left soo be smart about it !!!

Answer 9

Well you could save it for sure, but if you really like something like a sport or any other hobbie that you really enjoy, Like for me its figure skating. I would get something like new skates or off ice spinner. So it really depends on what you like or want, and with the rest you could save or treat yourself to a sweet vacation.

Answer 10

I'd invest it so I can make more money from what I have already saved.

See a financial advisor for some good reward reaping ideas.