How´s the best way to save money?

Question

Investing in properties? Saving in an bank account to get the interest? Tell me, what do you think?

Answer 1

Well if you have an account when you keep your records always round the change up to the nearest dollar then at the end of the month when you get your statement you should be over. Sometimes mine is over like $30 bucks or so just from change. Then take that "loose change" and move it to ethier a savings account or a CD where it can earn intrest and let it set there. Also what could help is if you have a car payment or something you dont have to pay anymore but your used to it also take that and keep adding it into one of those kind of accounts as often as you can. I think you'd be surprised!!!!

Answer 2

You should invest in stocks, bonds, and money market funds. You want to buy a diversified portfolio of stocks, as individual stocks are too risky. For most folks this means buying mutual funds. I like Vanguard.com, other people like Fidelity, TIAA-CREF, and DFA. Buy no-load, low cost funds. If you are like most people you will invest part of your money conservatively, in money market funds and bond funds, and part aggressively in stock funds. Vanguard.com has an on-line questionnaire which will give you an idea how aggressive you want to be.

If your company offers a 401K plan at work, try to invest the most you can. The money grows tax free, and some companies will match your contribution. Investing in a mutual fund IRA is also a good idea.

I like index funds. Because of their broad diversification, you are less likely to have a dramatic drop in value. They also have the lowest expenses. For stock funds, I would suggest putting ~70-80% of your money in the Vanguard Total Stock Market Index Fund. and ~20-30% in a foreign stock index fund. However, there are many different opinions out there on what the best mutual funds are.

Buying a house instead of renting will save you a lot of money in the long run. You don't have to pay rent and you build equity in your house instead. Buying rental property can also be a good investment. However, being a landlord can be hard work, and many people are not good at it. If you don't know how to handle deadbeat renters, you can have trouble.

However, if you have high-interest debt, like credit cards, it is best to pay this off first before trying most of the investment ideas above. You should also have 3-6 months of salary saved up in a emergency fund in a bank or money market fund before trying more risky investments.

Believing advice you get on Yahoo answers can be risky, so read these websites for further information. If you find it too confusing, contact a professional financial advisor. They will charge you significant commissions, however.

Answer 3

How old are you? If you are older then go with the bank. (low risk) If you are young and can make up the loss if there would be any then put it in the stock market. (high risk) If you can let the money sit go with a CD. The best is properties. If you keep it long enough you can never lose money, but the market is a little crazy right now.

Answer 4

Hi, I really suggest you invest it in companies that are big and secure rather than saving it in the bank or Insurance. The money you invested in big companies would be triple than what you will have when you save your money by the bank or insurance. I suggest you also visit www.ricedelman.com

Answer 5

It sounds like you're asking about the relative short term, in which case a money market account would be appropriate. You can use your bank, but there are lots of internet banking options that are likely to pay more interest. ING is always very competitive.

Answer 6

I prefer property myself but a lot of major investors are apparently avoiding it these days. I don't know why I think it's great fun.