$50,000 quesTION???

Question

I 've saved this amount for a quite time but the problem is that when I always see how big my savings Is ,I'M ALWAYS TEMPTED TO WITHDRAW IT because there are many distractions that I see especially in the INTERNET.... Could you PLS.give me your best advise on how I can't be tempted to withdraw my savings...Thanks for your advises & GOD BLESS....

Answer 1

You just have to stay the course. Over like two years I managed to save $3000 dollars (which is a pretty good accomplishment at my age) and to keep myself from withdrawing it I put them in bonds. This way there is a high interest rate and you also cannot withdraw your money. Well you can but you lose all the interest so there is a big incentive to keep it there. Also a mutual fund or some sort of plan would be good.

Answer 2

Set yourself a higher goal (like $200,000), so everytime you look at it you might be thinking "it's still not enough"; Imagine how bad you'd feel if it wasn't there; Don't look at it (then you won't "see" how big it is); put it in a "long term or term" savings account. They have higher interest rates and they lock you out of your account; Put your money into a managed fund (hard to touch); bonds are good too.

Answer 3

Start a PENSION PLAN - in most Countries there are restrictions by Law on when you can take it out (in UK you have to be age 50 now, or age 55 or over in 2012)

Answer 4

keep a book of your account. update it every time you make a transaction (either withdraw or deposit). knowing what you have in the bank account will give you a better idea of how much you are allowed to spend.

Answer 5

invest it in real estate that way you will still have it and it will grow faster than sitting in a bank account! I have a couple of sites i use for info if you want email me and i will email them to you!

Answer 6

Have you ever thought of investing in a theatre production? I've got this idea for a play................