2007-08-03 07:17:35 · 4 answers · asked by ManWithoutAnAnswer 1 in Business & Finance ➔ Personal Finance
Put aside 10 percent of everything you earn and place it in a secure, guaranteed investment. Mutual funds are not guaranteed.
If possible, have the money moved to your account, directly from your employer. Your cheque will be smaller, but you will be more likely to save.
2007-08-03 07:32:19 · answer #1 · answered by Crocus 3 · 0⤊ 0⤋
Make it automatic. The first thing that happens with the money from your check should be a transfer to savings or an investment account. That way, even if you spend your whole paycheck, you have saved that week/period/month.
Like another poster said, get out of debt first, but assuming you don't have debt, just make your savings automatic. Saving in a 401(k) plan is great, you put it away before you even get it and you are usually eligible for matching money from your employer.
2007-08-03 07:40:22 · answer #2 · answered by Rush is a band 7 · 0⤊ 0⤋
Here's the process...
1. Save $1000 for emergencies
2. Pay off ALL YOUR DEBT.
3. Save 3-6 months of expenses in emergency reserves.
4. Start investing in mutual funds or something modest like that to get started.
5. LEARN, LEARN, LEARN about investing and don't ever invest in anything you don't completely understand.
2007-08-03 07:23:52 · answer #3 · answered by Keep On Trucking 4 · 0⤊ 0⤋
Most banks offer "investment" services to their customers for free. You could sit down with this person, they would explain all of the options that are out there and discuss with you what you want to get out of it, what risk you are willing to take and then you can decide if you like any of the products they have to offer.
If its free it can't hurt. It's only a little of your time. :)
2007-08-03 08:51:13 · answer #4 · answered by nesm21304 4 · 0⤊ 0⤋