6 Rings G.O.A.T.
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I need to start using my saving account more often.. I don't even know how much is in it..
Are regular savings accounts useless? Best way to save/stack moolah?
- Thread in 'General' Thread starter Started by luckyluchiano,
- Start date
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Yeah since i travel alot i use all my cards (3 cards) to get airmiles. I'm going to Japan, Europe, and Dubai Or Capetown in the next two years for freeOriginally Posted by LuckyLuchiano
With the credit card thing I wanted to do it like this
Use the AMEX as cash since it's a charge card and has to be paid off at the end of the month.
Use one card strictly for Online Purchases.
Use one strictly for Bill payments.
And my last one keep on ice for life or death situations.
Being that I opened up multiple Cards early on in college I didnt want to cancel any of them since that would ding my score since the avg life of them are 3-4 years of age. With the AMEX I wont lie I only got that cause pulling out a gold card looks cool to chicken heads
My first card ever was a zync from AMEX.... i told broads it was the "White Card"
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well you're a pretty stubborn guy, people are trying to give you advice and you reply all defensively
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Open a brokerage account.
Stick all of the money you had in your savings account into a ETF that tracks the S&P 500 or into A grade corporate bonds.
You're looking at 6-10% annual returns. Risk is higher but ultimately....negligible. Exxon Mobil is not defaulting on it's debt.
If your bank offers it, returns are trash. CD and money market rates are horrible right now.
Stick all of the money you had in your savings account into a ETF that tracks the S&P 500 or into A grade corporate bonds.
You're looking at 6-10% annual returns. Risk is higher but ultimately....negligible. Exxon Mobil is not defaulting on it's debt.
If your bank offers it, returns are trash. CD and money market rates are horrible right now.
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I did a quick search and found this thread.
Im a 20 year old college student right now living at home
I work 5 days a week and make about $250 give or take (its a job for a family member)
I have some extra money left over from student loans and I wanna put it somewhere safe where i'll make at least a little bit extra
Im located in the DMV area and I was wondering what are my best options as far as savings accounts go ( should I just open one at capital one or apple federal credit union or some bank?)
Should I just go with bonds or a CD ? or is there a better alternative?
any help is appreciated my NT fam
Im a 20 year old college student right now living at home
I work 5 days a week and make about $250 give or take (its a job for a family member)
I have some extra money left over from student loans and I wanna put it somewhere safe where i'll make at least a little bit extra
Im located in the DMV area and I was wondering what are my best options as far as savings accounts go ( should I just open one at capital one or apple federal credit union or some bank?)
Should I just go with bonds or a CD ? or is there a better alternative?
any help is appreciated my NT fam
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Just open an online savings account where you can minimize your losses from the interest on the loans. Although the rewards might be attractive from the stock market, it's no place you want to risk losing your lunch money. When I was in school, I stuck the excess in a savings account. I was losing 1%/yr, but ultimately used it to help pay for the next semester's tuition. That would be the smartest thing you could do at this point. Being debt free is much better than risking everything in the market.
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what kind of online savings accounts you talking about?
and I'm wondering why are these online savings accounts better than a savings account from capital one for example
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i remember my AP gov teacher telling us about purchasing US government bonds for our future, those any good?
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lulz white card. I have the Zync as well, not bad with the packs.Originally Posted by dakid23
Yeah since i travel alot i use all my cards (3 cards) to get airmiles. I'm going to Japan, Europe, and Dubai Or Capetown in the next two years for freeOriginally Posted by LuckyLuchiano
With the credit card thing I wanted to do it like this
Use the AMEX as cash since it's a charge card and has to be paid off at the end of the month.
Use one card strictly for Online Purchases.
Use one strictly for Bill payments.
And my last one keep on ice for life or death situations.
Being that I opened up multiple Cards early on in college I didnt want to cancel any of them since that would ding my score since the avg life of them are 3-4 years of age. With the AMEX I wont lie I only got that cause pulling out a gold card looks cool to chicken heads
My first card ever was a zync from AMEX.... i told broads it was the "White Card"
Savings is useless, I pulled everything out of my savings because the interest isn't enough to keep up with inflation. To brokerage she goes!
devildog1776
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gold and silver
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ING Direct
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the best savings account you'll find these days probably is 1.10% interest. try smarty pig or american express.
i still think a savings account has its place. it's a decent place to keep money that you need access to IMMEDIATELY, say for an emergency fund or something.
but absolutely do not use it as an investment vehicle.
i still think a savings account has its place. it's a decent place to keep money that you need access to IMMEDIATELY, say for an emergency fund or something.
but absolutely do not use it as an investment vehicle.
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Maybe there should be an official finance, investment, savings thread or this can be turned into one if someone is willing to make a faq or sorts for the op. I know it would certainly be useful to college student, especially ones who are taking out loans.
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Cap One just bought ING's US unit, so they will probably be rebranding ING's website in the next year or so. There is also Ally Bank and E-Trade offer decent rates now too although you won't find much difference now that rates are around 1%.
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I put the maximum employer match (5%) into my 401k (3% they match dollar-for-dollar, and the other 2% is .75 on the dollar). I put $100 per check (every other Friday) into my Savings account at my bank. The rest goes into checking. In almost a year of 401k, I have ~$5k into it. Just starting splitting money into my savings account at the beginning of this calendar year, and including my bonuses and $2k of my income tax refund, I have $4k into it through the beginning of July.
By this time next year, I am hoping to remain CC debt free, so I can put my entire income tax refund into savings again, and have roughly $8k to put a downpayment on a house. I live in the midwest, where ~$130k can get you a 2200 sq ft 3br/2ba house in a decent neighborhood for a starter home. I will be doing a first time homebuyers loan.
My question is: How does one start investing into guaranteed bonds and such? T-bills in a 12-month will net you 10% right now? That means the first year, putting $4k into a govt issued t-bill, would net you $400 just in additional interest, and keep it growing. Anyone do this?
By this time next year, I am hoping to remain CC debt free, so I can put my entire income tax refund into savings again, and have roughly $8k to put a downpayment on a house. I live in the midwest, where ~$130k can get you a 2200 sq ft 3br/2ba house in a decent neighborhood for a starter home. I will be doing a first time homebuyers loan.
My question is: How does one start investing into guaranteed bonds and such? T-bills in a 12-month will net you 10% right now? That means the first year, putting $4k into a govt issued t-bill, would net you $400 just in additional interest, and keep it growing. Anyone do this?
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T-Bills are a terrible way to invest and the interest rates are nowhere near 10%. If that were the case, why would anyone invest in the stock market when the average return is between 10-12% and you're taxes 15% on the gains while bonds are tax free. a 10 year T-Bill right now is 3%. If you really want to invest in bonds, you can buy EE or I bonds from your local bank. If you're more adventurous, you can go to Sharebuilder or E-Trade and find funds that are based on domestic and foreign bonds. PIMCO is the largest bond trading company in the world with several TRILLION in managed assets globally.
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Why send them to this camp then
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I guess I should just use a close by bank branch then or go with ally bank or e-trade?
It'll be easily accessible I guess.
Should I be looking for a place that compounds monthly or is there something better than that
I'm just tryna get my finances straight so I dont pay student loans for the rest of my life lol
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Almost every bank compounds monthly. Besides, at 1%, you might be making a fraction of a cent more on your money if it compounded daily unless you have a significant amount of money.Originally Posted by theone218
I guess I should just use a close by bank branch then or go with ally bank or e-trade?
It'll be easily accessible I guess.
Should I be looking for a place that compounds monthly or is there something better than that
I'm just tryna get my finances straight so I dont pay student loans for the rest of my life lol
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Stash mattress >>>>>
Start a dividend reinvestment plan.
Invest $50-100 a month into a stable dividend paying company.
http://www.fool.com/dripport/whataredrips.htm
Invest $50-100 a month into a stable dividend paying company.
http://www.fool.com/dripport/whataredrips.htm
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You should always have a balance on where you put your money, it really depends on how risky person you are, you maybe risk averse and choose to only invest in government securities which are basically risk free, or you may explore on stocks and enter other markets such as derivative markets which have higher returns how ever higher risk as well, i am no expert but i guess the best thing you could do is to diversify, well its important to be liquid at all times in case of emergency thats why you always have to have money in the bank, then you also try investing in stocks, however if you are new to stocks, i say go for blue chip stocks, and invest long term, try to purchase everymonth same stocks, its best if you buy atleast 5 stocks from different industries so they have no correlation what so ever when one company falls. I also heard that REITs or Real Estate Investment Trusts are good investments, their basically like stocks too however they are more inclined in real estate investments
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I am also a fan of dividend reinvestment plans.
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Going to look into this more
