Comments on: All the Ways you Should be Saving Cash

By: blu

blu — Wed, 30 Jun 2010 04:57:59 +0000

I saved mine for yrs. When I got into legal trouble I hired a lawyer that got it all. This man was no more qualified than a public defendant. I should have spent it on me.
Put it in a safety deposit box … they are fire/burglary proof … or … get a fire proof safe that is hidden in the fabric of your house.
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By: george a

george a — Wed, 30 Jun 2010 04:55:59 +0000

spend it while you can, while it is still worth something. anyway as you are now nearly 24 you should have some fun with it.
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By: WindriderM.A.M.

WindriderM.A.M. — Wed, 30 Jun 2010 04:53:59 +0000

You could make like the prodigal son, and bury your money in a hole. There are some fixed rate ISA’s which are still giving 3% or more at the moment, try Yahoo’s financial site for the best rates.
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Myself, and Yahoo’s Financial site.

By: RALPH HINRIK

RALPH HINRIK — Wed, 30 Jun 2010 04:51:59 +0000

You must save a modest sum & then invest before saving a further modest sum. But it’s the choice of investment that is the interesting part. I still mentally buy shares & then follow the market to see how well they do. It’s all a matter of research, but if you don’t have a sum to invest then you cannot score.
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By: jim c

jim c — Wed, 30 Jun 2010 04:49:59 +0000

It is always worth saving. There will come a day when you find yourself unemployed or an emergency crops up and money can solve a lot of problems. The pros are now saying to keep enough to sustain you for 9 months without income in ready cash. This may vary according to your personal situation. I don’t know your age, income, or obligations. Stash your cash in a crappy-yielding savings account or put some there and some at one of the on line banks that pay a little more.

After that, fund a Roth IRA and begin your lifetime study of the stock market. Direct it yourself because nobody cares as much about your money as you do. You don’t have to invest the IRA money from the beginning…wait until you’re ready. You can put it into the IRA now and leave it in cash until you decide to invest some or all of it specific stocks or funds. You can set up an IRA with a discount broker online for as little as $2,000 or $3,000 or possibly less. (I like Scottrade.) The stock market will be trending upward for the next several years. You can always take it out later if you need it for a home down payment or education expenses. It is best if you don’t have to touch it until retirement because you can’t make it up later. However, it’s not locked in forever.

After that, keep your 9 month emergency cash replenished, fund your IRA every year, and become an investor. Re: Investor…read books and the Internet, watch TV shows, and network with others that have been successful. Open a non-retirement account at a brokerage and begin to build your wealth. Above all, stay diversified and don’t hesitate to dump something that is underperforming.

If you work for an employer, now or in the future, maximize your contributions to a 401k if they offer one. You can set aside much more for retirement in a 401k (than an IRA) but you’ll be penalized for withdrawing prior to age 59.1/2.

It’s not how much to make, but how much you save. Good luck!
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By: Living Legends. Still Rockin On!

Living Legends. Still Rockin On! — Wed, 30 Jun 2010 04:47:59 +0000

Save and invest.
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By: WelshLad

WelshLad — Wed, 30 Jun 2010 04:45:59 +0000

I’m still saving, what other option is there? Under the mattress is stupid.
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By: muffinisis

muffinisis — Wed, 30 Jun 2010 04:43:37 +0000

is it still worth saving, or should you find another way to stash your cash?
well the interest rate is rubbish,
you might as well put it under the mattress