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Last edited by Busygirl; 03-12-2012 at 11:46 AM.
Maybe we should buy gold....
apparently it never looses its value...

You aren't going to get much growth except for on a CD or investing. I wouldn't suggest investing unless you have a lot of money and can stand to watch it take hits or even possibly lose it.
CD's are the best right now for financial return. The longer you can put it on there, the higher your APY. Can you afford to tie your money up for ten years or longer? Whatever you do you had better make sure they are insured. You can put it into lending club or whatever else, but sounds shady. I'd only trust a bank or a reputable stock broker with my money.
I agree with Torn about using CD's as well. You really want to work on diversifying your portfolio once you have it established.
Here's what my plan will look like, not quite to the savings part yet.
1. Savings for Emergency Fund (around 3-4 months worth of essentials)
2. Pay off debt with snowball effect.
3. Build savings up to a years worth of essentials using all that debt money.
Not sure which order these will go in:
-Roth Ira/ 401ks
-CDs both short and longer term to maximize ROI
-money market account instead of checking (these have a high minimum investment amount)
-other investments like real estate
I will get there damn it! I want to for once in my life have a net worth!
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Last edited by Busygirl; 03-12-2012 at 01:01 PM.
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Last edited by Busygirl; 03-12-2012 at 01:00 PM.
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Last edited by Busygirl; 03-12-2012 at 01:00 PM.




i had some luck with low-risk money market accounts before the crazy recession but am not certain how money market stuff is working today. but i made a decent amount in interest even for a low risk account. there's really no such thing as risk free with good returns as far as i know, though.





True now more than ever. In fact today there is now also significant risk without good returns !there's really no such thing as risk free with good returns as far as i know, though.
if you girls would wander over to Dollar Den, you'd find the following ...
... which discusses the fact that ING Direct as a division of Dutch bank ING may be in Deep Doo-Doo because of the Greek / Italian / Portuguese gov't debt it owns.
... which discusses the potential option of dividend stocks as an alternative to very low earning CD's
... which discusses the 'safety' of various options to park your money these days
... which discusses various aspects of 401k retirement accounts plus rollovers to IRA's
... which discusses various ways to develop a habit of 'saving' your earnings
~
Last edited by Melonie; 12-19-2011 at 02:12 AM.




My friend supports the fact gold never loses value - He keeps telling me to invest in it - Gold could easily lose value - Its importance could go down , its uniqueness could go down , they could finish working out the formula to create it by hand - they could find a gold city with enough gold to supply the world , bearing in mind it doesn't actually DO anything ( unlike water , heat , oil etc ) , Gold just looks pretty -
I'd invest in my pussy before gold - I believe that will hold value in some shape or form until my dying day![]()




not to mention i know people who have invested in gold and later needed money and had difficulty selling the gold. gold might hold its value...but if you can't get cash for it when you actually need to use your savings there is no point in buying it.
watch it grow under the mattress? LOL





Actually, that's what I do !!! About a year ago I added to the physical one ounce gold bars I own when the price dipped to $1350. While sitting in my safe, during that year they have increased in value to $1600. That's not only an 18.5% equivalent 'interest rate', but the capital gains are only subject to a 15% tax rate ( versus CD interest earnings with a < 1% interest rate which is subject to a ~30% tax rate ).watch it grow under the mattress? LOL
As to buying and selling, within the USA and Canada at least, will execute a purchase or sale within a week, charging about a 2% 'commission'. If you need cash faster than that, any pawn shop wil execute an instant sale for about a 5% 'commission'. That's not much different than 'cashing in' a CD before it matures and getting hit with the penalty.
Besides the inflation / currency devaluation hedge that gold provides, I actually like the fact that 'cashing in' my gold bars requires a bit of deliberate action. This forces me to 'think twice'. Of course I also keep readily accessible cash that is able to cover a month's worth of expenses in a 'demand' savings account. Plus I keep six 6 month term CD's rolling over with one maturing every month at the same bank, which allows me to cover long term living expenses but makes me 'think twice' about cashing the CD's in before maturity and being stuck paying the penalty.
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