EPTso what can i do with my money to ensure that it grows?
how to make my money grow?
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erektion
Canada62 Posts
so what can i do with my money to ensure that it grows? | ||
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WarChimp
Australia943 Posts
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ZERG_RUSSIAN
10417 Posts
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love1another
United States1844 Posts
There's like so many answers to this. Go onto wikipedia and type in investment... What is your goal for savings? | ||
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erektion
Canada62 Posts
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newvsoldschool
428 Posts
You can play the stock market game. There are some books out there that can equip you with enough knowledge on smart stock investing. You will be visiting a few of google's sites in the process like google insight, news, and a couple of others to predict rise and fall of stock prices. Even with the economy right now, yes, you can make money from stocks, but the benefits can be long-term unless miracles happen (which are often predictable, and that's when you buy stock before its value shoots up). That's my 2 cents. I'm sure other guys have their ways on growing money. | ||
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Fontong
United States6454 Posts
Despite the fact you said you can't enforce good spending habits, I'll just tell you to do that anyway. It's really the best and more effective way to save money, and it'll help you like crazy once you are in college. On July 27 2010 14:54 ZERG_RUSSIAN wrote: Get out of your part-time job mentality because that's the life of a worker-slave. It's really stupid to tell a 16 year old not to get work experience. | ||
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love1another
United States1844 Posts
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lvatural
United States347 Posts
Try the stock market if you want. Probably a bit more work and risk than you're looking for though. | ||
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love1another
United States1844 Posts
On July 27 2010 15:07 lvatural wrote: Just spend it. Unless you're saving it for something important like college tuition/living expenses, you're not gonna gain much by locking your cash in some CD (doubt you have enough $$ anyway) or "ensured" interest rate. You see...ensured gains are the lowest. No point in investing in that kind of crap till you're older. Try the stock market if you want. Probably a bit more work and risk than you're looking for though. WRONG! I started investing when I was 16 and now I've saved up all the money I've invested + a few dozen dollars of interest! All those years of frugality have netted me enough money to get a meal at a casual diner! PYAAAAAH! | ||
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erektion
Canada62 Posts
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Fontong
United States6454 Posts
On July 27 2010 15:07 lvatural wrote: Try the stock market if you want. Probably a bit more work and risk than you're looking for though. Plus, with a low amount of money wouldn't you lose a lot of that just for the charges from buying/selling the stocks? | ||
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love1another
United States1844 Posts
On July 27 2010 15:11 erektion wrote: what did you invest in my future. | ||
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lvatural
United States347 Posts
On July 27 2010 15:11 Fontong wrote: Plus, with a low amount of money wouldn't you lose a lot of that just for the charges from buying/selling the stocks? Well it depends. Usually you can find a site that gives you "100 free trades" or something when you sign up. For a casual investor who isn't planning to speculate (no short-term garbage), this should be good enough for monthly investments for a while until either: (a) he realizes that he's got a knack for it so he's built up enough $$$ to make gains beyond the cost of trading; or (b) he sucks and lost money so stops trading before his 100 free trades are up. | ||
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Cauld
United States350 Posts
Once you've saved up a decent amount (maybe 1 or 2k) try to put some away in a Roth IRA, it will suck that you can't spend it unless you're buying your first house or you retire, but in 10 years you'll love yourself. I'd say put around 25%-50% of what you save into one, so you still have plenty left over to have fun, or upgrade your computer or whatever. If you want to save some more, put it in an ETF. Investing in an ETF combines the diversification of investing in a broad market index like the NASDAQ composite or the SP500 with the simplification of buying a single stock ticker symbol (QQQQ and SPY for the above examples). The benefit is a lower maintenance fee than almost any other option. Most stock trading sites that give free trades have a stipulation that they all have to be used in a certain amount of time (like one month). After all they only make money when you trade, and they want you to try to day trade, maybe get lucky and a couple months later you've racked up $4k in fees. Also, make sure whatever broker/investment company you use doesn't charge you fees beyond simple trading fees. Maintenance fees, etc. will eat away at your investments. TLDR: Step 1: Decide how much to save and put it into a separate savings account. Step 2: Once you have enough money put some into stocks via either an IRA or just an internet broker. Step 3: ????. Step 4: Profit. | ||
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gchan
United States654 Posts
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mmp
United States2130 Posts
The 'save enough and spend everything else' mentality is very backwards for your prosperity. 'Spend enough and save everything else' will leave you very wealthy in 10-20 years. | ||
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LaSt)ChAnCe
United States2179 Posts
also, if you plan to do much trading... the website i buy/sell through gives you a couple free purchases each month (free purchases only happen on thursdays though).. all sales, real time purchases, and limit purchases (purchases when a stock reaches a certain price) cost money though mystockfund.com is the site | ||
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KurtistheTurtle
United States1966 Posts
On July 27 2010 14:53 WarChimp wrote: only buy things absolutely necessary and tuck away as much money as you can in a safe bank account and do not be tempted to use it lol Not all of it, and I'd recommend a credit union. If you let $$ sit in a bank account for a long period of time, especially a typical non-internet brick & mortar bank you're actually losing money to inflation. So having a checking/savings is good, but optimize them & make sure to put the rest of your money in places where they'll grow faster than inflation. On July 27 2010 14:54 ZERG_RUSSIAN wrote: Get out of your part-time job mentality because that's the life of a worker-slave. I don't know exactly why its phrased this way, thats dumb. But I do agree with the sentiment of looking for new jobs, education & opportunities which will increase your income and advance your personal desires. But $11/hour invested right at an early age isn't bad at all. Actually, just read you're 16, thats awesome. Job experience + $11/hour? easy riding. zerg_russian guy is probably a kiyosaki idolizer. Author with last name of Kiyosaki wrote a series of books named Rich Dad Poor Dad. They're utter shit. You'd be better off buying toilet paper. On July 27 2010 14:57 newvsoldschool wrote: You can't grow money without investment, so I'll throw that in right now. You can play the stock market game. There are some books out there that can equip you with enough knowledge on smart stock investing. You will be visiting a few of google's sites in the process like google insight, news, and a couple of others to predict rise and fall of stock prices. Even with the economy right now, yes, you can make money from stocks, but the benefits can be long-term unless miracles happen (which are often predictable, and that's when you buy stock before its value shoots up). That's my 2 cents. I'm sure other guys have their ways on growing money. Play it right for guaranteed long-term growth. See bottom half of this post for more info On July 27 2010 15:07 lvatural wrote: Just spend it. but not all of it. save 10% every month. On July 27 2010 15:47 gchan wrote: Put it in a Roth IRA. Choose an index fund. Forget about it and let it grow. it's long-term, but this WILL make your money grow. guaranteed. (unless the american economy disintegrates but then you've got bigger problems) On July 27 2010 17:05 mmp wrote: You don't need to gamble your money to get rich. Try reducing your daily expenses to the essentials, live simply, and don't blow hard-earned cash on shit you don't need. The 'save enough and spend everything else' mentality is very backwards for your prosperity. 'Spend enough and save everything else' will leave you very wealthy in 10-20 years. If you can, do it. I can't. Well, I did, but it sucked. I wouldn't go out to movies or eat with friends, I let it affect my social life. That's dumb and I honestly regret it. Have fun, save a little. It'll go a long way. Similar situation, I knew nothing about money. I decided to tackle it maybe a month ago. I'm in college, balancing a part-time job, student loans and other miscellaneous income. my last couple blogs go through the process but everything you'll need to know I'll put in this post. A lot of people have strong opinions on money but don't actually know anything. So I'm not saying disregard what people on TL tell you, but only actually consider it after you read these two books on personal finance so you have a strong personal grounding and understanding of what's important/practical and whats not: I Will Teach You to be Rich and The Wealthy Barber These books are phenomenal. The Wealthy barber was recommended to me by a certified public accountant who knows his stuff and I Will Teach You to be Rich covers the beginning basics in a more modern and offbeat way, but has step-by-step guides on how to do things (like setting up accounts, credit cards & investing). He also covers how to negotiate salaries, big-ticket items like cars & houses, and how to discuss money with people close to you. I'd also recommend checking out this website. Seriously, from the bottom of my heart, buy these two books and read them well. The money you spend on them (<$15 used + shipping) is nothing compared to the knowledge and confidence you'll feel about your financial situation for the rest of your life. I will Teach you to be rich will cover your next couple years, and the wealthy barber will cover everything you need to know about your finances the rest of your life. Better yet, they'll teach you what you still need to find out beyond them in whatever direction you need. In the past month, I've ensured my financial future. I can't tell you how much confidence and ease of mind this gives me. I'm starting to help my friends too, I want everybody I know to be informed & wealthy! I've got appropriate amounts allotted for savings, expenditures, but most importantly just day-to-day I don't have to worry about how much I have in the bank account or whether or not I should spend it, that's all taken care of. I know how much I have to spend and not feel guilty about it, comfortably. I'm also getting things I want, like sc2/nice ass monitor/computer--but over time, on good deals, quality for the least possible price. If you take one thing out of this thread, teamliquid, or your entire internet experience, please please please let it be the purchase of the knowledge of these two books. If you have any questions feel free to pm me  | ||
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Number41
United States130 Posts
Other than that, it is all subject to a random walk unless your financial adviser suggests something - in which case he is trying to screw you. (A financial adviser doesn't make money by helping you, he makes money by charging you.) Bottom line - Investments are random by nature. Don't try to out-think the the market. | ||
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