After September rolls through (I have to buy my girlfriend a birthday present so savings will be minimal if any), I would like to start saving my money and getting the best return possible for it. I figure it would sit for maybe 3-5 years. What kind of investment would you guys suggest for that kind of term? Savings account? Mutual funds? CDs? Bonds? etc
Short term investment!
- Thread starter DrYeRLiNt
- Start date
I use Short Term CD's for my extra cash. Through my credit union.
first get a goal. what will you be using this money for? education, home, car?
then set your goal. i want to save this much by jan 2010? i want to save this much every month?
then find a safe investment. for short term i would recomend a simple money market account. for long term(5 years +) i would recomend a steady and consistent mutual funds that have ave 10-15% return yearly for more than 10 years.
lastly stick to it! things will always come up such as your girlfriends present. when this happens you have 3 choices: 1. cut something that you normally do. 2. make more money to cover the added expense. 3. or dont buy the present. now obviously there is a forth chioce, but that one does you no good and only shows your immaturity(or putting todays wants and desires ahead of your future and your set goals).
then set your goal. i want to save this much by jan 2010? i want to save this much every month?
then find a safe investment. for short term i would recomend a simple money market account. for long term(5 years +) i would recomend a steady and consistent mutual funds that have ave 10-15% return yearly for more than 10 years.
lastly stick to it! things will always come up such as your girlfriends present. when this happens you have 3 choices: 1. cut something that you normally do. 2. make more money to cover the added expense. 3. or dont buy the present. now obviously there is a forth chioce, but that one does you no good and only shows your immaturity(or putting todays wants and desires ahead of your future and your set goals).
Well this present was already predetermined, it's more something she needs than wants. Since I will be buying her a computer (these days you can't survive without access to a computer atleast for word processing/printing purposes), i will start saving after that purchase is made. I feel like I can get out of college with this method, and maybe have some/part/most/all of a down payment on a house or something?
I may decide to invest 10% of my paycheck (they are all roughly the same, but this will make it easy to decide how much each time.) So a MMA would be the best option?
I may decide to invest 10% of my paycheck (they are all roughly the same, but this will make it easy to decide how much each time.) So a MMA would be the best option?
http://www.jpmorganfunds.com/jpmam/index.jsp?p=Products/Funds&c=1&b=1&print=1&f=fund&fid=60010Morgan
How does something like that compare to one of those 5% online savings accounts? Since I am new at this I really don't know what all this means?
How does something like that compare to one of those 5% online savings accounts? Since I am new at this I really don't know what all this means?
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