Lux Investing
can u give me some tips on how i can save a lot of money to invest in a mutual fund to prepare for my future?
I want to prepare for my retirement in the near future but my aunt says I should have started a long time ago. Im nearing my 30s. What are the possible ways of investing money... I don't have a high paying job. Can you give me tips on how to save money and prepare for my future? Thanks...
Public Comments
- Pay for everything with dollar bills. Spend no coin. Put all your coins in jar at home. You will be amazed at how much you would save........
- It's simple - live below your means so you have extra money to invest! Can you live without cable tv? Or maybe you just change to basic cable instead of all of the movie channels or satellite. Are you going out to eat a lot? Take a look at where you're spending your money and see where you can cut corners. Put that difference into your savings/investments. Aim to put at least 15% of your monthly income into savings. You're never too young or too old to start investing and planning for your future so don't let that stop you!
- you can save a lot of money by switching to GEICO.
- You are starting in your twenties, and thats really great! Could you have started earlier?. Sure. But the point is AT LEAST you are doing it! Congrats to you for thinking about your future and planning for it. First, you have to determine where you are spending your money. If you dont know, you should keep a financial diary for 30 days. Literally write down every penny you spend everyday, all day, for 30 days. When you are done, look at it slowly, critically, and see where most of your money is going. Maybe you are spending 48 bucks a month on lattes. Maybe you are paying way too much in rent each month. Whatever it may be, once you know WHERE you are spening your money, you know where you can cut back. Once you have determined how to cut back, there are plenty of ways you can save. Look into some of these options: First, you should have a fluid savings accoutn for emergencies. You should have 6-12 month of your living expenses in a savings account that youc can access immediately if needed. Try ING direcct - they offer 4.5% on your savings account. www.ingdirect.com Second,. for short term, conservative saving that you can access if you have to (though a small penalty applies if you withdraw your money), call your local banks and ask what rate they are offering on CD's (certificates of deposits). Basically, you loan the bank some money (lets say its $500) and the bank agrees to pay you 4% interes on that $500 if they can keep the money for a fixed term - 6, 9, or 12 months. Banks like to know how much money they have available to invest, and your committment of time (6, 9 or 12 month investment) lets them know how long they can use your money. They pay you for the privilege of you loaning them the money. Look into a ROTH IRA (Individual Retirement Accounts) where you put money into a tax deferred account for withdrawl later in life. www.rothira.org Contact an investment house such as Fidelity for their 401K plans for more long term savings options. Because you are young, you can potentially afford to be morre aggressive. If you would like to take less risk, money markets are a great way to go. Fidelity can answer all your questions... they are used to beginner investors.
- Put aside 10% of all money received from work to be used for investment. When you have enough place it in an account that pays compound interest. Leave all interest in the account and keep adding the 10% from earned money. You will be amazed at how fast this will grow. Maintain the purity of your focus and you will get there. Good Luck
- You are 30 it is not too late ,you have time but plan good,you need to have money to save first try to get better job ,or work with some company who will give pension,and 401k, and if all fails get a second job and save that money that's what i did you will be surprised. now you have this extra weekly money ,that is when you start to save that by investing weekly in a small expense mutual fund,like fidelity or Vanguards,and many others who charge small expense ,this is how you grow it and never touch it until you retire,this is few names. http://www.marketwatch.com/news/story/here-7-year-winners-put-break-even/story.aspx?guid=%7BE4E8D8E0%2D7994%2D4941%2DAAFF%2D5B67A7A93965%7D
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