Lux Investing

Saving money - how do I do it? How do I invest money when I havent got much to begin with?

I am almost living paycheck to paycheck. How can I invest wisely and get ahead?

Public Comments

1. Start with savin a dollar a pay check. And dont over spend. spend on only what u NEED and not what u WANT ok. I hope i m of some help.
2. Basically, first step to saving money is cutting out the unnecessary expenses. I am not giving u some kind of a lecture or something, Sit for a while, and think. How many unecessary expenses do you make each month? For eg; eating out more than once or twice a week, gorging on junk, shopping, etc. Then think how you can cut out those expenses. Then resolve to DO that. put it in practice. slowly, you'll notice you are saving more than you normally do. and once you got a substantial amount of savings, you can invest.
3. first cut your expenses and invest the same in Indian five start mutual funds Indian is one of the fastest growing economy in the world
4. Try automating the process of saving. Participate in any 401(k) or other retirement plan your employer offers (which will involve payroll deduction). If you don't have access to an employer sponsored retirement plan, set up an IRA and have some of your paycheck automatically transferred by your bank to the IRA every pay day. You'll learn to live with less cash if it's automatically transferred to another account. Establish a Roth IRA if you're under 40. If you're 40 or older, it's a toss-up whether a Roth or a traditional IRA is better. For retirement purposes, invest in mutual funds to start off with. You need about $2,000 or $3,000 to establish a regular mutual fund account, but $500 is often enough for an IRA account with a mutual fund company. Target date retirement funds (also called lifecycle funds) are about the easiest way to invest in mutual funds, since they are automatically diversified for you. If you're saving for a short term purpose, like accumulating the downpayment for a house, keep the money in a federally insured bank or credit union account. Don't risk it in the stock market.
5. First figure out your bills to see how much is left. then figure out your living expenses(gas, electricity, food) after that look at your total and commit to saving money in a different account, or set up a withdrawl plan to put your money in a investment account so you can earn better interrest on your hard earned money.
6. you can save money by not spending on things necessarily, buying things which are essential rather than to flaunt it. you can invest in forex for better result and all investment should be done shrewdly and you should research before investing on the market.