Best way to build savings?

[Supplicate]

I'm not talking about just a traditional savings account, but rather I'm looking for information on high-yield mutual funds, money markets, etc.

Not really looking to wade into the stock market, but might go that route just to see what happens.

Say a person wants to drop $150 or so a week into savings, what is the best route?

Any tips for someone thats never done any stock market journey's? Can't really do the day trader thing since I don't have net access during the day, and don't know if I should go through a broker...





I guess what I'm saying is just tell me anything and everything you know about building up savings.........

 

[Id Cat]

Check out Dave Ramsey he has good financial advice and has contacts that you can go and talk to.

http://www.daveramsey.com/sa/mutualfunds/

 

[Supplicate]

Speaking of Dave Ramsey, is his total money makeover worth looking into?

 

[yardfarmer]

I have two investment accounts with different companies and they are both tanking (losing my @$$). Right now any money I save stays with me.

 

[Jaynelson]

Right now average joe's best bet if you want the money safe is really just a "high interest" savings account. Take your 3% or whatever crap they give you and be happy for the next little while.

Like Yard Farmer, I also have an investment savings account that is crapping the bed and some RRSP's in the higher risk mutual fund type stuff that's doing even worse.

 

[Weekday Warrior]

I think this recession is going to last at least another ten years.
Right now I'm just trying to pay chit off, but when I'm done doing that I'll buy land/property.





The depression we had during FDR's time lasted over 13 years.

 

[Supplicate]

I don't know if you can really equate what is currently happening directly to the Depression in the 20's. Sure unemployment is getting bad, but there are still jobs out there.

Paying off debt is my #1 priority currently, but it wouldn't hurt to start dumping a small percentage into savings. Enough so that it will build up fairly fast, but not so much that it will effect my standard of living.

After the debt is paid down comfortably, its time to buy land. This is going to be a buyers market for years to come.

 

[snow_knight]

there are many different options to go with.. but in this current market place most of them are failing.. mainly because the most conventional methods are based off of the market flucuation.. which as we know has been crazy.. There is a way to make money in todays markets but its even more risky than before..

If I were you I would look into opening a E trade account.. dont have to purchase stocks and still get a great return on money there.. last i checked was around 4.2%.. Then just keep an eye on some smaller stocks, in this type of economy a lot of smaller businesses will prosper.. if you see on you like gamble on it.. dont blow your whole wad.. but put out some risk for a possible reward.. I would personally stay away from day trading since you dont have the time.. so look longterm.. dont buy a stock unless you plan on keeping it for 6-12months

 

[Crazy 8]

I don't know if you can really equate what is currently happening directly to the Depression in the 20's. Sure unemployment is getting bad, but there are still jobs out there.

Paying off debt is my #1 priority currently, but it wouldn't hurt to start dumping a small percentage into savings. Enough so that it will build up fairly fast, but not so much that it will effect my standard of living.

After the debt is paid down comfortably, its time to buy land. This is going to be a buyers market for years to come.

I love listening to Dave Ramsey. I don't know what your debt situation is, but keep in mind that if you are paying 4% on a loan, and can only make 3.75% saving, you would be ahead to take the hundred or so bucks a week you want to save and put it towards the principal on a loan (that's costing you 0.25% if you save at 3.75%). When you have that paid off, take that money and put it all towards your second loan ect...We just bought a new car and got it at 0%. I was ready to write the check, but decided to use their money (so I could make 0.75% ). Like I said, I don't know what debt you are talking about, but just something to think about. I have had a money market through Edward Jones since high school and was making anywhere from 6-7% (when in college when I couldn't build it up) and now that I can sock it away, it's down to 0.75%, so not a big money maker. Some CD's are still paying ok, but those require a bigger chunk of cash and time. I'd really focus on paying off all debt (except maybe a house) and then look at serious saving. Maybe you'll think I'm way off, but there's my $0.02. Hey Supp, are you still in Rawlins? We are moving back (well, Saratoga) so if you need someone to ride with in the future, let me know.

 

[Supplicate]

That actually sounds kind of what I was thinking about. I don't know if I'll drop all the money I'm thinking about putting into savings towards the debt, but a large portion will be. Its one of those things that I'm trying to figure out what way to go with the balance.


Now, the funny thing; I was just going over my W2's from last year. Turns out I have a 401k through a prior employer that has $484.00 in it that I didn't even realize I had. Now begins the process of getting that rolled into a Roth IRA...

 

[Sturgis Sledder]

Speaking of Dave Ramsey, is his total money makeover worth looking into?

YES ! ! ! !

One area to look into is prosper.com they are not taking any new people right now, but when they fire back up be ready.

 

[Diesel99]

FDIC is looking for more capital http://uk.reuters.com/article/usPoliticsNews/idUKTRE51164C20090202
meaning there is going to be a big bank failure soon so watch out where your money is going the higher the % rate the more likely of a failure.

US Taxpayers need back accounts insured so the FDIC instead of charging banks higher fees to insure asks the goverment (US Taxpayers) for more money to insure them. The US is screwed.