How to start saving money for the future? What investments allow money to grow?
With any investment it is always important to remember that returns are usually inversely proportional to risk. You can put your money in a savings account and get a few percent each year, and because you can rely on what is a guaranteed return (unless the bank fails in the next installment of the GFC), you can grow your money safely over a longer period. At the other extreme is forex trading. Huge annual returns can be made, but so can equally huge losses. What I would personally recommend is to diversify your investments. Invest in property, starting with your own home, and then with rental property if you can afford it. If you want to do something on the more speculative side, allocate a set amount that you can afford to lose, say a few thousand dollars, which you could split between buying some precious metals such as gold and silver, and if you want to try some automated forex trading, go to the site linked to in this article. A good forex robot will make multiple small trades on different currency pairs, so for example starting from $1000, you might make say 10% in a month, made up of small profitable trades ranging from $1 to $10, interspersed with the occasional loss which is inevitable in forex trading. I hope this information helps you.
For the long term, low/no load mutual funds make the most sense for the average investor. Do the research and pick funds based on that research. The notion that a CD or Bank savings account is an investment is simply inaccurate. Collecting .5% during times of even low 2.5% inflation means that you are actually loosing 2% ever year you leave your money parked.
A properly diversified mutual fund portfolio will give you growth for the future. Combine tax advantages for more savings.
If you are thinking about retirement or college saving, opened a tax advantaged account like an IRA, Roth IRA, or 529 plan. Buy index fund shares in ETFs like the S&P 500 index (SPY).
by Hugh Morrison4 years ago
What books on frugal living inspired you to start saving money?For me, they include 'The Tightwad Gazette' by Amy Daczyzcn, 'Walden' by Henry Thoreau, and 'How to Survive Without A Salary' by Charles Long.
by Daisy Rivera3 years ago
Is It So Important To Use Money Management Skills When You're Saving or Spending or Both?
by Sarah Forester4 years ago
Do you prefer to focus on saving money or increasing your income?
by SPomposello5 years ago
Are we really saving any money? Either way, money has to be spent right? Not to mention the extra time you have to make for cooking prior to going to work. Any thoughts?
by Saadia A6 years ago
Are you good in saving money or do you have the habit of heavy spending?
by milleramanda534 years ago
What are the best tips for saving money to buy a house?
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