8/31/08

Savings

Hey everyone,

I always have kept a good amount of my money in the basic saving and checking accounts. But a large portion of my money I like to put else where to see if I can get a high return rate. For a few years I would take one of my paychecks and put it into different stocks. I made alot of money on a few different stocks, but I also lost alot of money in other ones. In the end I pretty much just broke even. All now of days noones stocks are doing good so I think I may stay away from them. I also decide to put some of my money into CDs, basically bank accounts with high interest but your not allowed to touch the money for a certain amount of time. Which worked out really well, the only problem is deciding how long to buy a CD for. One year doesn't seem like alot but when you want to buy something big, you miss having that money around. Lately I tried bonds, I bought I bonds which change with the US economy and EE bonds which double in value over several years. In the end EE bonds took to long to mature and I bonds where to unpredictable. So right now I have all my money in a savings account. What do you guys think is the best decision for me to get the most bang for my buck. But after college ( about two and a half years from now) I plan to buy my first house, so the money should be available then. Any ideas.

3 comments:

Abby Campbell said...

Well if you want the money for two years from now your best bet is to put it in a cd i would assume. Nothing is paying a good interest rate right now so it kind of sucks but if you are going to need it here and there there is a savings account with ING Direct and they pay pretty good interest rates and you don't need a minimum amount in the account. I have one and its really nice because it is linked right to my checking account and whenever i want to either put money in or take it out of the savings account its really easy to do so.

Sierra said...

Well Steven, I have no clue of how to instantly make your money mature without risks. I wish I did know. But, I do think I will take your idea of putting a whole paycheck into a stock. Im curious to how lucky I will be.

Gwen Oloto said...

Hi Steven,

Sorry to you and everyone that I have not been as active on my blogs lately. Life has set me back for a short period. I also keep it safe when it comes to money. I only have a checkings account and savings to. I glad your trying to figure out a new way on how to make more money. But I don't have any advise on that right now. But you seem to be on the right track just keep asking around you'll find a solution. Great post!