Money Investing

HuGo · 05-09-2007, 09:50 PM

So theres a radio show i listen to and the topic yesterday that was brought up was money investing which open my eyes and ears. Ive heard (but forgot about) of places where you deposit money and they pay you a percentage anually depending on how much you deposit. I even heard of companies that will match whatever you deposit or half of what you deposit.

Anyone know of a good company where i can invest my money (other than stocks cuz you can lose your money) where they pay you a percentage anually? I forgot the company the guy mention that was a good one.

Or how do you invest your money? Rather than just saying saving. Im looking for something that will you pay you for having your money there.

DustenT · 05-09-2007, 09:55 PM

I have a high yield savings account through Capital One. I get like 4.7% interest on my savings.

I also contribute 15% of my paycheck to my company's 401(k). They match 50% of my contribution upto 6%, so I get an immediate return on that, but I have to wait until retirement to get it out.

I'm toying with the idea of starting an additional Roth IRA too, just cause they grow really fast. But again, that has to stay in until retirement as well.

A high yield savings account or CD is probably your best bet if you want to keep you money liquid.

HuGo · 05-09-2007, 09:58 PM

Since i dont have a "career" right now, i dont think about the 401k. Maybe when i become a cop ill do that. Im kinda looking for an investment that i can take out later. Maybe save for like 15 yrs, and not exactly when im 65 and retired.

HuGo · 05-09-2007, 10:03 PM

So if i deposit 2gs, after 5 yrs ive only made a 100 dollars? Thats weak!
http://www.metlifebank.com/HighYield...howResult=true

adamud · 05-09-2007, 10:08 PM

Do a Roth IRA. Ive had one since I was 13. Ive put in 1 grand every year and my dad matched it until i was 16. I just looked at the estimate, if i keep on putting 1 grand a year until im 65. It will be in between 2million and 3million. But the % rates change, so it could be more or less. Good long term savings for teens.

HuGo · 05-09-2007, 10:10 PM

Is roth ira a type of investment or a company, ill search on that. Cuz yea seriously, i wanna have some money! Its either poker or some kind of stock thatll get me rich.

pnosker · 05-09-2007, 10:19 PM

It's a type of investment (designed for Education of your offspring). I have an account (btw I'm 18) at ING Direct (www.ingdirect.com) with over 5% yield on my checking account. 5% doesn't sound like much, though. Consider a mutual fund with low-risk at around 7+ % or a CD at ~6% with practically NO risk.

HuGo · 05-09-2007, 10:20 PM

Yea i just came across that website.

DustenT · 05-09-2007, 10:58 PM

Quote:

Originally Posted by HuGo

So if i deposit 2gs, after 5 yrs ive only made a 100 dollars? Thats weak!
http://www.metlifebank.com/HighYield...howResult=true

It would be more than that. It depends how the interest is calculated. $8k makes about $1 a day in interest. Not bad for just letting it sit there...

96cali · 05-10-2007, 03:11 AM

Quote:

Originally Posted by adamud

Do a Roth IRA. Ive had one since I was 13. Ive put in 1 grand every year and my dad matched it until i was 16. I just looked at the estimate, if i keep on putting 1 grand a year until im 65. It will be in between 2million and 3million. But the % rates change, so it could be more or less. Good long term savings for teens.

Aren't Roth IRAs limited to a small amount like, 5k per year? Or do you take out a new one every year?

DustenT · 05-10-2007, 03:26 AM

Quote:

Originally Posted by 96cali

Aren't Roth IRAs limited to a small amount like, 5k per year? Or do you take out a new one every year?

I think it's $2k/year individual or $5k/year for couples. I heard they're going to up that amount though.

HuGo · 05-10-2007, 03:29 AM

ok so where do i go to put my money into Roth IRA? at 2k, how much more is that a year that you get from ur 2k.

**branden** · 05-10-2007, 04:03 AM

Now you can put in 4 grand a year as an individual. It was structured so that the yearly investment limit will increase in proportion to the economy's inflation rate.

http://en.wikipedia.org/wiki/Roth_IRA

Wikipedia is your friend. Google is also your friend.

HuGo · 05-10-2007, 04:06 AM

Quote:

Originally Posted by branden

Now you can put in 4 grand a year as an individual. It was structured so that the yearly investment limit will increase in proportion to the economy's inflation rate.

http://en.wikipedia.org/wiki/Roth_IRA

Wikipedia is your friend. Google is also your friend.

i actually did look it up in wikipedia, but i didnt see where i can start, unless i missed it.

**1996 328ti** · 05-10-2007, 04:08 AM

I'm going to sell 318ti.org and retire.

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