is this a good way to save money?
i think saving money should be fun, i've been saving money for a while and i found this to be a fun and exciting way to save money I split my saved money into 5 parts 1. Roth IRA 2. CD's 3. Savings 4. Stocks 5. Gambling Each of the 5 can take your money and possibly earn more money. I keep the IRA cause it's tax free, I keep the CD's cause it usually earns higher interest than savings, I keep savings cause it's liquidity if I need money to withdraw, I keep stocks cause it's fun and I can potentially make more in this than I do with my CD's and IRA, I also keep some into gambling cause it's possible to win a lot of money at a casino and it's entertainment. Anybody else think this is a good strategy to save money (So far I have 8 k ira (only let you put about 4000 a year in that) I have 32k in cd's (I put the remaining 12k into this cause IRA only lets me put 4000 a year in that so I put the difference in the CD), 20k in savings, 20k in stocks, and spent 20k but made more
Public Comments
- how long you been doing this , for you to have that large amount ??????????? You've to be doing this for years , and it depends on how much money you make a month and how much you put in each acctssssss. I know you can put $4000 in IRA . Everything you're doing is wonderful .....so what is the real secret here ?????? Also 70% of people are in debt , they can't do this not till there debt is paid for . Then it will take time to do that . What you did wasn't done overnight .......had to be yearssssssssssssssss. Thanks for your advice , its helpful .
- First off IRA's arent tax free...you paid the taxes on that money before it even went into the IRA. The interest earned is tax free though. Also CD's usually do offer higher rates but with that you lock in your money for long periods of time and if you need it you face penalties. You can usually find online banks with decent APR's ...even in these times ING was at 3 % ETRADE was a bit higher....Your right with stocks you can make tons of money but only if you have the time (tens of yrs) or tons of money so you can really feel the jump in price...you cant do that with just a share or two....and gambling is stupid...ill admit im an avid gambler but when you calculate how much you have lost and won.....the house always wins ...thats why they are still here....one in a million might hit it big and everyone else's money pays for it.....but its fun...and money won is a bonus
