NT, help me double my money in savings, money market accounts

[kingtre]

Originally Posted by King Jaffe

ING account son, look into it

maybe 3-5 years ago...ING is giving like 1% right now...

I got in back during the good times when it was like 4 or 5% ...that is all gone

 

[king jaffe]

Originally Posted by Kingtre

Originally Posted by King Jaffe

ING account son, look into it

maybe 3-5 years ago...ING is giving like 1% right now...

I got in back during the good times when it was like 4 or 5% ...that is all gone

damn didnt know it was like that now, even the savings accounts?

 

[king jaffe]

Originally Posted by Kingtre

Originally Posted by King Jaffe

ING account son, look into it

maybe 3-5 years ago...ING is giving like 1% right now...

I got in back during the good times when it was like 4 or 5% ...that is all gone

damn didnt know it was like that now, even the savings accounts?

 

[kingtre]

Originally Posted by King Jaffe

Originally Posted by Kingtre

Originally Posted by King Jaffe

ING account son, look into it

maybe 3-5 years ago...ING is giving like 1% right now...

I got in back during the good times when it was like 4 or 5% ...that is all gone

damn didnt know it was like that now, even the savings accounts?

Orange Savings Account [table][tr][th=""]Annual Percentage Yield (APY)[/th] [th=""]Effective Since[/th] [/tr][tr][td]1.00%[/td] [td]02/23/2011[/td][/tr][/table]

but you can get a whopping 1.15% if you keep 100k in the electric checking account

 

[scott frost]

I have an ING account but currently due to the rate, like Kingtre said, its just a means of stashing cash, rainy day fund, future life changing puchases, etc.

What I need to start doing is maximizing my retirement fund.

 

[scott frost]

I have an ING account but currently due to the rate, like Kingtre said, its just a means of stashing cash, rainy day fund, future life changing puchases, etc.

What I need to start doing is maximizing my retirement fund.

 

[kingtre]

Originally Posted by King Jaffe

Originally Posted by Kingtre

Originally Posted by King Jaffe

ING account son, look into it

maybe 3-5 years ago...ING is giving like 1% right now...

I got in back during the good times when it was like 4 or 5% ...that is all gone

damn didnt know it was like that now, even the savings accounts?

Orange Savings Account [table][tr][th=""]Annual Percentage Yield (APY)[/th] [th=""]Effective Since[/th] [/tr][tr][td]1.00%[/td] [td]02/23/2011[/td][/tr][/table]

but you can get a whopping 1.15% if you keep 100k in the electric checking account

 

[fulltech]

Originally Posted by DEpast

Originally Posted by FullTech

get a 2nd job and save up from there

I've gone the second job route bruh, and it killed me this tax season.

Having a second job put me in another bracket and I wound up owing money. No more second jobs for me unless it's under the table cash.

there you go, OP 

 

[fulltech]

Originally Posted by DEpast

Originally Posted by FullTech

get a 2nd job and save up from there

I've gone the second job route bruh, and it killed me this tax season.

Having a second job put me in another bracket and I wound up owing money. No more second jobs for me unless it's under the table cash.

there you go, OP 

 

[redman]

Originally Posted by DEpast

kidplay wrote:

---

depending on your risk profile/age, you can invest in stocks or fixed income securities. do a little bit of research before you put your money to work, or else you may end up watching it shrink rather than stay stagnant. 


also, does your place of employment have a 401k plan set up for its employees? if so thats a great way to invest/save at the same time. 

Yeah, but I'm not using it yet. I don't make enough money to do so IMO.

I'm a sports writer in NC. Newspapers' 401K plans = Suicide. The industry is coming to an end, just wanted to save money before heading back to school, again, for another degree.
  


Since your a sports writer start doing freelance work.

 

[redman]

Originally Posted by DEpast

kidplay wrote:

---

depending on your risk profile/age, you can invest in stocks or fixed income securities. do a little bit of research before you put your money to work, or else you may end up watching it shrink rather than stay stagnant. 


also, does your place of employment have a 401k plan set up for its employees? if so thats a great way to invest/save at the same time. 

Yeah, but I'm not using it yet. I don't make enough money to do so IMO.

I'm a sports writer in NC. Newspapers' 401K plans = Suicide. The industry is coming to an end, just wanted to save money before heading back to school, again, for another degree.
  


Since your a sports writer start doing freelance work.

 

[depast]

Originally Posted by RedMan

Originally Posted by DEpast

kidplay wrote:

---

depending on your risk profile/age, you can invest in stocks or fixed income securities. do a little bit of research before you put your money to work, or else you may end up watching it shrink rather than stay stagnant. 


also, does your place of employment have a 401k plan set up for its employees? if so thats a great way to invest/save at the same time. 

Yeah, but I'm not using it yet. I don't make enough money to do so IMO.

I'm a sports writer in NC. Newspapers' 401K plans = Suicide. The industry is coming to an end, just wanted to save money before heading back to school, again, for another degree.
  

Since your a sports writer start doing freelance work.
I've done it a few times, but it's considered a breach of contract, a terminable offense.

I'm down in Augusta, Ga. this weekend covering the D2 NCAA Tournament.

 

[depast]

Originally Posted by RedMan

Originally Posted by DEpast

kidplay wrote:

---

depending on your risk profile/age, you can invest in stocks or fixed income securities. do a little bit of research before you put your money to work, or else you may end up watching it shrink rather than stay stagnant. 


also, does your place of employment have a 401k plan set up for its employees? if so thats a great way to invest/save at the same time. 

Yeah, but I'm not using it yet. I don't make enough money to do so IMO.

I'm a sports writer in NC. Newspapers' 401K plans = Suicide. The industry is coming to an end, just wanted to save money before heading back to school, again, for another degree.
  

Since your a sports writer start doing freelance work.
I've done it a few times, but it's considered a breach of contract, a terminable offense.

I'm down in Augusta, Ga. this weekend covering the D2 NCAA Tournament.

 

[crcballer55]

Originally Posted by DEpast

Originally Posted by FullTech

get a 2nd job and save up from there

I've gone the second job route bruh, and it killed me this tax season.

Having a second job put me in another bracket and I wound up owing money. No more second jobs for me unless it's under the table cash.

Even if you end up owing taxes in the end, you're still coming out ahead.  You're just not having enough withheld.

Since you're going the Dave Ramsey route.  Follow his strategy in baby step 4 by investing in the 4 types of mutual funds for your retirement.  I have followed that advise and have done quite well in my retirement funds during the past couple years.

Don't worry about doubling your money in a savings/money market account.  You'll die long before then, especially paying only 1%.

To figure out how long it'll take your money to double, take the interest rate of the account and divide that by 72 to give you an estimate.  For example, your account is paying 2%, so 72/2=36 years.  The market averages a return of about 10%/yr. over the long run so it'll double approximately every 7.2 years when invested in the market.

 

[crcballer55]

Originally Posted by DEpast

Originally Posted by FullTech

get a 2nd job and save up from there

I've gone the second job route bruh, and it killed me this tax season.

Having a second job put me in another bracket and I wound up owing money. No more second jobs for me unless it's under the table cash.

Even if you end up owing taxes in the end, you're still coming out ahead.  You're just not having enough withheld.

Since you're going the Dave Ramsey route.  Follow his strategy in baby step 4 by investing in the 4 types of mutual funds for your retirement.  I have followed that advise and have done quite well in my retirement funds during the past couple years.

Don't worry about doubling your money in a savings/money market account.  You'll die long before then, especially paying only 1%.

To figure out how long it'll take your money to double, take the interest rate of the account and divide that by 72 to give you an estimate.  For example, your account is paying 2%, so 72/2=36 years.  The market averages a return of about 10%/yr. over the long run so it'll double approximately every 7.2 years when invested in the market.

 

[nostrandave68]

Rule of 72

 

[nostrandave68]

Rule of 72