Money - How do you ladies invest your hard earned dollars?

[SagMaria]

Okay I am really sick and tired of working my ass off for my money and having sit in my chequing account doing nothing. I am clueless when it comes to RRSPs, Stocks, investing and all that. How do you ladies make the most of your money and how do you save it? I'm just at that point where at 26 I feel I should not have a chequing account with a 3 digit number in it

 

[MsCuppyCakes]

MAC, silly girl, just kidding. Diversified funds.

 

[Holly]

I really want to get a savings account and a checkings account. But right now what I do is I make sure I always have at least 5k in my bank account, and I can spend whatever I want as long as I don't go under that amount. I should probably try and save more money than that but mehhhhhhh I want my MAC and shoes... and clothes... lol

 

[SagMaria]

Okay please dont think Im daft but what are diversified funds?

Quote:

Originally Posted by MsCuppyCakes MAC, silly girl, just kidding. Diversified funds.

 

[SagMaria]

Yeah but I just dont want my money to SIT there ... I want it to work for me...

Quote:

Originally Posted by Holly I really want to get a savings account and a checkings account. But right now what I do is I make sure I always have at least 5k in my bank account, and I can spend whatever I want as long as I don't go under that amount. I should probably try and save more money than that but mehhhhhhh I want my MAC and shoes... and clothes... lol

 

[MsCuppyCakes]

Not at all. Check this link out: https://www.fidelity.com/frameless_pr_B.shtml

Quote:

Originally Posted by SagMaria Okay please dont think Im daft but what are diversified funds?

 

[kaliraksha]

I have a Roth IRA, but I think that may be a US thing. Consider an investing firm- at least a CD or some type of account that earns you interest so it's at least doing something in the mean time. I know that Vanguard has like a pretend 'stock' and you 'buy them' but really you are just handing it over to them to do what they please with it and you treat it like a stock they just tell you how well it's doing.

Best of luck! I'm still a bit lost on the whole thing but I occasionally visit some of the popular investing or money forums for answers. I bet there are some decent investing groups you can ask questions in your area.

 

[SagMaria]

Hmm yeah I'm thinking the US and Canada have different ways of doing things, any advice on the Nucks side?

 

[sexypuma]

Well, maybe you can start off with CDs and also I know that ING and HSBC offers checking account with a decent interest rate, better than having a checking with 0 interest. As for the stock market it all depends on your level of risk tolerance. Most people with modest funds opt for mutual funds, make sure though that maintenance fees are not so high that they eat away your return.

 

[SagMaria]

May I ask what CDs are?

Quote:

Originally Posted by sexypuma Well, maybe you can start off with CDs and also I know that ING and HSBC offers checking account with a decent interest rate, better than having a checking with 0 interest. As for the stock market it all depends on your level of risk tolerance. Most people with modest funds opt for mutual funds, make sure though that maintenance fees are not so high that they eat away your return.

 

[kaliraksha]

Hmm I'm pretty sure this isn't a US only thing, but I could be wrong. Taken from here http://www.sec.gov/investor/pubs/certific.htm

:
[FONT=Verdana,Arial,Helvetica]Investors searching for relatively low-risk investments that can easily be converted into cash often turn to certificates of deposit (CDs). A CD is a special type of deposit account with a bank or thrift institution that typically offers a higher rate of interest than a regular savings account. Unlike other investments, CDs feature federal deposit insurance up to $100,000.[/FONT]
[FONT=Verdana,Arial,Helvetica]Here’s how CDs work: When you purchase a CD, you invest a fixed sum of money for fixed period of time – six months, one year, five years, or more – and, in exchange, the issuing bank pays you interest, typically at regular intervals. When you cash in or redeem your CD, you receive the money you originally invested plus any accrued interest. But if you redeem your CD before it matures, you may have to pay an "early withdrawal" penalty or forfeit a portion of the interest you earned.[/FONT]

 

[sexypuma]

CD means certificate of deposit. You loan money to a bank for a determined period of time for a certain interest rate on your deposit. You may not withdraw money from the principal until you reach the amount of time for which you signed up, which means that this should be money that you will not need immediately. There is 0 risk since you get back at the maturity, the principal plus interests. So the interest rates are pretty low. You should shop around and find out which banks offers the best rate.

 

[Beauty Mark]

Investing your money, unless you get very lucky in the stock market or something similar, isn't going to help your bank account be in the 4+ digit range. You have to let your money sit and grow.

Where is your money going? I would have a jar or something similar and put all your change in the jar. It'll add up fast. Then I would start a savings account with a good interest rate; ING is what everyone recommends, but I have a savings account through my bank because it makes my checking account free.

Once you establish your savings account, have like $20 or so every month directly deposited into your savings.

It's simple to do. It isn't going to be as great of growth as mutual funds or stocks or your other options, but your money is still accruing interest and you can easily access your savings account, should an emergency come up.

 

[SELFstyled]

I use ING Direct (very easy!) & contribute to a 401K as well. It helps when it's automatically deducted from your account so you're not tempted to spend it.

 

[Raerae]

Right now i'm just staching it in my checking...

I've made a point to save up money, and I'm over 5k in under a year. I've really forced myself to put a hold on my spending habits. This comming from the girl who filed for Bankruptcy last year and was over 25k in debt hehe...

It's doable, you just have to prioritize what you want in your life. This doesn't mean I dont spend on myself, it just means I dont do it as often.

 

[kimmy]

i'd go with a cd. that way you can't take the money out even if you see something you want...whereas having money in a checking account is like having the money on hand whenever you want to use it.

 

[duch3ss25]

I'd go with a money market as opposed to a CD. It's the same as a CD, but you can withdraw it anytime you want (might be less interest rate though).

For me, I've put some money on diversified stocks and mutual funds as well as money market accounts. The past 6 months though, I've put my money on MM account online. I came across this site called <emigrantdirect.com> and it's better than any banks CD or MM accounts I've put my money in. They give 5.05% interest and you can transfer it back and forth to your checking account whenever you want to. It only takes about 4-5 days (at most) in between. Oh yeah, btw, this site is legit. Financial gurus and books refer to it at times.

Also, you can put money on Paypal as well. I don't know how much they give now but it's much better than having your money sit in the checking or savings for less than 1% interest, IMO. HTH a bit!

 

[marikat]

If you want, my hubby is a financial planner and he works in burnaby!
You can feel free to give him a call and he will take the time to explain things to you properly and it won't cost you anything.

message me if you are interested and want to get his number

 

[SagMaria]

What's 401k? Thanks!!

Quote:

Originally Posted by SELFstyled I use ING Direct (very easy!) & contribute to a 401K as well. It helps when it's automatically deducted from your account so you're not tempted to spend it.

 

[SagMaria]

The link you gave me is US only but I am thinking ING Direct Canada is similar to this? Does anyone know where I can invest in a money market account in Canada? Can you do it through your bank? Also what do you mean by putting money towards PayPal, sounds intriguing!!!

Quote:

Originally Posted by duch3ss25 I'd go with a money market as opposed to a CD. It's the same as a CD, but you can withdraw it anytime you want (might be less interest rate though). For me, I've put some money on diversified stocks and mutual funds as well as money market accounts. The past 6 months though, I've put my money on MM account online. I came across this site called <emigrantdirect.com> and it's better than any banks CD or MM accounts I've put my money in. They give 5.05% interest and you can transfer it back and forth to your checking account whenever you want to. It only takes about 4-5 days (at most) in between. Oh yeah, btw, this site is legit. Financial gurus and books refer to it at times. Also, you can put money on Paypal as well. I don't know how much they give now but it's much better than having your money sit in the checking or savings for less than 1% interest, IMO. HTH a bit!