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

[SagMaria]

Wow that would be GREAT!!! PMd you!

Quote:

Originally Posted by 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

 

[Kiwi Girlie]

At the moment im trying to save to move to the same city as my boyfriend..and im terrible at saving. I get money automatically transfered from my checking account into a savings account that gains interest, And im doing alright, except i can still touch it. So I might change it to an account I can't touch until a certain time or something.

I personally think letting it grow interest in a bank account is the best way, if you leave a big wad of money in a high interest account for say a year, it will grow alot.

 

[duch3ss25]

Quote:

Originally Posted by 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!!!

Oh, I'm sorry but I don't know anything about ING Direct. Perhaps, I'll search for it tonight. But anyhow, you should ask banks in your area about their MM accounts. Some have minimum requirements and offer different interest rates. You do have more options with your money as opposed to just being in a checking/savings account.

This is why I used to put money in Paypal, meaning I transfer from my checking to Paypal and it shows as Paypal balance. There is no charge to this. Once you sign up with Paypal, you can do this anytime as long as you sign with your bank account. If you have even just 100 bucks on Paypal balance, they give about 5% interest. Right now, I get 5.04% but I've substantially lowered the money I put in because it's always a temptation when I check ebay and the specktra sales

Also, Marikat's offer is very generous. If you can avail yourself of a financial planner, it's always to your advantage. I learned to manage my finances and all the other options one can do with money through local community classes. If you have time, check your area for these as well. Good luck and I hope you find one option that works for you soon!

 

[Another Janice!]

I have a checking account and a savings account from my local bank. The interest rate is laughable (.25%). But I can have the funds right now if I need them.

I also have an ING Direct savings account where most of my savings is located. Right now, the rate is 4.50%

I also have a 401k. And am opening an ING Cd later this week.

 

[SagMaria]

CD...401K ... explain

!!

Quote:

Originally Posted by Another Janice! I have a checking account and a savings account from my local bank. The interest rate is laughable (.25%). But I can have the funds right now if I need them. I also have an ING Direct savings account where most of my savings is located. Right now, the rate is 4.50% I also have a 401k. And am opening an ING Cd later this week.

 

[MiCHiE]

401K is pre-tax monies that is invested for retirement (right?). Damn shame....I have one. For example, I would invest 8% and my company matched me dollar for dollar. I had about 10G after about 3 years. I also have ING checking and savings.

 

[Beauty Mark]

401K is for retirement, unless you cashout early (if you watched Project Runway this last season, Vincent cashed his out early).

Some companies match, some do not.

http://money.howstuffworks.com/ This is where I went to learn about credit cards when I turned 18. It's decent advice on financial things and very easy to understand. If you're in college, I'd check to see if there's a finance club or something of that nature to learn more.

 

[ginger9]

CD = GIC (Guaranteed Investment Certificate)
401K = RRSP

I highly recommend you visit a personal banker and/or an IA (Investment Advisor). You need to have a basic understanding of investment vehicles available. Maybe a Google search on Investment 101, RRSP etc is recommended. In addition you need to identify your investment goals and needs first and foremost before all else.

For example, given that you are not familiar with a lot of the terms here you probably want to start with the most low risk as possible. GICs or money market funds are a good idea. These will earn you a higher interest than just a Saving account with the bank but your money will not be as liquid in the sense that they will be locked up for a period of time or you may have to pay a penalty if you choose to convert to cash.

 

[SagMaria]

It's great to hear your advice, especially coming from Canada, I THINK things here differ from the states no, you seem to know quite a bit, have any more advice to offer?

Quote:

Originally Posted by ginger9 CD = GIC (Guaranteed Investment Certificate) 401K = RRSP I highly recommend you visit a personal banker and/or an IA (Investment Advisor). You need to have a basic understanding of investment vehicles available. Maybe a Google search on Investment 101, RRSP etc is recommended. In addition you need to identify your investment goals and needs first and foremost before all else. For example, given that you are not familiar with a lot of the terms here you probably want to start with the most low risk as possible. GICs or money market funds are a good idea. These will earn you a higher interest than just a Saving account with the bank but your money will not be as liquid in the sense that they will be locked up for a period of time or you may have to pay a penalty if you choose to convert to cash.

 

[SagMaria]

Such great advice! Can anyone recommend a particularly good book on investing .. something for Canadians of course ... and for newbies? I've tried to pick up a few books but they're so complicated the first two chapters give me a headache!!

 

[SELFstyled]

More info on 401Ks ( http://en.wikipedia.org/wiki/401(k) )

My company matches our contributions so it would be stupid not to take advantage of it. Also if you leave your company you can transfer/combine your existing 401K to your new company's (if they offer it).

It's smart IMO. Not a lot of people (in their 20s) are thinking about retirement but at the rate at how much the cost of living is rising every year it's better to start now.

 

[SagMaria]

Stocks!!

Is there someone here experienced with the stock market that can mentor me a bit...?

 

[Another Janice!]

Re: Stocks!!

buy low and sell high!

 

[SagMaria]

Re: Stocks!!

LOL, I was looking for a little more insight than that

 

[juli]

Re: Stocks!!

Quote:

Originally Posted by Another Janice! buy low and sell high!

LoL~

I am slowly looking into stocks as well.. but have no clue yet..

 

[Shimmer]

Threads merged due to topic similarity.


Good luck!


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