What's your best money saving or investing strategy?

United States
September 18, 2007 4:54am CST
I'm looking into various ways to save and invest my earnings and was wondering what everyone else is doing? Do you save in high yield savings accounts? IRA's, CDs, 401K? Do you invest in stocks, real estate? What is your strategy for making your money work for you?
3 people like this
4 responses
• Hong Kong
18 Sep 07
I save money through cutting the daily expenses and use the surplus to invest in stock options. I can't do real estate here because it involves in a large sum of money and too much risk! I prefer stocks for now. For now, I buy mostly high risk stock, but once I have saved up enough, I would buy the blue chip stocks and let the interest feed me! But these days I need to spend my savings because I will be jobless, so I don't know when I could buy the blue chip stocks *laughs*.
• United States
14 Nov 07
Personally, I invest in stocks. But I am currently looking into Options, Commodities trading, and possibly also trading currency. But to the normal person, I would advise definitely to look into stocks. Watch "Mad Money" on CNBC at 6pm on Weekdays. You will learn alot!
@suspenseful (40193)
• Canada
5 Dec 07
I have a high interest savings account plus I have some retirement GICS. I would like to invest in stocks, but do not make enough to do that without risking it. I did have a mutual fund account years ago, but the guy ran off to the Cayman Islands and because of that I am rather wary. I do not have enough for real estate either. So I will keep my money in high interest savings account and then put some in GICs until I get enough so I even if I pay income tax, I will still make a profit. I do not make a large income.
@eric_v_b (261)
• Canada
17 Dec 07
Hello suspenseful, I was wondering how much do your high interest savings yield per year. what I mean is what is the interest rate? And the same for your GICs? Because I only get 4.50% and I was looking for higher interest rates.
1 person likes this
@kykidd (6812)
• United States
17 Dec 07
What is the savings account paying 4.5%? Mine just went down to 4.1 APY at ING Direct.
@kykidd (6812)
• United States
17 Dec 07
I myself put the money into a savings account that I can still get to if I need it. I have also purchased a rental property that is at this point paying for itself. I am counting on this instead of a 401k because 401k's tend to fluctuate so much and I am not sure that they rise as well as inflation.
• United States
19 Dec 07
rental property, that's really smart. I hope to be able to get into some rental property and flips in a year or two.
• Philippines
22 Dec 07
i am a regular employee. the best way to save is really get a passbook and deposit every payday a certain sum of money. no withdrawals. if there is extra, go ahead invest. there is no same formula for everyone.