How do you multiply your money?
@MagicalBubbles (5103)
Canada
5 responses
@ausgc21 (340)
• Australia
4 Mar 10
I use 3 options to give my saving a good interest.
My main option is the high-interest online saving account, currently giving me 4%. I could get better with term deposits but with online accounts, I can move my money whenever I want.
The second option is shares. It's not a saving but an investment, though, as share prices were down pretty low last year, it definitely gave me a pretty good return. If I keep it over long period, at least at this point in time where the world economy still has a long way to recover, it's surely more profitable than saving.
The last strategy is to exchange it to a different currency. I only do this when there is a huge drop in one of the major currencies over a short period of time. I am not into forex so I won't do any day-trade with it. I have it exchanged when it's cheap, and let it sit for a couple of years until it comes back up.
So basically what I do is;
- when economy is good and interest rate is high, keep the money in saving account
- when economy crashes, exchange some of my savings with a foreign currency
- after economy have crashed, invest some more of my savings in shares, or whatever seems to be under valued
@MagicalBubbles (5103)
• Canada
4 Mar 10
Wow Ausgc!!! this is great information, thank you!!
I'll most definitely look into this. I wasnt too sure about online saving accounts as I was afraid they might disappear! I know they pay much more than banks do presently.
As for currency, our money keeps going up lately (not sure why) Im Canadian being paid in UK pound, so its not that good lately!!
Thank you, Im writing what you said down and will look into it!
1 person likes this
@ausgc21 (340)
• Australia
5 Mar 10
I'm glad you liked it :)
Basically, when the economy is good, everything goes up as well as interest rate so keep it in the bank and don't spend it. When people get money, they tend to start spending money, not realising that the price of goods & services have also gone up.
Then when economy crashes, and everything goes down including interest rates, take the money out from the bank and spend it or invest it otherwise, as most of the things would be cheaper than few months ago.
With regards to Canadian dollar, I think it's the same situation as our Aussie dollar. Chinese economy is in a bubble as there are more demands for cheaper goods nowadays, and therefore, resource exporters like Canada & Australia is also benefitting from it. Though, I personally think that bubble economy in China would not last long, so be very careful after the Shanghai expo. I'm planning to withdraw all my investments after the expo.
G'luk :)
@homeshoppers (6166)
• Philippines
4 Mar 10
in order to multiply money i guess you need to invest it even in small business. like me, i had few money on hand and im thinking of how can i multiply it to help for my birthing cost and then i remember that we have a piggery in the province. actually its my parents main business there and so i tried to contact my mother if i can invest some piglets too. and she said its a good idea and so she bought me piglets and come 5 months from now it will grow up and gain a lot so they can sold it to market for higher price and she said it can triple my money. i trusted them since its been their business and so i just sent them my last money for investment. theres too many business to start with that requires only small capital, all you need to do is figure it out.
1 person likes this
@MagicalBubbles (5103)
• Canada
4 Mar 10
Hello Homeshoppers!! You're lucky to know someone on the "inside" of the company. Im afraid here its all multinationals when it comes to pigs.
I'll keep that in mind though and look around.
Thanks for sharing!.....and Congratulations for tripling your money!!
@GardenGerty (160978)
• United States
4 Mar 10
Pay Pal pays a tiny bit of interest. So does my savings account. We have just a little money tied up in stocks. The best way to make money grow is to resist spending it too freely on things that will not last.
1 person likes this
@MagicalBubbles (5103)
• Canada
4 Mar 10
Im not spending lately GardenGerty....its not easy but Im doing it. haha!
I didnt know Paypal paid interests.....how come??...I'll have to look into that then. I know they charge me a fee when I get money!!
Thanks!!
@udayrao2 (781)
• India
4 Mar 10
I think the safest and surest besides the fastest way would be to invest in mutual funds of a reputed financial company having a good track record over the years - I have done that and happy about it.
Banks do not give high interest return rate
And the advantage is that you need not invest in one go- whenever you have spare cash and then when you need you can withdraw too.
ALL The Best
1 person likes this
@MagicalBubbles (5103)
• Canada
4 Mar 10
Hello Udayrao!! Ive heard about mutual funds but they dont pay that much lately, even those have low interest rates but never as low as the banks!!
Thanks for that info!!
@maryantilok (487)
• Singapore
3 Mar 10
i think the best way to save money and do not lose its value is the first you buy gold because gold everyone appreciate it and will now be drop the value if you intend to invest for long term and bring it put in the bank .or buy share if you have a proper plan and long term investment and understanding of account i think buy share it is one way it bring you with many profit ,you buy share of a company in your country you make money for yourself and you talk a part in growing up the economy of your country even it is just a small part ,
1 person likes this