Where does everyone keep their money?
- Thread starter invisible777
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Your paper (fiat currency, aka useless crap) money or digital money is not worth saving.
The amount you're making in 'interest' is only a mirage. The amount you're losing via inflation makes saving money the dumbest thing you can do with it!
Check out Rich Dad Poor Dad, some Robert Kiyosaki stuff - he's a genius when it comes to financial advice
Get some income properties, if you only have 50k - invest 10% in gold and silver and find a partner to go in on real estate with you for income property.
As the gap between the rich and the poor widens, the middle class will disappear (starting to already) and people will start losing their homes (forclosures gone way up the last year).
People with rental properties will always make money because people will always need a place to live.
Invest however much you feel comfortable in gold and silver coins - now's a great time to get in because the FED just did some shit to inflate the USD and gold took a bit of a dive - but peopel are predicting it'll be upwards of $2500 an oz by the end of 2k8!
The amount you're making in 'interest' is only a mirage. The amount you're losing via inflation makes saving money the dumbest thing you can do with it!
Check out Rich Dad Poor Dad, some Robert Kiyosaki stuff - he's a genius when it comes to financial advice
Get some income properties, if you only have 50k - invest 10% in gold and silver and find a partner to go in on real estate with you for income property.
As the gap between the rich and the poor widens, the middle class will disappear (starting to already) and people will start losing their homes (forclosures gone way up the last year).
People with rental properties will always make money because people will always need a place to live.
Invest however much you feel comfortable in gold and silver coins - now's a great time to get in because the FED just did some shit to inflate the USD and gold took a bit of a dive - but peopel are predicting it'll be upwards of $2500 an oz by the end of 2k8!
Bonds and CD's are dead right now, you won't even beat inflation. (Luckily mine is locked in at 5%)
I reinvest as much as makes sense into my businesses. If you an invest into a website that pays itself off in a year and has a sustainable business model, this is probably the best return you'll get.
I was playing the market for a while, but have taken out most of my cash bc im a big pussy.
I reinvest as much as makes sense into my businesses. If you an invest into a website that pays itself off in a year and has a sustainable business model, this is probably the best return you'll get.
I was playing the market for a while, but have taken out most of my cash bc im a big pussy.
Care to share what bank?
commonwealth.. its called the netbank saver account.
Commonwealth Bank Group - Personal - Accounts NetBank Saver - Rates and Fees there ya go.. 7%. Why are USA interest rates so poor?
I was actually offered 7.7% personally by someone at the bank if i moved my credit union term deposit over, never bothered though cos i dont have that much $$.
Never been one for too many accounts or investments if you have money sat idle it could be put to better use buying property.
One thing to note if you have over 100k in savings make sure you use different institutions. As FDIC only insures to 100k per bank. A few of the options I use
emigrantdirect.com
ing
etrade
wamu online savings
capital one
These all have small variances in interest rates. But unless you're going to keep your money there for 20 years ( which I hope you're not ) it doesn't matter much as it's a few dollars different here or there even with the max balance of 100k.
emigrantdirect.com
ing
etrade
wamu online savings
capital one
These all have small variances in interest rates. But unless you're going to keep your money there for 20 years ( which I hope you're not ) it doesn't matter much as it's a few dollars different here or there even with the max balance of 100k.
Rentals is a good business, but plan on getting a management company to handle the BS. Smaxor, FDIC needs to increase that shit to at least 250k now. Retarded.
Edit: Guess I should have refreshed before posting.
Edit: Guess I should have refreshed before posting.
Well unarmed I don't know how many rentals you've owned, but I've owned my share. Yes they can be a good investment but even with a good property management company ( if there is such a thing as I went through 3 all based on referrals ) They screen well but life happens and tenant problems happen, it's all part of that business and to think any different is naive. I'm sure you probably read some Robert Kiyosaki, Wade Cook, or one of the other guru's out there and in theory it's great. In reality things are very very different. Next you're going to say Note Buying and Tax Liens are a easy, no management investment as well.
Spend the time where you're strengths are if that's internet marking make your money work there. If that's buying, selling and renting real estate that's where your time should be. But don't compare a savings account and owning property because they are very very very different things.
Spend the time where you're strengths are if that's internet marking make your money work there. If that's buying, selling and renting real estate that's where your time should be. But don't compare a savings account and owning property because they are very very very different things.
In other words, put your money where it works for you, the bank being the last place. Depends how liquid you want to be.
Unless you contract it out to a management company, which many do, but that eats up a lot of your profits.
I put all my money in pennies. Then I melt them bitches down and take them to the scrap yard.
edited to add: I made 18 cents off of 17 pennies. Now if I could just figure out how to scale that shit...
edited to add: I made 18 cents off of 17 pennies. Now if I could just figure out how to scale that shit...
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