Where to invest my life Savings!
By bushfiredmx
@bushfiredmx (111)
Philippines
January 5, 2008 11:11am CST
I've been working for almost three years now, and I've saved quite some money. I've recently placed my savings in a time deposit account, but with the way the dollar is going, I'm not earning that much in Time deposits. I'm wondering what other alternative investments are out there in the market where I could place my money. I prefer the minimal risk investments since I don't want to lose my lifetime savings.
Hope you could help me in my small monetary dilemma! If you were in my position, where would you invest and how much are you willing to risk?
1 person likes this
4 responses
@bushfiredmx (111)
• Philippines
6 Jan 08
Thanks for the advise. By the way, how exactly does minvestment.com work? Have you tried it before and invested some money on it?
@34momma (13882)
• United States
5 Jan 08
if you are serious about investing your money, i would say that you open up a ING Direct savings account. I say put your money in there until you do your own personal research on where to invest your money. what is great about ING direct is the return on your savings. it is over 4% per month on what ever you have in there. so take your money stick it in there. then research research research!! don't take anyone else's word for where you put your money unless you are talking to a professional.
@34momma (13882)
• United States
5 Jan 08
the best investments are long term investments. if you are working see if you can invest in your 401k plan with your job. that is a good way to start. yet http://www.ingdirect.com is a great online savings account. I have had my money with them for three years now. i have my own account and one for each of my children. it is great and i make a great return on my savings.
@bushfiredmx (111)
• Philippines
5 Jan 08
Hmmm... That seems to be a great idea. 4% per month is not a bad rate for a savings account. And yes I've been doing a couple of research about investing and Ive read a couple of books but I've never actually tried investing in mutual funds, bonds, etc. Like I said I'm still not ready to take those kinds of risks.
1 person likes this
@kunwar123 (88)
• India
6 Jan 08
in younger years one should invest in shares, mutual funds,fixed deposits. then as one gets older one should invest in pension plans,systematic investment plans.
@bushfiredmx (111)
• Philippines
10 Jan 08
But in this case, where should I find such? I know they exist in the market but who do I ask and how do I avail them?
@jormins (1223)
• United States
5 Jan 08
I could be wrong about this but I believe the dollar is poised for a nice comeback. I think we'll see another 6-12 months of slowdown/recession, but after we kick Bush out of the White House I see the dollar recovering back to a normal value.
Another thing that is a deal right now is real estate but that is very dangerous as taxes rise, you might get stuck with a house you can't sell for value because of the economy. But right now I'm sure you can find some great deals on housing with the housing crisis in full swing.
@bushfiredmx (111)
• Philippines
5 Jan 08
You're probably right about real estate. It's kinda hard to take that area in consideration because of the way things are going. I got a friend who's a real estate agent and she mentioned that it was really hard to sell houses nowadays. I hope you're right about the dollar coming back though. I sure hope that it comes sooner than we expect.
@DianeP8 (1)
• United States
7 Jan 08
Did you know you can invest in real estate inside your IRA?
Millennium Trust Company (www.mtrustcompany.com/services/ira/real.asp) custodies real estate as well as other alternative assets (futures, hedge funds, etc) in IRAs. They can walk you through the process. Try contacting Sandra Reese (sreese@mtrustcompany.com) for more info.
Another good read is Diane Kennedy's "The Insider's Guide to Tax Free Real Estate: Retire Rich Using Your IRA".
