I have a plan of having at least ,000 in my savings and not investing at least 0 a year in and . My goal is a diverisified savings.

 

  • Justin H 11:49 am on November 26, 2009

    Really what you should do is figure out your long term goals and then sit down with a financial planner to figure out where to put your money.

    At the very least, you should have your savings in a high yield savings account rather than just a standard savings. The average bank savings account has a yield of about 1/4% right now. I have a savings account with ING Direct that pays me over 3% (it was over 4% until the interest rate cuts earlier this year). And I believe you can get even better rates by putting your money with a company like Charles Schwab or other investment firms.

    Investing in stocks, bonds, annuities, real estate, and various other investment vehicles all carry some level of risk. But you are generally rewarded by higher rates of return. The level of risk you can accept depends on your goals and your investment horizon.

  • Love Canada 11:49 am on November 26, 2009

    I used to have a savings account once, a long time ago

    Invest now!

  • moni 11:49 am on November 26, 2009

    I feel you can take SIP scheme in good mutual fund and invest a part of your savings every month. Or else if you want to invest in equity then wait for time of market correction.

  • Meng Lee L 11:49 am on November 26, 2009