What to do with ur long term savings?

[SampaGuy]

After watching the ING Direct ads on TV im really considering opening an account with them for my long term savings. I dont have that much right now so Wachovia money market is almost a waste of time. Is there something out there that has a better return rate than ING? Im looking for something with zero risk.

[Slow Motion]

Try an IRA...Im looking into what to do with the little i have also. Its alot you can do but most have risk when it come to high returns. Research. Or ask someone with a few hundred thousand in investments or someone who has money preferably someone rich.

[Julio]

www.bankrate.com is a great site that keeps you updated with current rates.

I have an ING account as well as an HSBC account.

HSBC > ING. Shit, citi is paying better then ING. honestly, all three of those are great companies.

New online banking is the way of the future.... Dont waste your money with local banks and there regular savings account. they pay shit.

ING /HSBC/ CITI all pay great interest on savings and you have access to your money anytime.

[Julio]

Try an IRA...Im looking into what to do with the little i have also. Its alot you can do but most have risk when it come to high returns. Research. Or ask someone with a few hundred thousand in investments or someone who has money preferably someone rich.

lol.. you dont have to be rich to have knowledge. Hes asking about small traditional savings account.

Shit, if you are rich.. You can't get roth ira account anyways...
They might not even know what a roth is.

BTW, you can also, look into CD's.. but, the rates that some of the online banks are paying are right up there with some CD's and you access to your $$ anytime unlike CDs.

If you are looking for future savings/retirement... you can look into having a Roth or 401K... Both are great.. Im more of a fan of the 401k anyways.. but both are great..
Roth Ira have some restriction, do more research on it though.

[GSRteg®]

Save....

[SampaGuy]

I have an ING account as well as an HSBC account.

Just wondering why you would have 2 different accounts? Why not move all your money to which ever one has a higher APY?


I found out that if I get a referral to ING I'll get $25 added to my account and whoever refers me gets a $10 referral bonus. That fact alone would make ING just as good for me as HSBCs rate, and after reading reviews online it seems that people prefer ING. Julio PM me and let me know if you can refer me

[Julio]

Just wondering why you would have 2 different accounts? Why not move all your money to which ever one has a higher APY?


I found out that if I get a referral to ING I'll get $25 added to my account and whoever refers me gets a $10 referral bonus. That fact alone would make ING just as good for me as HSBCs rate, and after reading reviews online it seems that people prefer ING. Julio PM me and let me know if you can refer me

You are correct, initially that was my whole plan.. but ended up just keeping both.


I will refer you, just make sure you deposit $250.00. =]

Just PM me your name and email you place on using with them.

Thanks.

[SampaGuy]

Done. Thanks so much, that was a good deal for both of us.

[thepolecat]

my mattress is the best place for me! i dont believe in the banking and credit institutions

[Julio]

Done. Thanks so much, that was a good deal for both of us.

[tony]

I use Fidelity's mutual funds for my long term savings, I'm seeing about a 11% return but last year was even better.

[sullen]

i think the best turn over would be for you to play the lotto. when you win, you can give me some cash too... hey just think, it could come out of your taxes as a charitable donation!

[Julio]

I use Fidelity's mutual funds for my long term savings, I'm seeing about a 11% return but last year was even better.

Thats pretty damn good... I'm with Franklin templeton right now and is doing about 9% right now..

[Kyle]

Save it mainly. Let a financial planner/investment person do what he wants with some of it.

[SampaGuy]

my mattress is the best place for me! i dont believe in the banking and credit institutions

u should educate yourself because thats a dumb thing to say. in simple terms, banking institutions give u free money.

lets say me, you, and tony (the guy that posted above) have $10,000.

-you put it under your mattress, never spend a penny of it and keep it there for 10 years. after 10 years, how much will u have? the same $10,000. ( actually u will have less than $10,000 because money depreciates because of inflation). after 10 more years, your money will have depreciated even more.

-i put my $10,000 in my simple 4.5% apy ING account. 10 years later, my money will have grown to $15,529.69 without me adding a single penny to the account. add another 10 years and ill have $24,117.14 (i would have more than double my initial amount)

-tony puts his $10,000 in his 11% apy mutual funds. after 10 years, he will have $28,394.21 and after 10 more years he will have $80,623.12

[tony]

Thats pretty damn good... I'm with Franklin templeton right now and is doing about 9% right now..

I go relatively aggressive for mutual funds and over time I've taken some hits, last summer just from May to July I lost about 10% of my earnings. Over the long term though it bounces back but I don't suggest it for those who cannot roll through the ups and downs.

[tony]

-tony puts his $10,000 in his 11% apy mutual funds. after 10 years, he will have $28,394.21 and after 10 more years he will have $80,623.12

Another thing to remember is if this is long term savings DO NOT TOUCH IT! Learn from my mistake, I took out about $4500 some years ago thinking it wouldn't make a big difference but with the nature of compound interest that $4500 set me back at least $7,000 today. When I'm finally ready to use my savings that $4500 would be in the mid to high 5 figure range.