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Fri 23 Jun, 2006 07:06 am
After the way the stock market has been going over the past couple of months, I need to think of ways to increase money for retirement. I have a 401(k) through work, but I don't think that will help me in 20 years. I'm looking into changing my allocations, but also if I can transfer some of that money into other accounts that will help me with retirement.
I do not make a lot of money, but I have the debt of a house, car, and misc. My credit is excellent and want to keep it that way.
Is there anyone that can offer assistance as to where to start and not cost me a lot of money, but help me in managing my later years.
Suggestions are appreciated.
Are you in the UK?
Im not knowledgable about money but I can suggest one easy way of getting a few hundred pounds extra a year.
Some banks are doing things called ISA's,you put up to 3,000 or 5,000 pounds(i think some may do a 10,000)into an ISA in one year, you dont get taxed on your savings and at the end of the financial year you get a few hundred extra pounds.
Ive got about £15,000 in one(saved over a few years)and I got a free £600!!!!
Thank you very much Mr Bank, Il gladly except free money!!!
Why don't you learn a skill to earn money Risk Free way?
Go to EDIT (Moderator): Link Removed for more information.
What ever you do, don't pay attention to that scamster. If you don't know how to play the market, and don't want to take the time to learn, don't try it. Instead, find ways to scale back your spending and put more away.
It takes time to learn how to invest on one's own. Best to try and take a course in Personal Finance. For openers, you might want to invest in CDs, mutual funds, US bonds till you learn more about the market.
I'm about in the exact same situation as yourself. I have a 401K through work and have invested a small amount in the stock market. I've subscribed to Money magazine as I'm trying to understand finances better. From what I understand, the stock market is best for long term investment. Also, extra money that I have just sitting in my checking account earning 1% interest is being put into CD's which have a 5% interest right now at a credit union.
I'd be interested in hearing what other advice you've been given.
I agree with Miller. Don't put your money into stocks, until you know what you are doing.
You CAN open a "virtual" portfolio. Sites like Yahoo finance and CBS Market Watch have a place where you can track a portfolio. Check out some stocks that look interesting to you. Without plunking down a single cent, create a "virtual portfolio" for yourself. Check the pages every day, and get a sense of how the stocks that you pick behave. When you create a portfolio, the web page has links to articles about the stocks in the portfolio. Read them. Learn about the different industries, and the forces that drive the market.
When you have learned more about the market, and feel more confident in your choices, THEN slowly start to buy.
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