How should I start my saving portofolio?Whit funds, money on bank or life insurance?
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Posted: October 15th, 2009 at 2:44 pm |
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October 15th, 2009 at 2:45 pm
depends on how old you are first of all. Also what your objective is.
October 15th, 2009 at 2:45 pm
IF u have more money pls send me then i told what to do ?
October 15th, 2009 at 2:45 pm
By start, I presume you mean you’ve done nothing thus far.
First, savings account, until you have saved 6 months worth of your paychecks (for emergencies) During this time, watch the stockmarket trends and watch Jim Cramer’s Mad Money….dang, but he is good.
Next, start investing in companies that have good growth…you should have learned something by watching Mad Money. There are dozens of online companies that will not charge you much for trades.
Do NOT sit on the computer all day and watch your stocks…that can be depressing. You need to expect ups and downs. Diversify.
Do not overextend your credit. Good credit is nice to have, but don’t let it run your life. Watch Suze Orman…she has the right idea.
Own a home in a good neighborhood.
If you are cautious at first, and have the savings to back you up in emergencies, you will slowly build your portfolio in time. Do not be in a hurry or make snap decisions.
Good luck! It can be fun.
October 15th, 2009 at 2:45 pm
first and foremost, you should look into a term life insurance package for you and your wife, not because you will need it right now, but for the peace of mind it will offer. And if you get it now, you won’t have to deal with needing it later and having to pay a higher premium. I have been in the situation where I needed to get insurance for an elderly parent, and just couldn’t afford the high premiums. then you should start putting an emergency fund in the bank. You should get enough money to live for atleast 3 months without worrying, so do not put it in a cd or an ira, just let it sit where you can access it "just in case". My husband is on an unplanned vacation right now for a whole month with no pay, his cowrkers are broke with no income, we went out last night for dinner. After you do this successfully, then you should work on your credit and invest in a private home for yourself. The most important investment you will ever make is your home, and you will be able to turn to your equity if you are ever in a desperate time of need. Pay off your vehicles, my husband and I have 2 cars, mine is a peice of crap, but it is payed for. I have wanted an escelade for a long time, but i choose financial security over a good ride any day. Finally, when your life is secure, get low yield savings stared, there is almost no risk. Things such as CD’s or IRA’s, and last , when you have elastic money, or money that you do not need, invest in short term high risk stocks to gain the most, but your risks will be higher.
October 15th, 2009 at 2:45 pm
Much of this is personal preference–you really should be comfortable with your investment method. There are many ways to head, but let me provide a rough framework of how I would begin.
LIQUID FUNDS
First, you should have a decent amount in "liquid savings", which means that you should have money available to you quickly in case there is an emergency or urgent situation. Typically, the experts will tell you that this amount should be able to cover 3-6 months of your normal expenses. This is VERY hard for most people to do! Who has that kind of money sitting around when they start thinking about building a portfolio? And it’s boring to build a savings account!
BANKING
You may consider splitting money between a local bank account (which typically has dismal interest rates but easy access) and chasing a bank that has a high interest rate (and maybe–maybe–a little more red tape involved in accessing the money). I’ve attached an article from about.com on this issue, and they have links to reviews of ING, HSBC and Emigrant on the page. Money magazine also lists the highest savings accounts, and they have for many years. Make sure all your bank accounts are FIDC insured and that you are not doing business with a fly-by-night operation.
You have lots of choices, with CDs, etc. DO NOT lock up this money in long-term CDs! Too risky, and the idea is to have LIQUID funds available. 3-6 month CDs are usually fine, and you can ladder them (set up several CDs so that the maturity dates take place at different times.) If you want to keep it simple, you can just use vanilla savings account(s) if you are happy with the interest rate(s).
THE NEXT STEP
Next, you should start out with something that will be automatically diversified, meaning that you have your money spread out in case one company or bond crashes, it won’t really impact you. To accomplish this, I suggest mutual funds.
Mutual fund investing is a gigantic topic by itself, but I think the best thing to do when you start out is to invest in something like one of Vanguard’s (VERY LOW expenses) index funds that mirror a large part of the stock market. Vanguard has been famous for years as a force in low-cost index funds, but there are other companies out there. See the attached Vanguard web page for more on them. As you learn about investing and build up some money, you can branch into growth stock invesments, value stock investments, bonds, etc., but don’t mess with that stuff until you have enough money to make it worth your effort. $10,000-20,000 is a good time to think about specific strategies **IF** it interests you, and you can have $50,000-100,000 before it makes sense for people who don’t really have an interest.
LIFE INSURANCE
Life insurance should NOT be considered a prudent investing option, even though you will get salespeople who will try to tell you that it is. Life insurance should be purchased to protect your dependents from a financial catastophe if you die and cannot provide for them. How much do you need? Well… a LOT! I’ve attached an article from Fool.com on the subject. In most cases, I would get term insurance but I will limit my answers, as that, again, is a gigantic topic by itself.
You should be proud about your decision to look into this subject. Many people don’t think about it until it is too late. My comments above are, of course, my opinion. Take it for the price I charged.
October 15th, 2009 at 2:45 pm
As an average, everyone should have different types of savings in progress. Here is what you should be doing based on your monthly guaranteed pay.
Pension Plan: Half your age and this percent.
Savings: 10% of your monthly pay, BEFORE other spending
Emergency: 6 months expenses stashed just in case
Extras: Any extra you get each month for investing & treats
That should start you, but vary it to fit you. Its YOUR plan.
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