Group: Member Posts: 296 Joined: 24-November 12 Member No.: 495,077
QUOTE (Rhyker @ Feb 23 2010, 07:03 PM)
I invest most of my money in long term managed investments. When you want some good education on the subject buy the entire Robert Kiyosaki book range and search for a local cashflow club meeting to play the cashflow 101 and 202 games.
Saving money is absolutely useless, that's what broke people do. You have to create assets that generate you a continous cashflow of passive income.
I love the way you think! Haha my thoughts exactly.
Group: Member Posts: 413 Joined: 7-August 13 Member No.: 522,222
Of course, you will want to start out by having a back up savings fund that can be used in case of emergencies for rent or house payment, utilities, moving expenses, etc. Then a secondary fund for car repair and other expenses you might not expect. Once you have a significant amount saved you can put that money into an interest bearing CD (should be short term so you can access the money when needed). Next you should establish some type of retirement account that cannot be accessed regularly without penalty. And, then have a small portion of your paycheck deposited. Or, have your bank automatically transfer money into that account every month. Over time, all this money will add up.
Group: Member Posts: 16 Joined: 9-October 13 Member No.: 528,184
I would avoid altogether long term managed assets because the fees you pay will cause you to largely underperform the market as they come right out of the profits. After trading on Wall Street for a few years, I observed first hand that most investment companies are useless at outperforming the S&P 500 because it is incredibly difficult to time the market effectively. If you don't want to invest straight in the market, I would suggest putting your money with one guy who actually has outperformed the market consistently over the years, Warren Buffett, and buy his Berkshire Hathaway Class B shares, BRK-B.
Not true, I used to think that way & was afraid to invest, leaving money in a low rate savings account of less than 1%. In Vanguard, you have control & keep track of your mutual funds every day, can switch to a different fund or exchange it to a treasury account if you want with no charge. I wished I did that a long time ago.
This post has been edited by resincome: Mar 30 2014, 10:36 PM