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New to anything financial, have a couple questions
Posted on 9/23/16 at 8:55 am
Posted on 9/23/16 at 8:55 am
So as of right now I'm looking at a few ways to manage my money better. This past year I started paying for everything I could with a credit card with 1.5% cashback and paying my card off each month. I've looked back at my insurance policies to make sure I'm only paying for what I really want/need. I've also done other small things like purchasing more items off Ebay when I can get them cheaper while also taking advantage of the 2% cashback you get with ebay bucks.
These are all small time things, I know, but like I said I'm starting small. The next step I'm looking at would be a more competitive bank account. I currently have a simple checking account with Capital one. What exactly is a money market account and would it be a good idea to open one if I have near the 10k they say you need for a 1% APY?
Also, is there any other small tips anyone might have before I start going larger next year with investing in a home or IRA? Thanks, any help would be appreciated.
These are all small time things, I know, but like I said I'm starting small. The next step I'm looking at would be a more competitive bank account. I currently have a simple checking account with Capital one. What exactly is a money market account and would it be a good idea to open one if I have near the 10k they say you need for a 1% APY?
Also, is there any other small tips anyone might have before I start going larger next year with investing in a home or IRA? Thanks, any help would be appreciated.
2
Posted on 9/23/16 at 9:58 am to GhostofJackson
read sticky thread at the top. It will help get you started.
new to anything financial? how old are you?
new to anything financial? how old are you?
Posted on 9/23/16 at 11:03 am to Fat Bastard
31. I know I'm old as hell in the game, but better to start now than never. Will check out stickied thread.
Posted on 9/23/16 at 11:10 am to GhostofJackson
quote:
31. I know I'm old as hell in the game,
shite you are still a young buck. you will be ok.
quote:
but better to start now than never. Will check out stickied thread.
correct. don't feel bad. although i've been investing since my mid 20's i did not start a IRA until i was early or mid 30's although i did have taxable accounts and a 401k at the time. plenty people here can help you also with any mutual funds, ETF's, etc to get you started after you read sticky.
This post was edited on 9/23/16 at 11:12 am
Posted on 9/23/16 at 11:27 am to GhostofJackson
A money market account is just an account that pays a slightly higher rate of interest because your money is invested in very, very safe investments, not as safe as cash, but pretty darn close.
I would look around at other banks and credit unions to ensure you are getting the best deal on your checking needs. There is no reason to ever pay a fee unless you are getting a great interest rate and the interest well exceeds the fee.
The biggest suggestion I could give you is to watch your spending, understand your spending habits, and to try to save as much as you can. At this point, maximize retirement savings and try to build a 3-6 month emergency funds.
I would look around at other banks and credit unions to ensure you are getting the best deal on your checking needs. There is no reason to ever pay a fee unless you are getting a great interest rate and the interest well exceeds the fee.
The biggest suggestion I could give you is to watch your spending, understand your spending habits, and to try to save as much as you can. At this point, maximize retirement savings and try to build a 3-6 month emergency funds.
Posted on 9/23/16 at 6:57 pm to LSUFanHouston
quote:
The biggest suggestion I could give you is to watch your spending, understand your spending habits, and to try to save as much as you can.
Although this is certainly true, very often it's even better to invest in yourself and boost your income.
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