miaissocoollike 1,248 Posted September 21, 2016 Share Posted September 21, 2016 I have been thinking about this for a while now. I've saved up quite a sum in my savings account and I was thinking I should put it somewhere for it to grow. The first option I thought of was mutual funds, something like Sun Life but then again it's quite too risky. The next I've thought of is time deposit, but the interest is too small. Why is this adult thing so hard. Then there's stocks, which I have zero knowledge on Has anyone here tried any of the options I've listed above? How do you guys handle your savings? Link to comment Share on other sites More sharing options...
Kyrie 6,251 Posted September 21, 2016 Share Posted September 21, 2016 It'll accumulate interest in the bank. It won't be a huge growth but basically by keeping it there you're guaranteed growth without risk. At least until you come up with a plan to make it grow. You could also buy bonds? I don't even have savings, haha. I'm the worst adult. Link to comment Share on other sites More sharing options...
Vip ex-Elvis 597 Posted September 21, 2016 Share Posted September 21, 2016 Buying treasure bonds in my country is pretty safe. As long as it isn't a quantity over 100.000€/$ you're always guarranteed the money in a time deposit, although it's shit growth rate Link to comment Share on other sites More sharing options...
miaissocoollike 1,248 Posted September 21, 2016 Author Share Posted September 21, 2016 It'll accumulate interest in the bank. It won't be a huge growth but basically by keeping it there you're guaranteed growth without risk. At least until you come up with a plan to make it grow. You could also buy bonds? I don't even have savings, haha. I'm the worst adult. I've been working for 3 years and I just opened a savings account last month lol. I have no idea what bonds are and other financial matters so I can say also belong in the worst adult category. Buying treasure bonds in my country is pretty safe. As long as it isn't a quantity over 100.000€/$ you're always guarranteed the money in a time deposit, although it's shit growth rate Unfortunately we don't have anything like that where I live. I guess options are better there. I might have to leave it intact in my acct until I have it all figured out. Link to comment Share on other sites More sharing options...
Mr. Phoenix 105 Posted September 21, 2016 Share Posted September 21, 2016 It'll accumulate interest in the bank. It won't be a huge growth but basically by keeping it there you're guaranteed growth without risk. At least until you come up with a plan to make it grow. Not any more. Interest rates are so low they pay less than the fees the banks charge today - and we'll probably see outright negative interest rates on savings accounts within the next couple of years. Buy physical gold and silver to preserve value when you can, but when you are young you need to invest most of your money into your own education and training. Those are things that banks and governments can't easily steal from you, Link to comment Share on other sites More sharing options...
Ginger91 195 Posted September 21, 2016 Share Posted September 21, 2016 I would invest it in companies tbh but if Great Depression 2.0 rolls around you're fucked Link to comment Share on other sites More sharing options...
Kyrie 6,251 Posted September 21, 2016 Share Posted September 21, 2016 Not any more. Interest rates are so low they pay less than the fees the banks charge today - and we'll probably see outright negative interest rates on savings accounts within the next couple of years. Buy physical gold and silver to preserve value when you can, but when you are young you need to invest most of your money into your own education and training. Those are things that banks and governments can't easily steal from you, Ah- see, I'd also try looking into finding banks that won't charge fees if you have direct deposit or a minimum balance. Def agree completely with the second half, though. Link to comment Share on other sites More sharing options...
miaissocoollike 1,248 Posted September 21, 2016 Author Share Posted September 21, 2016 Not any more. Interest rates are so low they pay less than the fees the banks charge today - and we'll probably see outright negative interest rates on savings accounts within the next couple of years. Buy physical gold and silver to preserve value when you can, but when you are young you need to invest most of your money into your own education and training. Those are things that banks and governments can't easily steal from you, I don't get interest and bank charges really. I think I need to talk to someone to walk me through this LMAO. Actually, I originally wanted to get an MA but graduate education is so expensive I would invest it in companies tbh but if Great Depression 2.0 rolls around you're fucked I know right. That's why when someone offered about buying stocks I was apprehensive Link to comment Share on other sites More sharing options...
Hwayoung 1,594 Posted September 21, 2016 Share Posted September 21, 2016 i thought sunlife was safe (?) but usually isn't it the safer it is the less returns you will get Link to comment Share on other sites More sharing options...
theqwerty 279 Posted September 21, 2016 Share Posted September 21, 2016 I have invested in VUL , which is basically insurance + investment.I'm also considering stock investment but I'm not well versed in investing yet so UITF/ mutual funds might be a good idea. Consider talking to a financial adviser or attending some free seminars for financial literacy. Link to comment Share on other sites More sharing options...
♥SNS-Shinomiya♥ 420 Posted September 21, 2016 Share Posted September 21, 2016 I use a cash back rewards card (so I can get a little money back) and I buy silver (and when I am able to gold)...that is about as much savings as I can do at this point since I am broke. Link to comment Share on other sites More sharing options...
funkycucumber 2,890 Posted September 21, 2016 Share Posted September 21, 2016 Buy indexes! They are better than funds which often come with hefty admin fees. Link to comment Share on other sites More sharing options...
miaissocoollike 1,248 Posted September 21, 2016 Author Share Posted September 21, 2016 i thought sunlife was safe (?) but usually isn't it the safer it is the less returns you will get I'm interested in one of their plans, it goes something like invest a sum for five years then you get to withdraw it after and it's much bigger. Though, I don't know anyone who already got their cash back. I have invested in VUL , which is basically insurance + investment. I'm also considering stock investment but I'm not well versed in investing yet so UITF/ mutual funds might be a good idea. Consider talking to a financial adviser or attending some free seminars for financial literacy. How long have you been depositing in the insurance/investment plan? I've actually talked to a financial adviser from Sun Life, maybe I should explore more. I use a cash back rewards card (so I can get a little money back) and I buy silver (and when I am able to gold)...that is about as much savings as I can do at this point since I am broke. I might have to check out that gold/silver buying thing, though I don't know where to begin where I live lmao Buy indexes! They are better than funds which often come with hefty admin fees. Thanks! Will read up on it! Link to comment Share on other sites More sharing options...
Kstarnet 1,502 Posted September 21, 2016 Share Posted September 21, 2016 Buy indexes! They are better than funds which often come with hefty admin fees. Can you tell me what is indexes because I have no idea regarding this Link to comment Share on other sites More sharing options...
Hwayoung 1,594 Posted September 21, 2016 Share Posted September 21, 2016 I'm interested in one of their plans, it goes something like invest a sum for five years then you get to withdraw it after and it's much bigger. Though, I don't know anyone who already got their cash back. i haven't heard of anyone getting scammed by sun life so it might be a good start for u just make sure to do some more research so u really know what you'll get out of it :--) Link to comment Share on other sites More sharing options...
theqwerty 279 Posted September 21, 2016 Share Posted September 21, 2016 How long have you been depositing in the insurance/investment plan? I've actually talked to a financial adviser from Sun Life, maybe I should explore more. I have my Sun Life policy for a year now. Link to comment Share on other sites More sharing options...
Oli London 1,762 Posted September 21, 2016 Share Posted September 21, 2016 I learned in econ to put my money in a momey market account because it accumulates more money than a savings account but it has higher interest rates. Link to comment Share on other sites More sharing options...
miharudesu 1,916 Posted September 22, 2016 Share Posted September 22, 2016 I had a plan with Sunlife kind of like the one you are talking about. It's a life insurance plan where you pay a certain amount quarterly, then some part of it circulates as part of your bonds. It does work and it does earn you some money, especially if you are diligent with paying and complete the time period. Sun Life as a company seems stable and doing well in the market, so you have no reason to worry that they might go bankrupt anytime soon. So investing money on them is relatively low-risk. I don't suggest a bank time deposit because the increase is too small and, quite frankly, not worth it. I will suggest investing on the stock market, but those are quite expensive too and risky especially if you don't know what you are doing. I know graduate education is expensive and, tbh, I also used that excused a lot to keep delaying my Masters. Believe me it's only going to get more expensive as you get older, so if there is something you want to pursue now and you have money for it, I suggest to just go for it Link to comment Share on other sites More sharing options...
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