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Originally Posted by Incinerator
The safest way would be to just go open up an account at ING and stick those 2-3 grand into a GIC, their term varies from 90 days to 5 years so you got a lot of flexibility there, since you're not doing anything with the money anyways it's better than letting it collect dust in your regular account. those $500 a month you can stick it into ING's savings account and you can move that money back into your regular account whenever you need it. That's the safe way to grow your pile of cash a little, and you don't have to worry about watching the stocks jump up & down.
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Yeah, this would be better than a regular bank account, but it still sucks. You're hardly beating inflation with one of those cash performer accounts or a GIC.
I hate GICs with a passion.
My advice to you young feller with the $2K would be to sell your car and buy a used one in decent shape with the cash first and foremost. Unless you really need it. Live within your means and you'll be raking it in monthly, trust me.
As for that $2000... it all depends on what you want to do and where you want to go. I'd suggest you do the following:
Come up with 50 things you want to have accomplished by the time you are 50, and what your net worth will be at that time. With all the different investment options out there, you really need to know what your goals are before you can make a choice on how aggressive you need to be.
Come back and post what you want your net worth to be and we can keep talking!