No savings account crew check in :)
03-19-2007, 10:47 PM
#1
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No savings account crew check in :)
Yep I do not have a savings account. Never had one and never had the desire to set one up..
why bother putting money into a different account? I just put the money into the investment directly.
why bother putting money into a different account? I just put the money into the investment directly.
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Originally Posted by WiLL
...I really wanna get out and shoot people.
h:
03-19-2007, 11:29 PM
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i like to use rothira as an example but it can be just about any types of investments
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'00 Dakar Bus CRS Edition
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'00 Dakar Bus CRS Edition
LCD Squad #0001
Originally Posted by WiLL
...I really wanna get out and shoot people.
03-20-2007, 07:51 AM
#9
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I use both investment ans saving
Normal Bank: Monthly Bill
HSBC Direct: Emergency Cash, Interest Earnings*, & Shorterm Goal (<5yrs)
Investment/Stock: Medium to Longterm Goal: 5-10 yrs for Medium Business goal, 10-50yrs for long term goal.
Saving Benefits:
Emergency Cash: Been very helpful when I buy cars, etc. I don't have to worry about IR for my cars.
Interest Earnings*: Often, my CCs offer free checks and balance transfer (w/o fees) for 0% APR for 12-18 mo. I transfer all that $$ to my HSBC Account. Making monthly minimum payments and pay off on the last month when the promotion period expires. So if 3 CC companies, each offer me 10,000, I'd have earned 5.05% x ($10,000 x 3) = $1,515 extra income/year w/o breaking a sweat. This also build up my credit history as well. ***However, it's very risky and requires that I'm in complete control of my income for 12-18mo period*** I must say, I'm making a lot more now since my CC history improves, and I've been approve for much higher credit limits.
Short Term Goal: I can put money in there monthly (as iff I'm doing a car payment). 60 months later, I'll have enought money to buy the car, etc. that I want, by cash, and furthermore, making IR on it instead of taking a loan and have to pay back interests
This also requires great devotion and in complete control of incomes.
So far, I've been doing great like I planned and not having to pay a single dime for IR on most of the stuffs I get besides 3 things:
a. Student loans at 2.65%
b. G35 payments (36mo.) to help my mom build up her credit by cosigned her. She never bought a car, etc. so she doesn't have any credit history.
c. House payments
And I must say, it's very tough keeping your $$ under control because like others, I've always impulsive buys, etc. I'm fortunate that my saving has help me a long way for all my short term goals. :yes:
Normal Bank: Monthly Bill
HSBC Direct: Emergency Cash, Interest Earnings*, & Shorterm Goal (<5yrs)
Investment/Stock: Medium to Longterm Goal: 5-10 yrs for Medium Business goal, 10-50yrs for long term goal.
Saving Benefits:
Emergency Cash: Been very helpful when I buy cars, etc. I don't have to worry about IR for my cars.
Interest Earnings*: Often, my CCs offer free checks and balance transfer (w/o fees) for 0% APR for 12-18 mo. I transfer all that $$ to my HSBC Account. Making monthly minimum payments and pay off on the last month when the promotion period expires. So if 3 CC companies, each offer me 10,000, I'd have earned 5.05% x ($10,000 x 3) = $1,515 extra income/year w/o breaking a sweat. This also build up my credit history as well. ***However, it's very risky and requires that I'm in complete control of my income for 12-18mo period*** I must say, I'm making a lot more now since my CC history improves, and I've been approve for much higher credit limits.
Short Term Goal: I can put money in there monthly (as iff I'm doing a car payment). 60 months later, I'll have enought money to buy the car, etc. that I want, by cash, and furthermore, making IR on it instead of taking a loan and have to pay back interests
This also requires great devotion and in complete control of incomes.So far, I've been doing great like I planned and not having to pay a single dime for IR on most of the stuffs I get besides 3 things:
a. Student loans at 2.65%
b. G35 payments (36mo.) to help my mom build up her credit by cosigned her. She never bought a car, etc. so she doesn't have any credit history.
c. House payments
And I must say, it's very tough keeping your $$ under control because like others, I've always impulsive buys, etc. I'm fortunate that my saving has help me a long way for all my short term goals. :yes:
