ok.. so here is the idea.. save my money in a savings account first until I get $1,000 then deposit into a CD... or something.. Thats all I've got..

I would like to at least have enough money in 4-5 years to buy a new car or get me started on life

I was thinking of putting what ever I do not spend at the end of the month into the savings until I have the 1k.. and keep doing that..just budget myself for fuel, insurance, and a little bit of fun(ya know.. because there is this girl in my comp class I Soo want to get to know)


I bank through wachovia and they do offer some form of investing.. I just noticed instead of using a savings I could use a 12 month systematic saver CD ( or what ever it is) instead.. a minimum of 50$ per month with a 2.97 APR alot more than the standard savings account with a measly .15 APR

Look into a money market account. You can write checks over $250 from it and they yield more than the CDs. I got one through Vanguard and use it to save for bigger purchases.

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Chad
2006 Nissan Pathfinder LE
1998 Acura 3.0 CL
OBK#44
"Pleasure in the job puts perfection in the work." - Aristotle (384-322 B.C.)

SOLD
1985 300TD - Red Dragon
1986 300SDL - Coda
1991 - 300TE
1995 - E320
1985 300CD - Gladys

interesting.. I wont really need to access the money from the account.. minimum I would put into it a month would be 50$.. max would be what ever I have extra that I do not need.

I would also have to claim the ammount plus interest in my taxes as well... Compounding interest is a must

the newspapers usually have listings one day a week, of banks and what kind of rates they have. Usually, credit unions will pay a little more interest than a bank will, since a bank wants to make money, and a union just wants to exist.

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It is a truism that almost any sect, cult, or religion will legislate its creed into law if it acquires the political power to do so. Robert A. Heinlein


09 Jetta TDI
1985 300D

I have been very happy with an Orange account from ING. It accepts automatic deposit (I put money in every Wednesday) from checking, or deposit only when you want. The best part: No minimum amount to start, and a consistent 4-5% return. I've put aside over $4000 in the past 2 yrs this way...

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1985 300TD
1984 380SL
1983 280SE (full Euro, trunk triangle and all!)

Formerly owned:
1986 420SEL
1984 300D
1983 300D
1981 300SD
1976 300D

Your bank may be able to set up a money market account for you. It is separate from your checking account, and I think you can make up to 6 transfers a month to it (not sure of the number). Vanguard offers good ones, tho they might have a minimum initial investment amount. Always check the interest rates, as they vary widely.

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1985 380SE Blue/Blue - 230,000 miles
2012 Subaru Forester 5-speed
2005 Toyota Sienna
2004 Chrysler Sebring convertible
1999 Toyota Tacoma

If you want to purchase a new car, IMHO the best way to do so is buy an asset that covers it.

Stocks, bonds, business, real estate it doesn't matter. Buy an asset that covers it.

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1999 SL500
1969 280SE
2023 Ram 1500
2007 Tiara 3200

HSBC Direct, or Emigrant Direct are both good. ING is no longer the market leader. 5.05 APY is about what they are paying now... You can find CDs that will give you 5.5, but then you tie up the money.

PM me if you need more specific info.

Here are some sites that will help determining current interest rates
http://www.money-rates.com/cdrates.htm
http://www.highestcdrates.org/
Here is good site for info on mutual funds
http://www.morningstar.com/

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I'm sick of .sig files

What does that mean?

Electronic Banks are beating the socks off brick-and-mortar banks these days as far as interest rates go. You can go with E*Trade Bank and get a "complete savings" account that pays 5.05% currently. $100 minimum to open the account. You can link it to your current checking account and do cost-free electronic transfers between the two accounts.

The typical local bank is going to give about 0.33% on the same type of account. I guess they survive on the discomfort some people have with doing financial transactions on the Internet.

www.etrade.com

Learn to work on your own cars and buy something used that is easy to work on, and you'll save a TON of money over the average American.

Ken300D

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1982 300D at 351K miles
1984 300SD at 217K miles
1987 300D at 370K miles

I was thinking of a W124 300TDT .... The perfect car to me..

Learn about football and play $5 parlay cards every week.

Naw.... Dog Track is more exciting

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BENZ THERE DONE THAThttp://www.peachparts.com/shopforum/...c/progress.gif
15 VW Passat TDI
00 E420
98 E300 DT
97 E420 Donor Car - NEED PARTS? PM ME!
97 S500
97 E300D
86 Holden Jackaroo Turbo D
86 300SDL
(o\|/o)

Joe-

The most important thing at your age is discipline. I don't know what your job situation is, but if you can get your employer to fund weekly set deductions from your paycheck into an account (any account at this point) and then DON'T touch them, that IMO, is the best way to get started. And set an amount that is a bit of a strain. After awhile, you will adjust and won't really notice the bleeding.

Rick

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80 300SD (129k mi) 82 240D stick (193k mi)77 240D auto - stick to be (153k mi) 85 380SL (145k mi) 89 BMW 535i 82 Diesel Rabbit Pickup (374k mi) 91 Jetta IDI Diesel (155k mi) 81 VW Rabbit Convertible Diesel 70 Triumph Spitfire Mk III (63kmi)66 Triumph TR4a IRS (90k mi)67 Ford F-100 (??)