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natali · 10-31-2007, 02:02 PM

what else can I do besides traditional savings or cds to make interest. I would like at lest 10% I only get 2% on saving I will never get rich on that<br />

UFOexist · 10-31-2007, 02:02 PM

IRA's.

CD's.

newrussian · 10-31-2007, 02:02 PM

Time deposits

Tzu · 10-31-2007, 02:02 PM

Buy and sell something.
Buy some second hand furniture, clean it up, and then resell it on the internet ...you will make 10% easy and have fun too.
Stick to items that people find useful...for example bedroom furniture with drawers -not too big -keep to the smaller sizes as they fit flats better.
Visit your local second hand shop

Lucia · 10-31-2007, 02:02 PM

You won't find a savings account with 10%- but if you won't need this $ for a while, dump it into some high quality mutual funds with a discount brokerage like Fidelity. Put some in every month to take advantage of 'dollar cost averaging' (google it if unfamiliar with the term).
Historically, given time (years to grow), $ in the stock market gives an average return of roughly 10% a year.

Marush · 10-31-2007, 02:02 PM

Okay when you consider savings, consider inflation. Our inflation is hanging around 2.7% so lets assume 3% for safety. This means subtract 3% from your interst rate...at 2% interest, you have a -1% interest rate! This means you lose 1% in real value every year! This is the #1 mistake American consumers make when putting money in savings. If you are really risk-averse and want to stay away from money markets, open a CD with an online bank...with about $1500 you can get 4%+ interest.

10-31-2007, 02:02 PM	#2
UFOexist Greenhorn Join Date: Jul 2006 Posts: 11 Rep Power: 0	what's the best way to make interest on your savings.? IRA's. CD's.

10-31-2007, 02:02 PM	#3
newrussian Greenhorn Join Date: Jul 2006 Posts: 21 Rep Power: 6	what's the best way to make interest on your savings.? Time deposits

10-31-2007, 02:02 PM	#4
Tzu Greenhorn Join Date: Jul 2006 Posts: 20 Rep Power: 6	what's the best way to make interest on your savings.? Buy and sell something. Buy some second hand furniture, clean it up, and then resell it on the internet ...you will make 10% easy and have fun too. Stick to items that people find useful...for example bedroom furniture with drawers -not too big -keep to the smaller sizes as they fit flats better. Visit your local second hand shop

10-31-2007, 02:02 PM	#5
Lucia Greenhorn Join Date: Jul 2006 Posts: 13 Rep Power: 0	what's the best way to make interest on your savings.? You won't find a savings account with 10%- but if you won't need this $ for a while, dump it into some high quality mutual funds with a discount brokerage like Fidelity. Put some in every month to take advantage of 'dollar cost averaging' (google it if unfamiliar with the term). Historically, given time (years to grow), $ in the stock market gives an average return of roughly 10% a year.

10-31-2007, 02:02 PM	#6
Marush Greenhorn Join Date: Jul 2006 Posts: 22 Rep Power: 6	what's the best way to make interest on your savings.? Okay when you consider savings, consider inflation. Our inflation is hanging around 2.7% so lets assume 3% for safety. This means subtract 3% from your interst rate...at 2% interest, you have a -1% interest rate! This means you lose 1% in real value every year! This is the #1 mistake American consumers make when putting money in savings. If you are really risk-averse and want to stay away from money markets, open a CD with an online bank...with about $1500 you can get 4%+ interest.

10-31-2007, 02:02 PM	#1
natali Greenhorn Join Date: Jul 2006 Posts: 31 Rep Power: 6	what's the best way to make interest on your savings.? what else can I do besides traditional savings or cds to make interest. I would like at lest 10% I only get 2% on saving I will never get rich on that<br />

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