What are my options for short length saving?
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pepillo
Apprentice
Joined: 11 Jun 2007
Posts: 8
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 Posted: 09/19/07 - 09:01 Post subject: |
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Recently I spoke with my friend about unexpected problems in life. The fact of losing a job or similar ideas made me think. I started to think about saving some money which would be accessible if I need it. I have some stocks but I would like to save money for a short term. What are my options for short length saving?
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yehudi
Apprentice
Joined: 23 Nov 2006
Posts: 25
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| Posted: 10/19/07 - 02:35 Post subject: |
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In my opinion everybody need short term savings, to have some kind of security if something suddenly happens. Also, you can use savings for some things you wanted for a long time, like holiday on a distant location, wedding, new car. You should determine how much you can save and that depends only on individual circumstances. I think that you shouldn't keep all your money in stocks. I am a supporter of long term financial plans, but I also think that you should have an amount which you can take any time you want. Your return would depend on short term investment. One of them is checking account, but it's not designed for saving. Only some accounts give interest for stashing money, but it's used for transferring money in the first place. If you can look up for a flexible savings account with good accessibility, then you should make that deal. In my opinion the best way is to invest in Money Market deposit accounts since they are provided by banks and they are very flexible. Money Market Funds are also a good choice, and it's provided by brokerages. Government also offers some short term savings deals, like bonds.
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