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Thinking About Investing- Help Please

RentRent I'm always rightFuckin' deal with itRegistered User regular
edited March 2009 in Help / Advice Forum
Info:
I'm in the military (active duty Army)
I got 2100 in savings right now
I just got my tax return back, and I'm getting paid on Friday, so I have 1700 to spend...I'll probably throw about half of that, maybe a little more, in savings, so figure 3000 in savings
I save half of my paychecks (700 a paycheck, I'll probably be promoted soon and will be hitting my two-year mark, so I'll be bumped up to about 800, 825 a paycheck)
No debt
What should I invest in? I was hoping for something with a high rate of return, that also kept the money locked in (to discourage me spending it)

Rent on

Posts

  • ThanatosThanatos Registered User regular
    edited March 2009
    What do you want to save for? A new house or business when you get out of the military? A new car? Retirement? Education?

    Thanatos on
  • matt has a problemmatt has a problem Points to 'off' Points to 'on'Registered User regular
    edited March 2009
    Nothing right now has a high rate of return without an extremely high risk. Low and no risk options are scraping the bottom of the barrel on return at the moment. If you're not going to spend the money for a while, stick it in CDs and forget about it until it matures.

    matt has a problem on
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  • RentRent I'm always right Fuckin' deal with itRegistered User regular
    edited March 2009
    Thanatos wrote: »
    What do you want to save for? A new house or business when you get out of the military? A new car? Retirement? Education?
    I don't know actually
    A house I guess (I might/most likely will go to West Point, plus I have the MGI Bill if I decide to just get out for education, I'll probably get a new car with the money I get from being deployed)...I don't really have a set plan for the money, just to save it and be...uh...fiscally responsible I guess

    Rent on
  • twmjrtwmjr Registered User regular
    edited March 2009
    matthasaproblem wrote: »
    Nothing right now has a high rate of return without an extremely high risk. Low and no risk options are scraping the bottom of the barrel on return at the moment. If you're not going to spend the money for a while, stick it in CDs and forget about it until it matures.

    I would agree with this 100%. If you are going to put money into the stock market right now, it should be money you are able to lose (i.e. not your savings). Any stock purchases I'm making during this time, I'm viewing as almost buying an item and not expecting to see the money again. If I do, wonderful, but it's not part of my savings.

    Definitely check into some CDs. If you're going to have cash coming in continually that you want to save, there are some CDs (usually <12 months) that will let you add money to them during their life span.

    twmjr on
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Penny Arcade Forums› Help / Advice Forum