Reply
Results 1 to 6 of 6
  1. #1
    Registered User chalup's Avatar
    Join Date: May 2011
    Age: 30
    Posts: 14,538
    Rep Power: 50073
    chalup has much to be proud of. One of the best! (+20000) chalup has much to be proud of. One of the best! (+20000) chalup has much to be proud of. One of the best! (+20000) chalup has much to be proud of. One of the best! (+20000) chalup has much to be proud of. One of the best! (+20000) chalup has much to be proud of. One of the best! (+20000) chalup has much to be proud of. One of the best! (+20000) chalup has much to be proud of. One of the best! (+20000) chalup has much to be proud of. One of the best! (+20000) chalup has much to be proud of. One of the best! (+20000) chalup has much to be proud of. One of the best! (+20000)
    chalup is offline

    Best way to start a "savings" account?

    I have 1500 ready to put down into something, and ill add 50 a week to it automatically. Not sure where to put it, but I don't want to have to do a thing after the initial setup. Was thinking acorns since I already have the card and account setup. Don't want to put it in my bank, crap returns. I've been reading up on money market accounts, but not entirely sure how they work?
    I was always looking at the finger pointing at
    the moon. Now I'm just looking at the moon.
    And there’s no me looking. There’s just looking.
    Reply With Quote

  2. #2
    Registered User Heaney's Avatar
    Join Date: Feb 2007
    Location: Ontario, Canada
    Posts: 9,646
    Rep Power: 15591
    Heaney is a splendid one to behold. (+10000) Heaney is a splendid one to behold. (+10000) Heaney is a splendid one to behold. (+10000) Heaney is a splendid one to behold. (+10000) Heaney is a splendid one to behold. (+10000) Heaney is a splendid one to behold. (+10000) Heaney is a splendid one to behold. (+10000) Heaney is a splendid one to behold. (+10000) Heaney is a splendid one to behold. (+10000) Heaney is a splendid one to behold. (+10000) Heaney is a splendid one to behold. (+10000)
    Heaney is offline
    Originally Posted by chalup View Post
    I have 1500 ready to put down into something, and ill add 50 a week to it automatically. Not sure where to put it, but I don't want to have to do a thing after the initial setup. Was thinking acorns since I already have the card and account setup. Don't want to put it in my bank, crap returns. I've been reading up on money market accounts, but not entirely sure how they work?
    Could just put it in an ETF that tracks the SP500 or Nasdaq on the next dip and check back in 20yrs
    Reply With Quote

  3. #3
    Registered User Miked1978's Avatar
    Join Date: Apr 2007
    Location: United States
    Age: 41
    Posts: 8,863
    Rep Power: 23308
    Miked1978 has much to be proud of. One of the best! (+20000) Miked1978 has much to be proud of. One of the best! (+20000) Miked1978 has much to be proud of. One of the best! (+20000) Miked1978 has much to be proud of. One of the best! (+20000) Miked1978 has much to be proud of. One of the best! (+20000) Miked1978 has much to be proud of. One of the best! (+20000) Miked1978 has much to be proud of. One of the best! (+20000) Miked1978 has much to be proud of. One of the best! (+20000) Miked1978 has much to be proud of. One of the best! (+20000) Miked1978 has much to be proud of. One of the best! (+20000) Miked1978 has much to be proud of. One of the best! (+20000)
    Miked1978 is offline
    This is what i did but with less starting $$$. I opened a TD Ameritrade account and bought a mutual fund with the money. I then hooked my bank account to my account and set up automatic deposits each week from my paychecks. Like literally $10 a week, poverty amount but whatever.

    Mutual Fund trades are free so its not costing me to buy them like it would a regular stock. They pay dividends and the dividends are automatically reinvested which is great and not something Robinhood does. The only manual thing I have do is go purchase more of the mutual fund with the money I put it weekly from my paycheck. I usually login once or twice a month and buy the same fund with the money I have accumulated.

    I would like to hijack your thread and ask others what are some good funds to invest in? I'm currently in STVTX (Virtus Ceredex Large-Cap Value Equity Fund Class I) but not that thrilled with its overall performance but it does pay dividends pretty often.
    LOL @ people who follow politics
    Reply With Quote

  4. #4
    Registered User chalup's Avatar
    Join Date: May 2011
    Age: 30
    Posts: 14,538
    Rep Power: 50073
    chalup has much to be proud of. One of the best! (+20000) chalup has much to be proud of. One of the best! (+20000) chalup has much to be proud of. One of the best! (+20000) chalup has much to be proud of. One of the best! (+20000) chalup has much to be proud of. One of the best! (+20000) chalup has much to be proud of. One of the best! (+20000) chalup has much to be proud of. One of the best! (+20000) chalup has much to be proud of. One of the best! (+20000) chalup has much to be proud of. One of the best! (+20000) chalup has much to be proud of. One of the best! (+20000) chalup has much to be proud of. One of the best! (+20000)
    chalup is offline
    Originally Posted by Heaney View Post
    Could just put it in an ETF that tracks the SP500 or Nasdaq on the next dip and check back in 20yrs
    ETF doesn't have insane amount of early WD fees? thats the only caveat for me.
    I was always looking at the finger pointing at
    the moon. Now I'm just looking at the moon.
    And there’s no me looking. There’s just looking.
    Reply With Quote

  5. #5
    Registered User Heaney's Avatar
    Join Date: Feb 2007
    Location: Ontario, Canada
    Posts: 9,646
    Rep Power: 15591
    Heaney is a splendid one to behold. (+10000) Heaney is a splendid one to behold. (+10000) Heaney is a splendid one to behold. (+10000) Heaney is a splendid one to behold. (+10000) Heaney is a splendid one to behold. (+10000) Heaney is a splendid one to behold. (+10000) Heaney is a splendid one to behold. (+10000) Heaney is a splendid one to behold. (+10000) Heaney is a splendid one to behold. (+10000) Heaney is a splendid one to behold. (+10000) Heaney is a splendid one to behold. (+10000)
    Heaney is offline
    Originally Posted by chalup View Post
    ETF doesn't have insane amount of early WD fees? thats the only caveat for me.
    Nah its the same as buying a stock but instead of an individual company it tracks an index so for example if you bought QQQ it tracks the nasdaq so you are getting exposure to the Top 100 tech stocks and you can just withdraw it whenever you want. That is just an example there are tons of ETFs out there and you'll likely see a much better return than a savings account.
    Reply With Quote

  6. #6
    Pattaya Dan916's Avatar
    Join Date: Nov 2008
    Posts: 28,845
    Rep Power: 21400
    Dan916 has much to be proud of. One of the best! (+20000) Dan916 has much to be proud of. One of the best! (+20000) Dan916 has much to be proud of. One of the best! (+20000) Dan916 has much to be proud of. One of the best! (+20000) Dan916 has much to be proud of. One of the best! (+20000) Dan916 has much to be proud of. One of the best! (+20000) Dan916 has much to be proud of. One of the best! (+20000) Dan916 has much to be proud of. One of the best! (+20000) Dan916 has much to be proud of. One of the best! (+20000) Dan916 has much to be proud of. One of the best! (+20000) Dan916 has much to be proud of. One of the best! (+20000)
    Dan916 is offline
    M1Finance is hands off. It creates pies for you that track many stocks so you will be very diversified. The safest bet is to buy a stock like SPY that just tracks the all the top stocks, so you own a piece of them all. When the whole market goes up, you go up equally.

    It's addicting. In March I added my first $1000, now ive added over $50,000 lol. Made like $10,000 profit already due to Covid19 crash

    Id recommend not using Robinhood as most people dont know what theyre doing, including me at first.
    Reply With Quote

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
]]>