PERSONAL FINANCE
- Why save and invest for the future?
- What should you consider when deciding where to save/invest your money?
These answers and more to come!!
Why save? There are many reasons why we should save our money. The most common reasons are for emergencies, college, housing, and vacations.
Emergencies: Your house may need roof repair. The furnace could go out. Your car may break down. It might need a new alternator or tires need replacing. You could become ill, or lose your job. You also should save for children, to make money, for bigger ticket items (toys!), and especially for retirement. Compound Interest: Interest that is paid not just on your original deposit (principal) but on any gained interest as well. See the "Rule of 72"...Visit Dave Ramsey's website at www.daveramsey.com
for great savings tips, investments, and how to get out of debt. Here is a direct link to Dave's discussion of different types of investments: http://www.daveramsey.com/article/investing-basics-types-of-investments/Articles/ |
What to consider? There are several things to consider when deciding where to save or invest your money.
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