Whats the best way to make a sum of money grow?
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I live in Ireland and I want to know whats the best way to go about saving money and makiing it grow. I need something that is standing order/direct debit out of my account. I am useless at saving money myself and so I need something that I cant get at for a number of years something like that. I've heard there's a few ways to make money grow but I find it all very confusing. I dont earn a great deal of money so I will only have a spare hundred euro or so each month. Anyone have any ideas?
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Answer:
invest in oil
Martin W at Yahoo! Answers Visit the source
Other answers
Dig a hole in a sunny place in your garden. Plant it and water it and love it each and every day. :]
Steshha
If u dont want to lose your money invest it in something that you trust has growing potential
KiNkS
I am not sure of the investment options you have in Ireland so I'll give you a few ideas based on what is available to me in the U.S. Before you invest in stocks and such you should educate yourself on marketing trends and the like by starting off slowly with less risky ways of investing: We have something called a "Money Market" account. If you leave it alone the return is GREAT. There are stipulations, however. Depending on which account you go with you need to a certain balance to start with. Some account managers let you withdraw several times a month while others have you pay a penalty for withdrawing a certain amount or more than once a month. You should research about this more if it's interesting to you. If you won't be tempted to touch the account then go for it. If the temptation is too great then you should invest in an account which has strict penalties so you well be less inclined to withdraw. Money market is risky because the rates do change and inflation effects that big time. For example, the inflation rate we are experiencing in this country is having a huge impact on various Money Market returns. Yet when the economy is doing well the Money Market account yields are higher. Another great option that we have available is a "certificate of deposit" or CD. Basically it's a certain a mount of money that the bank allows you to "save" with them. Depending on the CD chosen you will have options for maturity (how long the CD "lasts"), interest rate, and minimum investment requirement. Again this one has specific requirements. Once you invest in a CD you cannot touch that money until it matures. Yes it's yours but once the agreement is made you are contracted with the bank to not touch that money. In turn they will apply interest to your account for you keeping your end of the bargain. What do you get out of it? Interest. :) That and this investment is a secured investment so the bank can't say "oops percentage rates dropped so we had to take some of the money back." Whatever interest rate the CD is locked in with upon the time of investment is what it has to retain while it matures. It is secured by the bank so there is no loss. What does the bank get out of it? They have "free" access to your money in the CD so they can use it to invest, etc. to make themselves money as well. Win-win. :) A bit lower return than the money market but a CD is safer. Talk with local banks in your area about options that are available to you. Good luck. :)
Perfectly Imperfect
sell some stuff or even save ur money
short term high interest cd.
Dentist H since 2001
you should make your own business that no people are doing it so far
black kinght
sell all the things you dont use anymore on ebay
ShaunaP
talk to your bank about ISA?
jack the ripper
Plant a tree
Happygolucky
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