I was gone all week but i will answer part three.
I have a plan, I don't like banks at all and I don't have a job. At some point I will join a credit union but credit unions and banks can get robbed. My retirement plan is to invest money in a stock that shows lots of promise on a day that they are doing bad so that when and if I gain money I can sell that stock in the future for a good amount of money. Until I have the money to invest i have this thimg called a piggybank/wallet true my house could get broken into but hey I'm a redneck and quite frankley I don't trust banks. Plus with the goal of absolutely no college debt I'll have a head start on earning good money that doesn't have to go towards paying off my debt. If my answer isn't good enough I'm sorry but that's my plan and my family knows it.
Mae,
ReplyDeleteOne thing to know - if banks get robbed, your money in it is actually insured by the government up to $200,000!!! I'm not pressuring you to put money in there, but just know that bank robberies shouldn't be a concern.
One thing we talked to students about on Friday was how to start saving now for the future. This was the heart of the blog. The problem with your piggy bank is that it doesn't pay interest, so you are actually losing money as we experience inflation in the economy. And you can't start investing without at least $5000 or a steady income. With a steady income, you can start an IRA, so if you will be getting a job, look into those, especially Roth IRAs. If you will not have a steady income, do some research into savings bonds. They don't require as much of an initial investment - more like $100.
Part of what we discussed with students is that if you start saving $50 a month now, you will be super comfortable when it comes to time retire. Look back at what we asked you to do with this perspective in mind!
Get notes from a classmate so that you can complete the rest of the blog as well!
I will get the notes. I still stand firm in my decision. Eventually I might go to a credit union the intrest isn't worth it if you are pressured to get credit cards and then bury urself in debt ... i also plan on getting a debit card
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