What kinds of investments should I be considering??? I dont have any specific retirement savings plan set up. I know I am fortunate to be in this position, but I am completely overwhelmed. I have been trying to educate myself about investing, but I find myself quickly tossing the books aside because there are too many options. My only goal is that within the next 5 years I hope to buy some property outside request a credit report Lexington of the city (currently live in downtown Toronto).
I anticipate that anything else I request a credit report Lexington want to pay for (travel) can come out of money that I am earning/will be earning. - Judy Your goal with this money is short term, so I would keep it in cash.
Most other investments with a high potential return also have a high potential risk, so if you were to try to tap that investment in, say, three years, you could very well have a lower balance than when you started.
Sometimes, its hard to shake the feeling that money in a savings account isnt invested.
Savings accounts are an investment thats extremely low risk and very liquid, two features that are hard to find together in an request a credit report Lexington investment. For those benefits, you generally get a low return. These features make savings accounts a great place to keep money in the short term less than five years or so. free business credit reports This is particularly true when youre not absolutely sure when youre request a credit report Lexington going to need that cash. Q3: Paying bills with reward cards Does it make sense to make all your purchases and bill payments (minus the mortgage) with a credit card with a rewards program, as request a credit report Lexington long as you can pay off your balance each month? My husband and I finally paid off our credit cards request a credit report Lexington earlier this summer and started talking about how we want to handle payment for everything.
We decided that our credit card, Chase Freedom, has a pretty good rewards system. Theres options for travel stuff and gift cards, but you can also get request a credit report Lexington the money back on a cash card. Because our monthly spending is more than request a credit report Lexington 1/3 of our card limit (its a really low limit), we actually make multiple payments a month to keep the ratio request a credit report Lexington from getting too high, although we expect our limit to go up in a few months after weve shown were making the full monthly payments. credit report theft Does this help at all in terms of the ratio idea on your credit score (I have no need to worry about mine right now, but my husband wants to buy a new car by next summer)? And is there something were not realizing in our plan of taking full advantage of our credit cards reward program? Paying it off every month has really improved our picture of just how much were spending and what were spending it on, so thats a bonus in my mind. And so far, at least, we havent request a credit report Lexington seemed to revert to the mind set request a credit report Lexington that we can spend more because its credit (were fairly frugal people, although we request a credit report Lexington admit we eat out too much.) But I still have this feeling that were trying to cheat the system, and its request a credit report Lexington going to bite us in the butt.
Thanks! - Teresa While its tempting to jump on board with a plan like this, there are a few things to watch out for. One, you need to be extremely vigilant with due request a credit report Lexington dates.
If you miss a due date, youre going to be quickly accumulating interest that will very rapidly cost you more than the rewards are worth. Two, you need to never be fooled by the request a credit report Lexington balance in your checking account. credit reports and scores If you request a credit report Lexington go this route, your credit card will be coughing up a large bill every month that you will have to cover. Your checking account balance is a mirage at this point.
Three, you need to still have a pretty good sized emergency fund in cash. Credit cards do not work as an emergency fund because banks constantly tinker with credit limits and often cancel cards at inopportune moments. I dont really recommend or not recommend this path.
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