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OnionJack · 07-13-2007, 04:19 AM

Hi Aspiring,

Your gut reaction is first to begin with. Start with the very basics. Online savings is a great way to go. There are a ton of options. The two off hand I can think of are ING Direct and HSBC.

For liquidity, I'm not sure about HSBC, but ING now has a nice online checking account that I've signed up for. This gives you a debit card, and you can transfer money between the accounts, for quicker access if you need it. I can't really comment on HSBC in anyway because I don't bank with them, but know of a few others who do without a problem.

This near term change and your savings rate go from .5% to 4.5% with 0 risk!!

Definitely consider riskier options. Very first I would actually start with basic credit. Increase/Start overdraft lines. These don't cost a penny usually, unless you borrow. Then they're cheaper than Overdraft. A kind of just in case. A lot of people don't bother with them. But the umbrella when it rains is always helpful.

Then turn to the stock market basics. Mutual Funds and ETFs are where you want to start. The setup of them can be similar,but there are differences. So you want to decide on which is the best route for you to take.

So RT is right on point, start with indexes. These can be both Mutual Funds and ETFs. Just don't expect huge returns without huge risk, and either way there are upsides and downsides.

07-13-2007, 04:19 AM	#9 (permalink)
OnionJack Member Join Date: Jul 2007 Posts: 96	Hi Aspiring, Your gut reaction is first to begin with. Start with the very basics. Online savings is a great way to go. There are a ton of options. The two off hand I can think of are ING Direct and HSBC. For liquidity, I'm not sure about HSBC, but ING now has a nice online checking account that I've signed up for. This gives you a debit card, and you can transfer money between the accounts, for quicker access if you need it. I can't really comment on HSBC in anyway because I don't bank with them, but know of a few others who do without a problem. This near term change and your savings rate go from .5% to 4.5% with 0 risk!! Definitely consider riskier options. Very first I would actually start with basic credit. Increase/Start overdraft lines. These don't cost a penny usually, unless you borrow. Then they're cheaper than Overdraft. A kind of just in case. A lot of people don't bother with them. But the umbrella when it rains is always helpful. Then turn to the stock market basics. Mutual Funds and ETFs are where you want to start. The setup of them can be similar,but there are differences. So you want to decide on which is the best route for you to take. So RT is right on point, start with indexes. These can be both Mutual Funds and ETFs. Just don't expect huge returns without huge risk, and either way there are upsides and downsides.