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ShaneMcKenna

On the subject of investing...

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What are my options besides real estate when it comes to investing money for retirement? I've always been real good with saving money, but never had I made much on a return. Right now I am only making 1.5% on my money. It isn’t in a cod or anything, it is just a premier checking account (sense I have over a certain amount, they give me 1.5% interest). But that isnt that good at all, is there either a savings account I can switch over to at a higher interest rate, or even get started on some kind of a retirement savings plan with a much higher return? I remember years ago the interest was between 7-11% but I am pretty sure I will not be able to find that. What are my options if I can afford to put $50 a week away into a separate account? I don’t want to get into stocks, and this is something aside from real estate I want to do.

Any information for me I'd appreciate it. I am 19 years old and I want to take advantage of compound interest. But I don’t know where to start.

Thank you, Shane McKenna

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Shane,

 

Ok, I understand you dont want to invest in stocks. For the past three years I've been investing in REITS and Banks. They've performed very well for me.

 

Just a thought. Have you considered some Government issued securities? If you dont need the money for a while they are safe and last I checked they paid decent returns.

 

Hope this gives you some kind of idea.

 

Andrew

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What's it take to get set up with an IRA or some kind of a retirement plan? Is that something I can do now? Also what are the returns on the Government securities?

Thanks, Shane

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Shane

 

I'll get some more info for you as soon as I can.

 

Your local bank should be able to provide you with buying/selling government securities and they should be able to give you interest rates. I'll let you know what I can find out as soon as I can.

 

Andrew

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