Wiccan_Seeker said:

Quote:

Set up a savings account with an automatic deposit every payday, so that you don't have to actually do anything, savings will grow.

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Noooo


Thats how it used to be, not anymore. If you live in the US you have to get at least 7-10% interest or your savings won't even correct to inflation.

You got to invest it - savings accounts are death traps nowadays. You got to beat that 7-10% somehow.

Three basic ways to try:

1..invest in superduper stocks (see the monies forum)
2..buy precious metals (particularly gold/silver)
3..invest in assets in your life - stuff that will last you long and saves you expenses preferably.

The odds today are AGAINST a savings account. Such a scheme you suggested is a great way to free up money, but then you have to put that money to work for you because a savings account won't cut it.

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