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How do you save/invest money?

Discussion in 'The Teachers Lounge' started by Internationalteacher, 11 Jan 2017.

  1. Internationalteacher

    Internationalteacher Thread Starter AKA phuketbound

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    All of this talk on a few threads about saving for retirement is getting me really thinking. I've saved some over the years, but not a great amount. My brother is a banker and he tried to tell me to invest in GIC's and other ways to lock money in, so that it will grow over the years. I don't know much at all about how to save best especially being overseas. I don't pay into a pension at my work, so I have to save myself.

    I was wondering what you do to save money? Do you use stocks, bonds, or a company where you pay into every month to lock money in for so many years? Excuse my complete ignorance on this subject. Any advice/tips would be really grateful.
     
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  2. DigitalGypsy

    DigitalGypsy Well-Known Member

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    I'm also interested in this kind of info, waiting for a lottery ticket windfall is not a promising financial strategy... :laughing5
     
  3. Stamp

    Stamp Administrator Staff Member

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    I try to work hard and a lot but it's not enough to save money.
     
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  4. Internationalteacher

    Internationalteacher Thread Starter AKA phuketbound

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    ooh, okay, well.. I know there are some people that know the best ways to invest and if there are any people out there I'd be really interested in hearing how they save. I mean do you put money in a saving account or do you save other ways.
     
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  5. OxfordDon

    OxfordDon Well-Known Member

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    If there's one thing we must know from the last few years, it's that there's almost no safe investment, whatever your bankers or financial advisers may say. Money was very important to me when I was young, so I qualified for a high income profession - it worked for me.

    I narrowly avoided getting serious financial damage several times, from real estate crashes, bank closures, financial service meltdowns, currency devaluations... funnily enough my most successful investments have been made in Thailand, in terms of ethical investments, personal satisfaction and financial return.

    There is no silver bullet.
     
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  6. portnoy58

    portnoy58 Well-Known Member

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    Stick to gold I say!
     
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  7. SundayJam

    SundayJam Well-Known Member

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    Gold and silver are commodities. Gold can only be made into jewelry or electrically conductive products. It serves no other purpose and does not generate money.

    Stocks and bonds are questionable due to deregulation. There is money to be made here but one must be careful. I have recognized pyramid, tech stock, and real estate scams over the years. My friends have not been so lucky...with one exception.

    An actual business takes 3 years to develop and turn a profit. Rental properties are also a good way to guarantee income. Again, you have to be aware that many fail at these endeavors for good reason.

    Under no circumstance should you invest your time in MLM's. These can possibly pay off...but at the cost of a cult-like obsession which pervades every aspect of your life.
     
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  8. bahn_farang

    bahn_farang Well-Known Member

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    you are joking of course?
     
  9. SageAdvice

    SageAdvice Well-Known Member

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    Been there, done that, happy now:

    a) save 6-8 months of salary in an emergency fund (savings account, etc: anywhere it can be retrieved quickly and without fuss)
    b) buy health insurance
    c) educate yourself: there are hundreds, if not thousands, of websites for the financially handicapped. Here's one that basically shaped my retirement in Thailand: Investing, Advice, Retirement and Banking | TIAA ...invaluable advice to choose options that make sense.
    d) allocate your resources wisely among at least 3 asset classes (bonds, stocks, real estate, etc) using index mutual funds (very low fees; see Vanguard, Fidelity or the TIAA funds from the website above)
    e) gold and other metals are for speculators, not investors.
    f) make saving for investment a habit or better, a religion: pay yourself first every month with a deposit into your retirement accounts
    g) when the time comes, sit back, put your feet up, have a relaxing drink and sleep well
     
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  10. SundayJam

    SundayJam Well-Known Member

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    If you ask the typical academic Keynesian economist this question, he would probably say that there was no purpose at all. People used gold just because it is shiny and beguiling, and therefore attractive to superstitious, primitive people. ... The purpose of a gold standard system is to produce a currency of stable value.Apr 29, 2011 What Is the Purpose Of A Gold Standard?
     
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  11. muppetminder

    muppetminder Active Member

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    I've had a mix of strategies over the years. I was a big trader and made some big money in the flush years, but also on sidelines waiting for crash in other big years. So I avoided 2000 tech meltdown and 2009 bust. But I've really missed the boat these last five years, only abt 3.5% return. Markets are scary.

    I have a piece of land I need to sell. Some metals, coins, banknotes collection. Two brokerage accts, two IRA accts, half dozen savings, checking. I'm sure I'll get something from my folks and maybe my uncle when they pass away.

    My strategy now is to sell everything, pile into gold if it drops to 900-950 or put all the cash in Singapore accts. Former if we go back, latter if we stay. Maybe a condo if prices drop no less than 25%.
     
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  12. bahn_farang

    bahn_farang Well-Known Member

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    It still is and we still are. I am definitely not suggesting that putting all your savings into gold is going to provide you with a nest egg but as sage said
    People do speculate and the price of Gold has increased.

    Fact: To say that Gold does not generate money is just wrong over the long term since it has appreciated in value, take a look at the graph

    If we were to follow your train of thought with gold then we would not invest in property ( just somewhere to keep dry and the tigers away), fine wine and spirits (for drinking, nourishment, enjoyment), vintage cars (getting from a to b) etc. etc.

    Screen Shot 2560-01-12 at 8.36.49 AM.png
     
  13. gungchang

    gungchang Well-Known Member

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    We own our condo. I'm (sometimes) eligible for a meager pension.

    If we rent the condo and live in the provinces, the rental income and pension would be enough to live on.
     
  14. SageAdvice

    SageAdvice Well-Known Member

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    It is probably more accurate to say that gold doesn't generate regular income in the way a dividend-paying stock or bond would. Physical gold also needs to be safely guarded against theft and that incurs a fee. Speculators will move into and out of metals (and other commodities) at points they consider profitable, incurring transaction fees along the way. Those points may be few and far between, in which case the cash used for speculation in the metal is dead in the water. Speculating is a sport best left to those with strong financial stomachs and deep pockets. Everybody else is better off being a saver/investor.
     
  15. SageAdvice

    SageAdvice Well-Known Member

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    ...depends on how you define life:smiling
     

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