Help Debts

Posts Tagged ‘period of time’

I need to figure out the greatest debt elimination ways to get rid of them at once. Can I eliminate my debts in a short period of time!

Hi, I’m 24 and have been working for about 2 years. I didn’t start saving money until I started working full time and have about 60K saved up sitting in my checking account right now. Reason being I don’t want to make the wrong choice and the 1% or so from a savings account doesn’t seem very attractive (my bank’s rate is actually only ~0.2%).

I am loan/debt free and don’t owe anyone money whatsoever. Calculating my expenses right now, I plan to be able to save an additional 50K/year.

It’s adding up and I feel totally lost in what I should do to maximize my interest earning potential. And advice would be greatly appreciated. I realize there is already a lot of information out there about how one should invest their money, but I thought I may be able to receive more of a ‘custom’ answer based on my financial situation and age. Appreciate everyone’s time and thought.
The problem I have with CDs is that I really do not like the idea of having my money locked in for a period of time for the interest rates given. Mutual funds seems like a good idea, and last time I looked into it, Vanguard mutual funds appears to be highly recommended but I never completely understood what the expected/average returns would be.

I think it’s time to bite the bullet. A raise in taxes, closing loopholes and whatever else it takes over a short period of time seems like a better idea than thinking we’re going to ‘grow’ our way out of this. We expect our military to fight and die, but so many people aren’t even willing to make a monetary sacrifice for the good of our country. A national sales tax totally directed toward debt is in order. All in favor say aye!