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/biz/ - Business & Finance

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10508161 No.10508161 [Reply] [Original]

Hey guys, I just opened up a savings account with an initial deposit of 240 dollars. However since I'm young, my apr is low, like 0.05 percent. What can I do to make my wealth grow faster and could I increase my apr before years end?

>> No.10508202

>>10508161
Wealth growth in a bank thing like that is a meme as the inflation will give u money that is worthless

>> No.10508204

Never count on a savings account or an interest on a bond or shit like that to amke wealth.
Those are stores of wealth that generate money passively.
The biggest lie people are told is to save their shekels in a 401k or whatever to see it grt to a million after somd years. What people arent told is that it will only get to a million by the time you wont have the youth to enjoy that million.
Thr best use for that kind of deals is to first grow a million through other means, and then to invest that shit into a passive money generator.
As to how to generate that first million my advice to you is to take that 200$, research the market well then import some shitty gadget from china for 1$ a piece and sell it here for 10x that.

How long do you think it would take you to double your money at 0.1% apr, vs how long its gonna take if you actively made that money work.

Remember anon, if you want to make it, you must become the jew.

>> No.10508304

>>10508161
get a 401k, the younger you start, the better. i wish i had started at 18 with my first job

>> No.10508366

401kek, enjoy your stockmarket crash.

Savings account? More like losing account. Savings apr .05%, inflation 8%... nice bags you got there.

>> No.10508373

>people recommending 401k and not Roth IRA

Only go for the former if you make too much money.

>> No.10508395

Don't sweat it until you have $3K. Then buy some VMFXX 1.87%. Then in 3 years or sooner after the crash buy some stock-os in a roth-o

>> No.10508625

OP go to a branchless bank. The branched banks have terrible interest rates. Pick one, they’re all about the same.
Ally.com
Synchronybank.com
Discover.com
Capitalone.com

>> No.10508631

>>10508373
My job has a roth 401k guy. No taxes when I retire.

>> No.10509302

Like people are saying, never count on a savings account to grow your money. That said, you can get a much higher rate at online banks and local credit unions. Ally Savings is up to 1.75% and has been going up regularly.


You don't have enough money to start investing since you obviously need an emergency fund, but once you do, come back and put it in index funds.

>> No.10510116

Interest rates for savings accounts and CDs wont even beat inflation most of the time. Your best bet to grow money relatively safe is through mutual funds. Just go to your bank and talk to a financial advisor and ask about IRAs if you dont know much. Some advice ilas well with mutual funds is to make sure the expence ratio isnt too high. Anything over 1.00 is on the high side. Look at American Funds, they are a good company with lower expense ratios.