Monday, September 5, 2011

Moneywise Monday: Free Money is the Best Thing Ever

I've had a savings account since I was a little kid, but it's only in the past three years or so that I took an active interest in it.  I set up an account with ING that has a decent interest rate, and I have a percentage of my paycheck from job #2 directly deposited in my regular savings account every other week.  The balance has been growing rapidly with no effort at all on my part.

One thing that I really love that ING does, is they tell you how much interest you've earned that month, and how much you've earned for the year.  I glanced at my total the other day, and was shocked to find that I've earned 63 dollars so far this year.  Sixty-three dollars of free (though taxable) money that I got for basically sitting on my ass.  Between this account and the other two that I have through ING, I'm on track to earn $100 in interest by the end of December.

Then I checked the balance on my Roth IRA. Even though the S&P has been floundering these past few weeks (seriously, who am I that I know these things?), I've invested about $1000 of my own money, and my current balance is $1300.  It's like they're just throwing cookies at me!  This is insane!  I may actually be able to retire someday if I keep this up!

Craziest part: I've only had that IRA for three months.  That's it, three months.  I've made almost $200 in tax free money in three months, and I feel like I must be doing something illegal (or unethical) but I'm totally not (I read the fine print).

Is this what they mean when they say it takes money to make money?

Profit margins--on the rise!
I realize that I sound like a commercial for ING right now, but seriously, I'd totally do a commercial for them (call me!).  It's just so shocking that I'm seeing such tangible results in so short a time.  Yes, I've had this savings account for a while, but I've doubled it in the past year, and like I said, that IRA is only three months old.  I'm flush with the glow of savings.

Now I want to save more--MORE!!  I want to save it all!!  No, that's not smart, but I am going to start contributing more to the IRA.  Since I can only put in $5000 per year, my goal for the next few months is to get as close as I can to that with out doing anything stupid.

Any other Moneywise successes out there in blogland?

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