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!|
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?