Space Bags: Who Really Needs Them?

If you are one of those people who feel the incredible urge to purchase random things off of TV ads, be aware that you could be making money by investing in things like Money Market accounts, high-yield savings accounts, CDs, and other forms of investment accounts.  If you can fight the urge to buy space bags – that you will never use – you could save the money, and make more money with smart investments.  Making smart investments isn’t a single step process, and it isn’t for the faint of heart.  Making the smart decision to avoid buying the driveway patrol and instead invest the money is a great first step toward smart investing.  But there are more things than just taking money and investing it that you need to know to make money. 

Smart investing begins with a goal.  Set aside the grill daddy, and take that $20 to put into an interest accruing account.  But that isn’t a goal, it’s a starting point.  The goal, or ending point, is how much money you intend to make and the timeframe in which you intend to make it.  Let’s say your goal is to turn the $20 into $500, and the time frame is several years.  You might at first look for a more high risk, high reward investment opportunity, and then once you make a large part of the money you are interested in, you can transfer the money into a lower risk, lower reward account to accrue the final amount of interest necessary to reach the amount you desire.