Monday, May 16, 2011

Week 3 Deposit

Another week has passed. It seems like just the other day I was sitting back debating if I wanted to have a public presence out there. Next thing you know here we are with another deposit...

EDIT: At the time this blog entry was posted I had a Youtube video here. That has been removed but I want the rest of my content to be remain. Nothing hidden no past mistakes ignored. All out in the open.

Weekly Activity
$100 deposit into Savings

Model Portfolio Totals

Trading Account: $0

Investing Account: $0

Savings Account: $300
Emergency: $250
Portfolio Protection: $50
CDs: $0
Precious Metals: $0

This week the deposit goes to the savings account. As I mention in the video, $250 is a good starting point for the more common emergencies that come up. Some may already have savings ahead of time which is great. However I wanted to set this portfolio up for someone starting out in the markets who maybe living paycheck to paycheck and have absolutely nothing.

By saving money for a rainy day we prevent the use of a credit card for that flat tire. Its beyond ridiculous how expensive things get when you are struggling with credit card payments, pay them down a bit, then have to turn around and run them back up. The interest will set everything we are trying to do back.

The site I mention in the video is

This marks the end of Phase 1 of the savings account. Next week we move on to the other two.

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