Win $10,000 ING contest

ING direct is having a contest where you could win $10,000 for writing about your savings experience. A link to the contest can be found at the bottom of this article. The text below is what I submitted for the contest.

 

 

I would describe my savings plan as being similar to riding a motorcycle. ING has helped me accelerate my savings with their high interest rates. I’m 21 and I’ve given myself until I’m 25 to save up enough money to start a business or invest in real estate. Yeah, I like everything to happen fast, and ING doesn’t allow me to hit the breaks on my savings, the automatic savings plan saves my money even when I don’t have the gas to do it myself. When I get a flat tire and I’m low on cash because all of my college loans need to get paid, I put my money into an ING CD so that I’m sure I won’t touch it. I’ve invested some of my money into an Orange mutual fund to help me get my wheels spinning on my savings goals. I like the fact that ING is FDIC insured, hey we all need a helmet to protect what’s important to us. One thing that’s different about ING is that it doesn’t have any brick and mortar branches, but that’s ok because as much as I like riding my motorcycle, I still don’t enjoy going to the bank. Everything on new motorcycles is electronic anyway.

Ninja


Contest URL

http://www.roadtohappinesscontest.com/

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One Comment

  • Jacqueline says:

    Well for the average person already saddled with a mortgage and yes I used “saddled” because saving money is a lot like feeding a horse….you can keep feeding him and feeding him but that doesn’t mean the horse will necessarily perform or run. Savings is a lot like that…it can’t perform unless you feed it and even if you feed it , if you don’t feed it the correct food, it won’t develop the muscle power to “build”.
    Now adays a lot of people I talk to can’t afford to save…they are so busy servicing debt and just trying to keep up to the constant increases in all services but are unable to make that paycheque stretch any further. Wages don’t go up as quickly or as often as bills do ( taxes, utilities, household expenses, gas, etc ,etc).
    I like the new TFSA approach but then again, you need the ” feed” to feed the horse…and if there is no money left over to buy feed ,,,that horse goes without. That is the reality of a lot of people.

    I then talk to people who borrow to invest in RRSP only to be disappointed that yes they got a tax credit but when the dust clears , they aren’t really making any money, in fact some lost due to stock dips/plunges.

    If I was given the money..I would invest $5000 in the TFSA to max out my contribution to it…then I would take $5000 and pay down debt. Then the following year I would take another $5000 and invest that to make the $10,000 TFSA and then let it grow. So pick me..I need to feed my horse! And I need to upgrade to a newer vehicle instead of driving one that is a 1997. That’s reality!

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