What is the smartest thing to do with $1000 over a three month period to promote financial growth?

Question

Citi has a 3 month account for an interest rate of 3.75%. Would this mean that I would gain $375 of interest in those three months? ($1000 x 1.375 = 1375.)

I have no debt.

Answer 1

Thats not a lot of money and not a lot of time, but a 3 month CD would be your smartest bet.

Answer 2

Pay off $1000 of debt that you have, then take the monthly savings from that to pay extra on other debt. It will give you a head start on getting out of debt. It is called the debt snowball.
Example:
If you have a creit card that has $1000 on it and you currently pay $100 a month. Pay off that card and apply the $100 to another debt in addition to what you already pay until that debt is paid off. Then apply what you would normally pay for those two debts to another in addition to what you already pay. Eventually you will have all your debt paid off alot sooner and not owe anything to anyone. Being debt free is the best way to be.

Answer 3

gotta go with nancy k's plan, if you have debts. If you dont, the safest thing would be a three month cd from your bank, you cant lose money that way, but only get about 4% or so, which is about $10 before taxes. If you know someone you trust, and think they could pay you back, you could loan it to them so they could pay off credit card bills, but that is pretty risky too.

Answer 4

Buy stocks. if you have time to wait for the housing market to fall then invest in property. Just make sure to live there for a few months to avoid capital gains tax.

Answer 5

Invest it in an oil company

Answer 6

Try and loan it to someone with a high interets rate.

Answer 7

place it into a 3month CD and just collect the interest