I dont have any bills or anything i have to worry about this money is not needed but i want to use it to help me earn more.
2007-02-06 02:52:21 · 9 answers · asked by GQsmooth 3 in Business & Finance ➔ Personal Finance
I would put it in a High Performance Money Market account. You can open it at your regular bank. It will accrue interest at an increased speed if you just leave it alone. Good for you for thinking ahead!!
2007-02-06 03:07:10 · answer #1 · answered by Charles Dexter Ward 3 · 0⤊ 0⤋
If you want a safe yet flexible investment, go with an online savings account. Some of the rates on these types of bank accounts are just as good as or better than CDs but you are not locked into keeping the money invested for a designated period of time (i.e. 3 month - 7 year CD). You can make up to 6 withdrawals a month. To find the best rates available (all of which are FDIC insured), look at the following website:
http://www.bankrate.com/brm/rate/mmmf_highratehome.asp?web=brm¶ms=US,416&prodtype=chksav&market=416&product=33&state=US&sort=3
BTW, I recently opened an account with iGObanking.com (5.30% APY with only a $1 min and no fees) and would recommend them. Also, as mentioned above, HSBCDirect is offering 6.00% for new money/accounts. However, the rate goes back to only 5.05% April 30th, which is still good, but there are better rates out there. Good luck investing...
2007-02-06 16:34:50 · answer #2 · answered by Dodger 2 · 0⤊ 0⤋
I would say to check with a financial advisor at your bank. Most people tend to invest it in CD's, IRA's, or Mutual Funds. Depending on what bank you use, they will be able to tell you which one is right for you based on your needs and how accessable you want your money.
Some things to consider would be if there was a fee to withdraw the money? Is the withdraw taxable? Which option gives me the higher interest? Do I want a long or short term investment? These are all great questions that a financial advisor would most likely ask you. Some forms of investment also require minimum deposits to start up. That would be another thing to look into.
2007-02-06 11:01:14 · answer #3 · answered by Keenu 1 · 0⤊ 0⤋
Try going to the bank and putting it in a Certificate of Deposit, as I have. Short-term CD's seem to get a better rate of return than longer term ones but you might want to shop around for rates. If you're comfortable with online banking, HSBC is curently offering 6.00% APY on New Money. I have yet to see theat beaten.
If you don't need the money, this is a good way to go and you can decide what you want to do when the CD matures. Of course, the taxes are your responsibility.
2007-02-06 11:05:03 · answer #4 · answered by David W 1 · 0⤊ 0⤋
unless you have a large amount of assets, going to a financial consultant is a waste of time.
I would invest in a money market account, mutual funds or I would start an IRA.
I would got to the library or bookstore and educate your self on investing.
2007-02-06 11:04:47 · answer #5 · answered by evil_twin 2 · 0⤊ 0⤋
Buy stock in exxon the oil company.The oil companys are not going out of business.
2007-02-06 11:21:17 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Bank Cd's , mutual funds.
2007-02-06 12:15:21 · answer #7 · answered by ? 6 · 0⤊ 0⤋
invest in reits my favorite is KIM
2007-02-06 15:38:10 · answer #8 · answered by doody goal 3 · 0⤊ 0⤋
hi
Its very simple give try in loto....
2007-02-06 11:06:56 · answer #9 · answered by sidh 2 · 0⤊ 0⤋