I have 3000 right now and plan to put 1000 a month into savings. Where can I get 9+% interest?

Question

its $3000 USD

Answer 1

If you want an investment that never drops in value, you can't expect much more than ~5% a year, in today's interest environment. Consider the Vanguard Prime Money Market Fund with a current yield of 5.10%:
https://flagship.vanguard.com/VGApp/hnw/FundsSnapshot?FundId=0030&FundIntExt=INT
Sometimes other institutions will have a higher teaser rate, but Vanguard tends to have the highest yields I've found over the long run.

If you are willing to put money into riskier investments that fluctuate in value, you can average up to ~10% a year, but some years you will lose money. In such a case, you should invest in stocks, bonds, and money market funds. You want to buy a diversified portfolio of stocks, as individual stocks are too risky. For most folks this means buying mutual funds. I like Vanguard.com, other people like Fidelity, TIAA-CREF, and DFA. Buy no-load, low cost funds. If you are like most people you will invest part of your money aggressively in stock funds, and part conservatively in money market funds and bond funds. Vanguard.com has an on-line questionnaire which will give you an idea how aggressive you want to be.

If your company offers a 401K plan at work, try to invest the most you can. The money grows tax free, and some companies will match your contribution. Investing in a mutual fund IRA is also a good idea.

I like index funds. Because of their broad diversification, you are less likely to have a dramatic drop in value. They also have the lowest expenses. For stock funds, I would suggest putting ~70-80% of your money in the Vanguard Total Stock Market Index Fund. and ~20-30% in a foreign stock index fund. However, there are many different opinions out there on what the best mutual funds are. Read the links below and form your own opinion

Buying a house instead of renting will save you a lot of money in the long run. You don't have to pay rent and you build equity in your house instead.

If you have high-interest debt, like credit cards, it is best to pay this off first before trying most of the investment ideas above. You should also have 3-6 months of salary saved up as an emergency fund in a bank or money market fund before trying more risky investments.

Believing advice you get on Yahoo answers can be risky, so read these websites for further information. If you find it too confusing, contact a professional financial advisor. They will charge you significant commissions, however.

Sources:

http://www.vanguard.com/VGApp/hnw/planningeducation
http://www.dallasnews.com/sharedcontent/dws/bus/scottburns/columns/2007/vitindex.html
http://www.fool.com/school.htm
http://sec.gov/investor/pubs/assetallocation.htm
https://flagship.vanguard.com/VGApp/hnw/FundsInvQuestionnaire?cbdInitTransUrl=https%3A//flagship.vanguard.com/VGApp/hnw/planningeducation/education

Answer 2

Put it in good growth stock mutual funds. Maybe mix in some growth & income funds, international funds & a little aggressive growth if you're feeling frisky. Find a good mutual fund broker that will be serious about helping you find the best funds & making sure you understand them...not just a salesman. You should be able to get 10-15% in decent mutual funds. If you can't, you're in the wrong funds.

Btw, if you are not prepared to weather the ups & downs of the market over the long-haul & resist the urge to devest, then you need to just get an ING (or similar) savings or money market account. You won't get much interest, but you won't lose either.

Answer 3

You probably won't get more than 4-5% in a savings account or CD. If you are comfortable investing in mutual funds, there are plenty out there that have historically made over 9% each year. The link below shows some of today's top funds. Please note that there may be minimum investment requirements. Also, past performance doesn't guarantee future results..... always read the fine print before giving a firm your money.

http://www.bloomberg.com/markets/mutualfunds/index.html

Answer 4

I don't know of any bank that is paying that much in interest. About the only way I know of to get a 9% return is in stocks or mutual funds but with them, you'd have to pick one that managed to go up that much. There is no guaranteed rate of return in the stock market.

I have one stock that I have about 60% gain on since November but that is really unusual. Most of my stocks are far less then that. And several, I am sitting on a loss waiting for them to go up. Overall, I averaged about 18% last year. I'm personally happy with that. I also know a lot of people that lost in the Stock Market. If you are in it for a quick gain, you'll likely end up losing. If you are a long term investor, you can get good returns.

Answer 5

Is it 3000 dollars you have or pounds or dinars?

Answer 6

Guarenteed...No where!!!
Over the long haul (20 years) ......stockmarket