wat should i do with my money?

Question

ok i have around $6000 on my checking account. Its been there for awhile and i want to do something withit. Like making money or put into saving to get interest? I dont know anything about this so can u plz recommened wat i should do? thx

Answer 1

First, you should take what people say on these on-line forums with a grain of salt. You should always do your own research before jumping into an investment. Depending on your age, if you have earned income, risk tolerance, your personal financial situation and many others factors, here are some things I've done.

Keep an emergency fund of 3-6 months to prepare for life events. (the 3-6 figure is just an estimate) If you have earned income, open a Roth IRA. For 2007 and 2008 you can contribute up to $4,000 and $5,000 respectively. Read up on this if you need more info. I firmly believe a Roth IRA is a great investment for anyone. Especially when you are young because you have time on your side (the power of compounding is amazing).

If you have low risk tolerance, cd's and money markets may be the way to go.

Answer 2

everyone should have 6 months of salary in their savings at all times. so really i do not believe you have that much, but since you do have some savings i would take it out and buy a 3 year CD interest right now should be about 5.25 -- you can always get up to the value of the CD within days using it as security for the loan.

but the question i have does your checking account pay interest -- if not i would check around and find one that does = most will require a mim balance but that is where you park what i call my short term savings account. when you have accrue another 5 or 6 k let know and i will give you some other options.

Answer 3

First, don't invest in ANYTHING until YOU understand it.
If you don't expect the need the money for 5 years or longer, mutual funds are a good bet. They basically combine your money will that of other investors and invest in stocks, bonds, or other investments. If you will need the money sooner, look at money market funds. They invest in extremely short term investments. The risk is very low and the return is higher than a savings account. I recommend keeping 3 to 6 months worth of expenses in a money market account for use in EMERGENCIES. If your employer suddenly goes bankrupt, you need to pay the bills until you can establish a new income. That qualifies as an emergency.

Answer 4

There are a number of exchange traded funds that will deliver yields over 7%.

You will need to set up a brokerage account at someone like Scottrade. Go to this site to get a list of funds:

www.ETFcommect.com

Screen for yields and select 2 or 3 that you are comfortable investing in.

There will be some flucutation in the daily values, but if you can sit tight, you should be able to ignore these as the yields are dependable. You can check their price performance you going to yahoo finance and bringing up their charts.

Answer 5

Take about 1,000 (or less) dollars and invest them into stocks. Put like 20 dollars here, 20 dollars there, and see what happens. Take 100 and splurge it on youself. Then with the remaining money, put it into savings and continue to save money. No need to spend it all.

Answer 6

Open a brokerage account at Zecco and buy the ETF IOO.

Answer 7

keep saving it and making intrest

Answer 8

keep saving it

Answer 9

GIVE IT TO ME