I'm trying to save $10,000 in ten years or less. Any suggestions?

Question

I have looked into just a plain savings account and put away like $100 each month for the next 10 years, but I was wondering if there was a better way with higher interest..? Thanks for your time!

Answer 1

It shouldn't be too hard, 10k isn't a lot.  You could do that in one year?

Answer 2

You can also look into certificate of deposits or online savings account, the interest rates are higher for an online savings account and the longer the CD term the higher the interest rate, this site has reviewed both types of investments, http://www.MonitorBankRates.com

Answer 3

You go with that 100$ until you hit 1000$, then put it in a saving section with higher interest (check with your bank on these placement possibilities). Or buy federal bonds. Usually placed for seven years, with excellent interest.

Answer 4

Look up "The Rule of 72" to see how money doubles based on the rate of interest.  Also, look up www.sharebuilder.com or www.drip-investor.com to see how you can invest in stocks and build up your investments.  The book "How to Buy Stocks Without a Broker" is good, too.

Answer 5

Put away 5000 dollars in a term deposit for ten years.

It'll be way over 10000 by the time 10 years is up