I currently have $30,000 in my bank account. I do not make much off of interest at all. What should I do?

Question

Stocks, mutual funds, etc.? What's the best bet. I'm 24.

Answer 1

Long term stocks are 1,8% above inflation, real estate is par with inflation and gold is very shaky, all over the place.

I go with the best 6 month CD I could get, and renew in 6 month myself, don't let the bank do it automatically, they will give you the worst rate. Shop around, it pays.

If you go in stocks, you may gain a lot of money or you may lose  it. I wouldn't like the headache.

Maybe if Dow goes below 10,000 you could place it in a no fee Dow Average Fund. Do some research.

Answer 2

whatever the anaylst tell you to buy , do the opposite. They tell the masses now to buy oil stocks and sell financial..you do the math . While they are beginning to unload(sell) all their oil positions you the unwitting buyer are helping them unload at high price just before the stock price of most oil stock will take a nose dive leaving you holding the bag . BUY some beaten down financials , the knife has hit the floor.

Answer 3

Depends on how much risk you are willing to take. A safe option would be to diversify over a broad range of investments. In my opinion, now is a good time to buy a house, and buying property is always a good investment (if you do it right and make sure there is nothing wrong with the property). I would suggest trying to buy a house.

Answer 4

I'm almost 24 too, but you have more money than I do.

I'm currently heavily investing on Prosper, a P2P lending site. You simply lend your money to people to earn some interest. Rate from 7% to 35%. Do some research on Yahoo. There's lot of news talking about it.

http://www.prosper.com/?referrer=ustfu&u...

Answer 5

Just earn more money and put it in your account. Duh!

Answer 6

If you are conservative with your money, consider buying stock from very stable companies with good fundamentals. That is if you have time to do your homework. If you dont have time, then go ahead with ETF.

Answer 7

My best bet for you is to set up an account with ING Direct! I have an account with them with only $334 and i get 3% interest a month. Last month i got 74 cents! way more than with Bank of america (BOA) . I had about $600 with BOA and still only got .01 cents of interest per month! so I really, really do like ING!

It is also nice because you can look at your ING account and see how much interest you have made so far this month!

Of course you want to keep plenty of money with your bank for spending $ and emergency $, but the rest can go into ING for savings! They also have a good thing where when you deposit it takes 1 week to hit, and if you withdraw $ into your bank it takes a couple days. So it really discourages you from spending alot of money!

I will check my interest so far this month...

I have $333.22 w/ .32 cents interest!

Hope you get ING Direct, because you won't regret it!!!!

Good Luck!