Lets say i have some money saved up and i want to put it somewhere it can grow

Question

i have about 5-7k saved up in cash, and im wondering what should i do with it. I dont wanna just put it in a savings account. I know that if i leave it in cash id spend it so some advice i can do with it?

Answer 1

With that much you could open up a brokerage account with a company like Edward Jones.  Even if you just leave it in a money market.

Of to earn and keep it away from yourself, I'd recommend doing the following:

Assuming you have $6000.  Each month for three consecutive months, go open a $2000, 90 day CD(Certificate of Deposit).  That way after 3 months, you'll only have access to $2000 in any given month, but you can withdraw it all in a serious emergency, just pay a penalty.

Take the interest you earn each month and put in in your savings until you get another 1 or 2 K. and start doing 120 day CDs.  Lather rinse repeat, until you have money coming available to you monthly on 12 months CDs.  Excellent way to have a safety net for later in life.

Answer 2

YES LOAN SOME TO ME  THIS COULD BE GOOD

Answer 3

If you are planning on spending the money in less than the seven years, a saving account or CD is your best bet. Use www.bankrate.com to find the best rates. If you are planning to spend it in more than seven years, I would put in an index fund.  

Answer 4

well actually hsbc and ingdirect have pretty good percentages on their savings accounts. i've put 5k in an hsbc account and ive accquired almost $200 in interest

Answer 5

i would put it in a CD account. a CD is like a bank account but you hav to promise not to touch it for 2,3 years. (however long you choose) if you do that then the bank will give you a more higher percentage of interest then a normal savings account.