Need to know where to place my money to yield maximum return...?

Question

In a couple weeks, a CD (cert. of deposit) of mine will mature and it will yield approximately $7000. I need to know, for either short term or long term, what the best option is for growing this sum of money. In less than a year, I will be living in my first apartment and will need quick and easy access to cash to pay for the down payment, monthly rent payments, etc. Should I steer clear from placing this money into a savings account given the inflation rate is currently hovering around 5% and the avg. savings account has an interest rate of only ~3.5%? What about diversifying and investing this money into various stocks, or is this too risky right now given the economy's and market's precarious condition? Are there 1-year bonds available? What about long term options, i.e. mutual funds?

Any help would be highly appreciated. Thanks

Answer 1

Given market conditions, it is not a good idea to invest in any stocks, funds or bonds. Why don't you renew the CD for another year? Or else savings account, you are right that your return will be less than inflation, but it is best option available.

Answer 2

become a legal loan shark. open a loans til payday store. with a $20,000 investment you could make up to 25% every two weeks or bye monthly. If you lone out all the money in each pay period  you could make up to $260,000 in one year.