What can i do with my money??

Question

I have about $40,000 in an HSBC online account making a little over 3%. I don't need the money for at least another 5 years. What can i do with this money in the mean time to make some sort of a profit at around 6%. Where can i put this money?

Answer 1

put it in a 5 year cd in the bank is the best option or open a roth ira account

Answer 2

Without having more information about your personal information, such as age, current income and other data such as risk tolerance, martial status, and demographics it would be very inappropriate for me or any other responsible person to provide specific investment information in this type of media

There are many people just like you that are, or were looking to invest and those that did bought Mutual Funds and/or Exchange Traded Funds (ETFs).  One purpose of mutual funds is to help investors like you, who are either just entering the investment world or who have no investing experience.  Once you feel you at least have an understanding of investments you should look into ETFs which are similar to mutual funds but are traded on the exchanges.

Mutual Fund companies as well as ETFs have an entire array of products many will fit your needs. You can go to the MSN.Money website

http://moneycentral.msn.com/home.asp  it has an entire section on mutual funds and Exchange Traded Funds.  Read about the various products and in doing so you will be getting investment ideas and at the same time educating yourself about investing.

You could also contact the funds companies for more information.  I have found that Vanguard & Fidelity can meet your needs for mutual funds.  The service and information they provide is all free and you will find it helpful.

Answer 3

Invest in  a bank with higher rate of interest.