I’m looking to invest up to $1000 dollars but need some good ideas on where to put it. I already have money in a savings account. I’m just looking to get my money to do a bit more.
Please, no suggestions involving nigeria please. 
I am not a professional in this field.
First things first, if you have any loan (including outstanding credit card ballance or car loan) that the interest isn’t tax deductible upon which you’re paying more than 5% interest, use your money to pay down that debt. If you’re paying 8% on a car loan, then paying down the principal is like earning 8% tax-free, which is a pretty darn good return.
The first question you have to answer is “when do I need this money?” If the answer is “when some reasonably likely bad thing happens”, then keep it in a money market account (which is like a savings account, only it pays slightly better interest).
If the answer is “sometime this year or next”, then buy CDs. Little higher rate of return, but you can get your money back in 6 months to a year, depending on the type of CD you buy.
If the answer is “3-5 years or more” then you can start looking at the stock market. $1000 is enough to open a brokerage account with, but just barely. You’d probably be looking at buying 1-2 very strong and stable companies that have been around and profitable forever and have enough cash where they aren’t going away any time soon (suggestions: Think companies like Microsoft, Coca-Cola, McDonalds). This approach requires a lot of research and a good amount of risk. If you buy smaller positions in more companies, then your brokerage fees will start to impact your bottom line, you don’t wanna give more than 2% to your broker, or else it will be very hard to outperform the S&P 500 in the short term.
You can minimize that risk by just dumping it into a Mutual Fund that mimics the S&P 500 index. This may be the smartest suggestion if you’re just starting out. There is still risk involved, you may drop down before you go back up, but history shows that it will go back up and get higher if you stay in for the long haul.
If the answer is “when I retire”, then open a Roth IRA and follow the above investing advice.
-lv
Give it to me, and send me on a trip to Vegas. I’ll invest it for you at the poker and blackjack tables. When I triple your money, I’ll return your principal and interest, less a commission.