Dopers,
just looking to see what I could do with a couple thousand dollars that I have just sitting and rotting in a savings account. I have some CDs but the interest rate is so low as are savings account interest rates (I do have some money at Ally). Any other options out there to put my measly amount of saving to work for me that could provide more return? Having a hard time reaching that 1st million with 0.002 interest rates
ADD. Info. I have no credit card debt nor car loan to apply it towards. I do have a mortgage but I want to keep the money reachable in case of emergency.
IANAFE, but I’ve obvserved that “savings accounts” are largely archaic. You can get a CD for around 1%, which isn’t great but it’s better than 0.005%.
I’ve never cashed in a CD earlier than maturation, but if I had to, it wouldn’t a big deal as far as the oft-threatened “partial loss of interest”. Oooh, scare me.
Ok did some online reading about Roth IRAs and that makes sense. Any guidance on wh to go with? I know very little about finances so I wouldnt really have a clue on how to invest.
One idea is the three-fund portfolio described here; one-third domestic stock market index fund, one-third international stock market index fund and one-third bond index fund.
Nope. Even if you could get 5%, that would only be a hundred bucks, with a rapidly escalating risk of losing some, most, or all of it.
It’s there for a rainy day. Leave it alone, in a place where you can get it immediately if required… Or, just keep it in your sock drawer, all in twenties, and every once in a while get it out and count it. It’s good for the soul.
