I need help on what to invest in.?
Answers:
It's not clear to me when you will be needing to use this money you're saving. Is that for expenses when you go to college in a few months? If so, you don't have a lot of good options for such a short time period. If you can find a CD with a short enough time period, you could go for that, but most likely you're just going to have to use a savings account. Not much interest, but for a period of a few months, there just aren't many options.
You should definitely NOT put money that you need in a few months in stocks. Even though stocks are a great investment for the long-term, they are much too volatile for money you need in just a few months. The market has been soaring lately so I would not be at all surprised to see a drop over the summer.
If this money is for long-term savings (i.e. for after college to buy a house or something like that), then I think the stock market is the best place to invest. Historically, over long time periods, stocks have provided the highest returns of any investment class. I personally would invest in a "no-load" mutual fund that tracks a major stock market index (S&P 500, Mid-Cap 400, Russell 2000) with a company like Vanguard, Fidelity, T. Rowe Price, etc.
I think CD's low risk- as for stock high risk but yeild high
I would go for a secure investment in your position. You imply that its a short term thing. If you can afford to leave it for a period of time a mutual fund would be ideal but many have penalties for short term periods (normally 90 days or less). A fund yielding eight to twelve percent per Annam would yield the best return but these are not normally the secure thing you might be looking for. I have one fund that was over eighteen percent last year . I am still in the fund but it is rather speculative but thats where the higher yields are to be found.
I can offer you 12% interest on your money with my company which invests in residential properties. This is low risk and moderately high interest. We are currently rehabbing properties in North Carolina with up to 200% profit margins. Your money would be secured by the property. I can be contacted by e-mail: cfo867@comcast.net
Another alternative is www.INGDIRECT.com currently paying 5% for cd's for 6 months, 4.5% on savings accounts, and 4% on checking accounts. This is a paperless bank meaning you will not buy checks. You make your purchases with a debit card. Depending on where you work you should be able to set up direct deposit. They do want you to have another bank to have a link to this account.
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