Disclaimer: I am not a financial advisor, please consult your financial advisor or do your own research before applying any of my monetary strategies to your own situation.
Congratulations! You have been sticking to your budget and saving a little money. Now, what? Leave it sitting in your checking account making 0% interest OR relocate it to somewhere the money will earn 1% a year (that’s $10 per year for $1000). Maybe the money isn’t earmarked for anything in the near future, so you invest and have the money making 10% (or if you cashed in on the stock market crash March 2020, you may have already doubled your investment). The point is — DO SOMETHING!!
Determine risk level
Maintain capital – low risk
Potentially lose all capital or potentially see 1000% ROI – high risk
Research
High Yield Savings Accounts
Short term CD
Look at the stocks where you spend your money
Do It!
Here is the scary part, actually putting your research to use.
One last tip, don’t put all your eggs in one basket. Spread things out and figure out what works for you!
1 thought on “Money Monday: Checking, Savings, or Invest”
Comments are closed.