Savings and Investing

There comes a time when you have to consider planning for your future by saving and investing. Your risk level and the amount of money you invest, will determine how much and how quickly you'll see substantial growth. The safer you feel, the less you will earn in the long run. A savings account may not make you as much as the stock market or even a CD.

Lets start with the basics. If you put your money in a savings account, you must find the one with the highest Annual Percentage Yield, APY. I have found that if you want high yields on a local level, a credit union is much better than a bank. I have found one that gives me a yield of 1.00%, and that is hard to find in a bank. If you want a high yield, the best are online.

Next consider a Certificate of Deposit, or CD. With a CD, you deposit money and leave it for the term agreement from 3 months or longer. The longer you leave it and the more you deposit, the higher the yield. Once again you should check your local rates, but the best online is here.

I keep my checking account in a local bank. I am considering going elsewhere because I pay more hidden fees than I get in interest. I don't think I do get interest! I am thinking of taking it online and this seems to be the best.

Ever hear of a Lending Club? If you have money to lend, you can make interest. See how it sounds to you. This is so good, I'll give you another one.

Although there might be other money generating revenue, the biggie as always is investing. Investing in stocks, mutual funds and ETFs. To invest in the stock market you will need knowledge especially if you go at it alone. Check if there are any investments offered through your employer, such as a deferred investment fund, In this department it is recommended that you seek professional investing advice.

Here are the best stock brokers, and some may be found locally near you. I love the resources at the bottom of the page. Personal Capital is a way to keep track of all your money.  If you are unsure about investing, Betterment invests your money based on the questions it asks.

And finally, maybe you might want to look into an Roth or Traditional IRA. IRAs are strictly for retirement, with penalties for early withdraw before age 59 and 1/2 years old.