Getting Your Feet Wet - Start Investing
If you are anxious to jump start your investments, you'll get started immediately while not having a heap of knowledge regarding the stock market. Start by being a conservative investor with a lower risk tolerance. This can provide you a way to get started building your wealth, while you learn additional information about investing.
Begin with an interest bearing savings account. You may already have one. If you don't, you should. A savings account will be opened at your usual bank where you have your checking account - or at any different bank. A savings account may pay two - four% on the money that you've got in the account.
It's not a ton of cash - unless you have 1,000,000 dollars in that account - but it is a start, and it's money creating money.
Next, invest in money market funds. This will typically be done through your bank. These funds have higher interest payouts than typical savings accounts, however they work much the same way. These are short term investments, thus your money won't be occupied for a protracted period of time - but again, it is cash creating money.
Certificates of Deposit also are sound investments with no risk. The interest rates on CD's are sometimes much higher than those of savings accounts or Cash Market Funds.
You'll be able to select the period of your investment, and interest is paid frequently until the CD reaches maturity. CD's will be purchased at your bank, and your bank will insure them against loss. When the CD reaches maturity, you receive your original investment, and the interest that the CD has earned.
If you're just beginning, one or all of these three types of investments is the best starting point. Once more, this will enable your money to start out creating cash for you while you learn a lot about investing in other places. - 23200
Begin with an interest bearing savings account. You may already have one. If you don't, you should. A savings account will be opened at your usual bank where you have your checking account - or at any different bank. A savings account may pay two - four% on the money that you've got in the account.
It's not a ton of cash - unless you have 1,000,000 dollars in that account - but it is a start, and it's money creating money.
Next, invest in money market funds. This will typically be done through your bank. These funds have higher interest payouts than typical savings accounts, however they work much the same way. These are short term investments, thus your money won't be occupied for a protracted period of time - but again, it is cash creating money.
Certificates of Deposit also are sound investments with no risk. The interest rates on CD's are sometimes much higher than those of savings accounts or Cash Market Funds.
You'll be able to select the period of your investment, and interest is paid frequently until the CD reaches maturity. CD's will be purchased at your bank, and your bank will insure them against loss. When the CD reaches maturity, you receive your original investment, and the interest that the CD has earned.
If you're just beginning, one or all of these three types of investments is the best starting point. Once more, this will enable your money to start out creating cash for you while you learn a lot about investing in other places. - 23200
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posted by X - Men @ 4:49 AM
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