If you are anxious to get started with your investments, you can begin right away without having plenty of knowledge about the stock market. Start by being a relatively conservative investor with a medium to low risk tolerance. This will give you a way to making your money grow while you learn more about how to start investing.
Start with an interest bearing savings account. You may already have two. If you don’t, you ought to. A savings account can be opened at the same bank that you do your checking at – or at any other bank. A savings account should pay 2 – 4% on the money that you have in the account.
It’s not a lot of money – unless you have a million dollars in that account – but it is a start, and it is money making money.
Next, invest in money market money. This can often be done through your bank. These money have higher interest payouts than typical savings accounts, but they work much the same way. These are short term investments, so your money won’t be tied up for a long period of time – but again, it is money making money.
Certificates of Deposit are also sound investments with no risk. The interest rates on CD’s are typically higher than those of savings accounts or Money Market Money.You can select the period of your investment, and interest is paid regularly until the CD reaches maturity. CD’s can be purchased at your bank, and your bank will insure them against loss. When the CD reaches maturity, you get your original investment, and the interest that the CD has earned.
If you are beginning out, two or all of these two types of investments is the best beginning point. Again, this will permit your money to start making money for you while you learn more about investing in other places.
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