When it comes to putting your money in the right places, you want to ensure that you are making good investments. You want your money to work for you and an investment opportunity presenting itself gives you a chance to go ahead and earn something more. When the markets themselves turn volatile, you want to choose a low risk, safe investment and give your cash that moment in the sun. The good news is that there are safe investments out there that you can put your money into and you have to think about which online savings accounts, trades and stock opportunities are available to you.
We’ve got a short list of the accounts and investments that will make the most sense when you invest for the short term. You can withdraw as early as you like or you can just go on the long term wild ride of the market itself. So, let’s take a look at the investments you could use to put your money in the right places.
- Look at money market accounts. What are these? Well, they’re savings accounts that allow you to directly spend from the account itself. Usually, a savings account will limit the number of transactions per month but these types of accounts can give you 5% or more in returns. As these are FDIC backed, you can get a guarantee of deposits of $250,000 per institution.
- An online, high yield savings account. These are fundamentally similar to typical savings accounts but as they offer strictly online options, you don’t have to spend money on anything brick and mortar. You can then have those savings passed to you in a good 5% yield and return. They’re insured, which makes them safe, and you can do it all online from choosing a bank to enrolling and transferring your cash into it.
- Trading. Safe place? Well, it all depends on what you consider to be safe and you can learn to trade with the right tools. If you want to be able to move your money, get an investment advisor to help you to do this. You can gain back a good return if you are smart about the trades that you make.
- Certificates of deposit. Banks often offer these as it gives them a set amount of cash up front for a particular period of time. The downside of these is that if you need to access your cash in your certificate of deposit, you could be hit with an early withdrawal penalty. You want to make sure that you get back what you put in and this is the way to do it.
Taking the time to find a safe place to invest your money is important and you can bet that there will be options for you to invest in. Your money needs to grow so making sure that you get the right advice is possibly the most important part of your investment journey.