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Investing $5,000

By Terry Savage on July 28, 2020 | Chicken Money

I received lump sum payment from SSA and would like to invest the $5,000 in a liquid account where I could receive more interest than a savings account. What would you suggest? Thank you.

Terry Says

How much of that money are you willing to lose? I’m not kidding. If you get a higher rate, there is a higher risk involved for sure! If you want to hang on to that money for future emergencies, put it in a money market deposit account AT YOUR BANK. You won’t earn much, if any, interest these days. But it will be Federally insured, and you will have access to it by check any time you need it.

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