Ask Terry Questions Investing Options

Investing Options

By Terry Savage on December 13, 2023 | Investments

I have $5k available and I do not want to waste it.
How / where should I invest it? How can I make it grow? Start a business?
I’m 45 years old from the city. Mom of a 20 year old (so no little ones). My home is paid off.

Terry Says

Don’t waste it — but I don’t think you’re at the point where you want to risk losing some of it.
I think you need this money as a safety net, so it either belongs in the bank, or read this:

Then focus on saving more. Do you have a retirement plan at work? If so, you should be contributing to that. If you are working and don’t have a retirement plan at work, you might want to open a Roth IRA– where you could set aside money every month and invest it in a tax-sheltered account.
But you would need to accumulate $1,000 to get started.

So how about this. Keep that original $5,000 in savings or T-bills. Then accumulate another $1,000. Write back to me and I will give you step-by-step instructions to open an IRA.



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