Investment
Hi Terry i have about$ 5,000 to $7,500 to invest. I don’t have any debt except for a few credit balance which i try to paid off each month . I would like to put in somewhere where i can so money on it . Right now its judt sitting in checking account. Any suggestions?
Thank you
Terry Says
There’s so much I don’t know about you that it’s difficult to answer. First, you say you want to invest — but what’s your time horizon (when will you “need” the money) and what’s your risk tolerance (how devastated would you be if you lost 20%?!) Those are critical ingredients of “investing”.
If you’re still working, you could open an Individual Retirement Account — and invest the money to grow over the long term on a tax-deferred basis. You would simply call 800-FIDELITY and ask to open an Individual Retirement Account. If you’re under age 50, you can put $7,000 into this account. If you don’t pay a lot of taxes, tell them it will be a Roth IRA account, with no tax deduction.
Then you’ll have to decide “how” to invest. If you’re under age 50, you could just put all of it in the S&P 500 stock index fund. They’ll help you do that.
AND, if all this is very strange to you, then I highly recommend my book, The Savage Truth on Money, which I have linked to Amazon. Because ALL of this is in the first 6 chapters, explained in full! You can spend $10 to buy it — and I promise it will be a very good investment!
