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OfflineBungmurphy
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Registered: 09/08/23
Posts: 26
Last seen: 1 day, 1 hour
Re: Pretty good interest on my savings, but best strat? [Re: skOsH] * 1
    #28628544 - 01/20/24 12:51 PM (7 days, 22 hours ago)

It's possible to triple your money in 6 months with gambling, crypto, drug dealing and other high risk ventures. But never at low risk; and no one will ever guarantee returns of any size. S&P 500 has returned in the 7% range over the course of history, but was down the last 2 years from its high, and no investor would even guarantee a 1% return if they were honest. Bernie Madoff guaranteed an 11% return, and that was a Ponzi, so to think anyone would guarantee 300% return is bonkers. CD's can be found around 5% and those are basically zero-risk, same with treasuries. At 5% you could turn $10,000 into $20,000 in 14.4 years. People will tell you to buy land/property as it will increase in value, but houses are coming down from record highs now, and there is no guarantee they will always go up. In your position, I would make sure I had $0 debt; a 6-12 month emergency fund, and then if I still had $10,000 to invest I would choose either a CD ladder or some sort of index fund investing. If interest rates go down, CD returns will go down too, they may be at their high now. I also recommend the Caleb/Financial Audit youtube channel, gives a good perspective on spending and getting in a position to start building wealth, but has little to no investment advice. Remember with investing, anything that sounds too good to be true, probably is.


Edited by Bungmurphy (01/20/24 12:54 PM)


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OfflineBungmurphy
Stranger
Registered: 09/08/23
Posts: 26
Last seen: 1 day, 1 hour
Re: Pretty good interest on my savings, but best strat? [Re: skOsH]
    #28630037 - 01/21/24 03:40 PM (6 days, 19 hours ago)

Quote:

skOsH said:

One more question: say I set up a cd with low risk, can I always just add more to it at any time?





You purchase a CD, so no, you cannot add more to it. That's why its a good time to buy now; you lock in the current interest rate for the duration you select.


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