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Apr 22, 2024 · Let's review the best strategy you need to meet short-, medium- and long-term investing goals. There’s no one-size-fits-all approach for meeting your investing goals.
- High-yield savings accounts. Online savings accounts and cash management accounts provide higher rates of return than you’ll get in a traditional bank savings or checking account.
- Certificates of deposit. A certificate of deposit, or CD, is a federally insured savings account that offers a fixed interest rate for a defined period of time.
- Bonds. Bonds can offer a relatively safe form of fixed-income to their investors. Lower risk bonds tend to pay lower interest than higher risk bonds, including government or corporate bonds.
- Funds. Funds pool money from shareholders to invest in a portfolio of assets like stocks or bonds. The investing term “funds” often refers to mutual funds.
Jul 18, 2024 · Learn which investments can help grow your money over time, whether you’re just starting a career or nearing retirement.
- Matthew Frankel, CFP
- 1 min
- High-yield savings accounts. Overview: A high-yield online savings account pays you interest on your cash balance. And just like a savings account at your brick-and-mortar bank, high-yield online savings accounts are accessible vehicles for your cash.
- Long-term certificates of deposit. Overview: Certificates of deposit, or CDs, are issued by banks and generally offer a higher interest rate than savings accounts.
- Long-term corporate bond funds. Overview: Corporations sometimes raise money by issuing bonds to investors, and these can be packaged into bond funds that own bonds issued by potentially hundreds of corporations.
- Dividend stock funds. Overview: Dividends are portions of a company’s profit that are paid out to shareholders, usually on a quarterly basis. So, dividend stocks are those stocks that offer a cash payout — and not all stocks do — while a fund packages up only dividend stocks into one easy-to-buy unit.
- Give your money a goal. Figuring out how to invest money starts with determining your investing goals, when you need or want to achieve them and your comfort level with risk for each goal.
- Decide how much help you want. Once you know your goals, you can dive into the specifics about how to invest (from picking the type of account to the best place to open an account to choosing investment vehicles).
- Pick an investment account. To buy most types of investments, including stocks and bonds, you'll need an investment account. Just as there are a number of bank accounts for different purposes — checking, savings, money market, certificates of deposit — there are a handful of investment accounts to know about.
- Open your account. Now that you know what kind of account you want, you need to choose an account provider. There are two major options: An online broker will allow you to self-manage your account, buying and selling a variety of investments, including stocks, bonds, funds and more complex instruments.
3 days ago · Explore the top 9 stocks to buy now, including Spotify and Progressive. Learn how to evaluate stocks to make the best financial decision for you.
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