I'm very very new to this whole thing and i've got 2-3k that i'd like to do something with that earns some money. I realize its a small amount but its a start and at this point i can't put any more into it than that. What are my best options (safest and chance for biggest gain)? I've looked at CDs or maybe just an e-trade savings account but with what i've got it just doesnt seem worth it. Any tips or advice would be appreciated.
To give you the best possible answers you need to tell us:
When do you plan on withdrawing the money? Is this potential retirement savings? Is this some funds that you might need spur of the moment?
What would be a acceptable rate of return for you?
How is your risk tolerance? Do you want a guaranteed return for smaller return or would you be interested in something like stocks(which could give a higher return but has risk of loss)?
When do you plan on withdrawing the money? Is this potential retirement savings? Is this some funds that you might need spur of the moment?
What would be a acceptable rate of return for you?
How is your risk tolerance? Do you want a guaranteed return for smaller return or would you be interested in something like stocks(which could give a higher return but has risk of loss)?
I won't need the funds for any spur of the moment purchases, etc, i plan on withdrawing them in more than a year, so if there are some long term options i'd be more than open to those, i'd like more than a 5% rate of return (this is what i can get from a savings or a CD), and i'm willing to have some risk but would prefer to keep it as low as possible but with the understanding that without risk there's no reward.
