money online investment

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Before money online investment, The first question you need to ask yourself is, ‘When do I need to spend that money?’’ says Manisha Thakor, founder and CEO of MoneyZen Wealth Management. ’My rule of thumb is investing is something you do for the long run, which I would define as a minimum of five years and ideally 10-plus years. Once you are sure it’s long-term money, now you’re ready to really get into the nuts and bolts.’ To help you delve into those nuts and bolts, we asked financial experts for advice on the best way to invest your $5,000. They suggested options for both the short and long term, if you’re hoping to grow that money for retirement decades down the road. Short term Online savings account. The best place for money you need in a moment’s notice is an online account, McBride says. Even though interest rates for online accounts are low – hovering around 1 percent – they ’pay the best returns relative to the savings account offers among all the financial institutions,’ he says. The returns currently compare to those of CDs, but without the early withdrawal penalties. CDs and money market accounts. If your time horizon is less than five years, Thakor recommends putting the money in a CD with a maturity date that matches your goal. This option may be ideal if you have a low risk tolerance, since CDs are insured by the Federal Deposit Insurance Corp. up to $250,000 per depositor. The downside? You can’t touch those dollars for a predetermined time without paying a penalty. 14103
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