Financial Investment: I have a small amount of money and i am not sure what to do with it.?
November 29, 2010 by
Filed under Silver Investment FAQ
I am concerned about our economy (along with everybody else) and I don’t know what to do with my small amount of money. Should I buy silver or Gold? CD’s, or what. I know nothing about this stuff. All i know is that i don’t want to lose the little I have.
Priority one is to learn about this stuff before throwing your money into something you don’t understand. After that, I’d offer the following priorities for your use of the money:
1. Pay off debt.
2. Keep 3-6 months’ living expenses in liquid savings.
3. Start a retirement account.
4. Then, only after all the above is finished, start buying more speculative thigns like gold or silver.
first if you have any debt, pay it off. then, do you have an emergency fund? if not this can be the beginning of a fund to use on a rainy day. forget about gold or silver, put it in a bank account, i suggest a high-yield account like Emigrant. you can compare rates at bankrate.com.
How about saving it.
If you want to invest it in some way, try savings bonds. Some you can redeem in five years. It’s a good choice for small investments.
Not the time to buy metals, they are at an all time high and when the stock market bounces back (as it always has) the price of metals will plummet. U.S. Savings Bonds are safe, but you have to hold them for 5 years to get your money out again…if you want long term investment, this is a good way to start. CDs, if they are FDIC insured are another good way to go. Safest way, though, is put it in a FDIC insured bank savings account…you won’t get real good interest, but if the bank should have problems, your money would be safe…it would not be lost.
if you don t want to lose…don t buy gold in this moment !!
the price of the gold is very very too high..these were diffcult day for the market (maybe the worst period of the last 20 years) and when happen something like this all move their investment on the gold..
don t do the same mistake…
what i can suggest you is that if you don t have so muche experience it s better that in this moment you don t move your money…
wait for better perods..
byeee