What to do with $5000 now

If you are lucky enough to have some extra cash these days you might be asking yourself, “What can I do with this?” You might consider going on vacation, or buying something you have always wanted. Now for the more frugal of us who would like to put that money to work, the task is not that simple. In a world of CD’s, savings accounts, stocks, bonds, and mutual funds where does one decide to put their money? The best vessel at the moment would be to open a savings account with a good interest rate. Now “good interest rate” might seem like a joke these days but they are out there. ING before being bought out by Capital One had great savings account rates. Why do I suggest a savings account? Well, if you are reading this you are most likely in your 20’s since that is what this blog is aimed at. In your 20’s it can be detrimental to tie up cash in non-liquid assets such as stocks or CD’s. Chances are you are living life at 100 miles an hour as it is. You need money that is safe and turning a profit, yet available in case you get that big promotion and the company wants to send you half way across the country. Think of this savings account as an untouchable emergency fund. Set a goal to not remove any money from the account for one year, or better yet contribute more to the account throughout the year, you will be surprised how fast it can add up. I will be doing an article on good investments shortly for people in their 20’s since I seem to find a lack of that information online at the moment. In the meantime check out http://www.money-rates.com/savings.htm for some of the best available savings account rates on the market right now.

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