Poll of the Day > Need financial advice

(+) Yeah! (+)

So I saved up like 3 grand so far. At this point im trying to find what to do with it so it can get a proper investment so to speak, and someone once told me to put it into a CD account of sorts or whatever. I dont know too much about those. Does anyone have any advice on what I should do so I can basically gain interest on it? Thanks.

Oh, and on a side note, is it true a CD is an account to where you put the money in there, but cant touch it for x amount of years while it gains interest while on the flip side with only a savings account, gains little interest but you can withdrawal it anytime?

Youd best ask this on /r/personalfinance.

WastelandCowboy posted...

/r/personalfinance.

I recommend against asking random internet strangers for advice. I don't see harm in trying to find some legitimate financial advisor, though.
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Sadly the interest on CDs freaking sucks right now, not as bad as the interest on savings acounts, but both are so low it's pretty crazy.

Honestly if you wanna make money off your money, I'd keep an eye out for a good deal on a used car, look for something being sold fast, for less then blue book price, then flip it and sell it for more (may take more time).

So buy a 4k car for $3000 (what you have), then turn around and try and sell it for 4.5k. You gain 50% interest in about a month that way. If you keep that up (not every month but lets say every 3), you could more then double your $3000 by the end of the year.

It does take a little work, but really only a few hours here or there and your done.
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If you have any debt, please use that money to pay it down first ^.^
(or better yet pay it off),
before considering anything like CDs.
Doing so gives you a guaranteed return, of whatever the interest rate on the debt is/was.
Almost certainly going to be better than whatever pittance the CD was going to pay (as wolfy42 mentioned).

Oh, and on a side note, is it true a CD is an account to where you put the money in there, but cant touch it for x amount of years while it gains interest while on the flip side with only a savings account, gains little interest but you can withdrawal it anytime?

(As far as I know,) yes ^.^
But in the current environment, neither one pays more than a negligible amount of interest. In my opinion, it's not worth locking up your money for that long of a time (what if there's an emergency in the meantime?), for the dollar or two of interest which the CD would have paid.
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Use it to pay off debt if you have any. Do you want this to be a short term investment or long term? If long term, invest in a Roth IRA if you don't already plan on maxing it out. Otherwise, look for a nice mutual fund with a solid record. If you want to invest short term, you either will earn little interest or you have to be more risk adverse.
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EclairReturns posted...

WastelandCowboy posted...

/r/personalfinance.

I recommend against asking random internet strangers for advice. I don't see harm in trying to find some legitimate financial advisor, though.

This is a terrible post tbh

There is legitimately good advice on that subreddit and a lot of professional financial advisors have little if any actual qualifications for their field and exist just to nickel and dime clients with fees.
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Either try out the car thing or use it to pay off debt you are paying interest on.

Or buy Bitcoin kappa
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There are automated investment companies out there right now. Sigfig for example will handle investment accounts between $2K and $10K free of charge. When you get above 10K they do start charging you.