My husband and I currently have $10,000, in an account that yields 0.71% interest monthly. To earn more, should we invest or open a CD?
Answers | 1
January 19, 2015
Before investing this money, you will want to be sure that you first cover all your emergency bases. Make sure that you have an emergency account of anywhere between 3 - 6 months of expenses on hand. Next, be sure you are comfortable that you can cover insurance deductibles in case of a car accident or major health expense. If you are OK in those areas, you are ready to invest. A CD could be an option, but so could a mutual fund. A fee-only advisor can help you determine the best type of investment for you.
Asked by Judy
Answered by Martin A. Smith
CRPC®, AIFA® in Bowie, MD
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