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
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.