how to make money grow into more

[np123]

Hi i'm 23 and i will be getting around $900 i want to know where should i put it so it can grow do i use a savings account?

[-Wade-]

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@np123 wrote:

Hi i'm 23 and i will be getting around $900 i want to know where should i put it so it can grow do i use a savings account?

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At your age i would invest it the stock market, if not then you can get a CD ( Penfed has great CD rates ). A saving account will not pay you much of anything.

[Zeno]

hi what are cd? and this is my credit union https://www.dococu.com/main.php what are some good stocks to buy i was told apple

[-Wade-]

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@Zeno wrote:

hi what are cd? and this is my credit union https://www.dococu.com/main.php what are some good stocks to buy i was told apple

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CD's  Rates              http://cdrates.bankaholic.com/

I don't give out what stocks to buy. If your new to the stock market  you need to get into a Mutual Fund

[Zeno]

i think my credit union does cd

[-Wade-]

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@Zeno wrote:

i think my credit union does cd

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I am sure they do most all of them does

[wa3more]

I would keep it in savings account as emergency fund in case you need it.

It will prevent you from going into debt. Stick to mostly cash mentality and avoid going into debt.

If you have any credit card debt, maybe you use some of it to pay down debt.  Do not invest in stock market unless you have some emergency funds available.

I've been an accountant for 30 years and this is what i told my 24 year old son.

[Zeno]

I have no credit no debt i was thinking of a savings since i could get the money if there was an amergency but i would also like to have a card connected with the savings but savings account don't really have cards with them

[wa3more]

I think these are the questions one should ask about prioritizing their money and finances :

-What happens if I lose my job tomorrow or have a major car repair bill ?

-Do I have cash I can get quick access to in case above happens ? CD's will require you to lock up money at real low rates right now. You need quick access to your money.

-Do I have savings to last a month or 2 at least worst case ?

Pay yourself first. Anything 5%, 10% if you can.

Once you get enough cash saved where you are comfortable, invest in a index fund that mirrors S&P 500 on a monthly basis. 95% of regular mutual funds underperform S&P over long term.

Most of all, live on less than what you make and stay away from credit cards. If you get into CC debt , you will be a slave to it for the rest of your life.

We have enough young people with CC debt and student loans on brink of bankruptcy.

[Zeno]

i just saw suze orman petition to get debite and pre paid cards to credit bereaus