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Originally Posted by Dynamic
I just got a $1600 back, and I'm really confused after reading this thread what to do with it. Any suggestions would be greatly appreciated.
Im 20 years old on monday, and I partially live at home so I have alot of money that just goes into a normal bank account. It just sits there and does nothing which can't be the best way to grow my money.
Anyways what could a person do with 2 or 3 thousand dollars, keeping in mind I can also put away $500 a month or more to also grow my money.
Also I don't have a credit card, I just bought a new car 6 months ago, and I plan staying with my current employer for a while. What would anyone with any knowledge about financial planning do???
Thanks
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The safest way would be to just go open up an account at ING and stick those 2-3 grand into a GIC, their term varies from 90 days to 5 years so you got a lot of flexibility there, since you're not doing anything with the money anyways it's better than letting it collect dust in your regular account. those $500 a month you can stick it into ING's savings account and you can move that money back into your regular account whenever you need it. That's the safe way to grow your pile of cash a little, and you don't have to worry about watching the stocks jump up & down.