Hi, I have 60,000 cash.How can I make it

[Sunny101]

work harder or gain better interest. ( CD's) I have it in a checking account which gains a meager 1 perecent per year. Any suggestions are much appreciated.
Thanks in advance.
Sunny101

 

[Peaceful_Warrior]

At least get it into a higher yielding MM for now.

Depending on your age, existing AA, and other factors you may consider a variety of options ranging from heavier in bonds to heavier in stocks.

 

[travelover]

Welcome Sunny101. You have made an important step in realizing that you can do better. Stick around and we can give you some suggestions that are simple and will help you grow your nest egg.

 

[Donzo]

I 2nd P Ws suggestion - get it into Vanguard or Fidelity MM account and start reading. From the MM account you can easily transfer to index funds etc. of your choice.

Get that money working for you!

 

[bssc]

Hi and welcome to the forum

I second or third the motions. There are safer investments that yield more than 1%. Then look around and do some research.

 

[qkayak]

At least open an online savings account at ING or Etrade or many other interbanking banks. They pay 4-6% interest for a savings account. These banks are FDIC insured up to $100k.

 

[SteveR]

Welcome to the forums Sunny. As the others have said, if you don't know where to put your stash of cash at least put it in a MM for now. A 1% interest rate is costing you over 2% per year in lost value through inflation so you are really losing twice what you are making right now.

Shop around for MM funds. Vanguard is around 6.3% but others may be higher or lower. A lot depends on what you want to do with the money and when you need it. A MM is fine for a while but long term growth will require some equities (start with index funds if you want someone else to do the heavy lifting) to keep ahead of inflation and to make your money really grow.

Take a look around the forums and use the Search function to check out prior discussions that may answer your questions. Good luck.