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The safest thing you can invest in is your Savings Account. The money will be there when a real opportunity comes by. Business Opportunities are like Buses , you miss on the next 15 min another one is coming.
Series I savings bonds, High-yield savings accounts, Dividend-paying stocks are all a good start to do some research on. Stocks obviously are not as safe as cash, savings accounts or government debt, but they’re generally less risky than high-fliers like options or futures.
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If you're looking to invest, then I'll advice you invest in yourself first. Get financial education.
That said, you could invest in Treasury Bills if you're interested in investing for a shorter time frame, but if you plan on locking your funds for a longer period, then I-bonds is the way to go(although I don't really recommend it).
For a bit of flexibility and great ROI, investing in a High Yield Savings Account(HYSA) or Certificate of Deposit(CD) is your best option..
You could also look into stocks or trading crypto, quite lucrative even with the current state of things in the financial market.
But again, you shouldn't invest your money anywhere if you haven't invested in yourself by learning and doing proper research.
There are several places for learning, books, YouTube, workshops etc.
Thanks so much!
I'm a bit hesitant to invest. We cannot say since our economy is unstable right now. But I agree with A2. Maybe getting a financial education will help.
That's how I'm feeling too. What type of education do you recommend?
Historically, S&P500 is always a good option. I'm not an expert on it, but I know it will eventually bounce back. I learned with time that I can't time the market.
That makes sense. I've heard good things about the S&P500, so it's helpful to hear that because that's something that actually sounds familiar to me.
It's still a good time to invest in the stock market, wisely. Everything is on sale and the market always comes back around. This is just all part of the normal economic cycle. I also second a HYSA - actually getting a boost right now due to increased interest rates.
I saw that about high-yield savings accounts. I'm thinking about putting money in one to save for a house. Is that a good idea?
There are no safe investments lol. I'm mostly sticking to global economies, utilities, commodities etc. Staying away from tech and social media at the moment. Unless Twitter is somehow resurrected lol
One thing I do know is I'm not counting on Twitter!! Haha
I agree with the comments above. With the current economic situation, better put your money in a savings account for now. Let's hope that 2023 is a better year.
A high-yield savings account is your best bet for a low-risk investment if it's your first time and still a bit skeptical over investing your money. Savings accounts are completely safe since you won't be losing any of your money.