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Best way to invest $40,000??

ScottFern

ScottFern

Diamond Member
Well, I found a savings account program from Emigrant Direct, which IS FDIC insured, however the interest rate is 3.25% APY. I just wanted to make sure before I dump alot of money in there that there isn't a better place to invest my money??


Suggestions welcome.
 
that's too much money to waste in a savings account

If you want access to some of it, then put part in an ING Orange Savings, much easier than ED.

After that invest it somewhere.
 
3.25% is good for a savings account, but with $40,000 i think you can get better returns elsewhere. have you looked into mutual funds?
 
If you need it to be easily accesible place it in ING or ED. If you're saving for a year or so, place it in a mutual fund, a bond fund, or a muni bond fund(tax-free!).
 
Sorry I should of said something about the needed liquidity of the funds. Anyway, I will need $3000 - $5000 next semester for school, but besides that I do not need it to be readily available because I do have a job and I my own checking account right now. However, in case of an emergency I would like to be able to get at the money if needed. But lets say I put $10,000 in an ING savings account and $30,000 in something else that does not need to be very liquid. There better. 😛
 
I'd say keep some of that in an emergency fund in ing or em, maybe 5-10K and the rest put it in an index fund like the vanguard index 500
 
ING offers mutual funds too from a small portfolio. Keep 10k as an emergency fund and 30k in a conservative growth portfolio.
 
index funds. go on itunes and buy the motely fool investment guide and listen to that.
 
The other question to ask is what type of returns are you expecting and what is your comfort level of risk? Obviously, the higher the return you're looking for, the more inherent the risk.
 
The average return for any good (GREAT) mutual fun should be 12-15%/yr. Just do your research and you'll be better off than just leaving it in a savings account.
 
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