Like many people, you’re probably not investment savvy. Still, you wonder what you can do to make your savings dollar grow faster, but keep it safe from investment losses. Luckily, there are a number of investment strategies that can earn you a better return on your investment dollar than a traditional savings account. It’s still a good idea however, if you can, to keep a small savings in a standard savings account in case you need to access money for an unplanned expense like major car or house repairs.
Investing in the stock market is really a great way to help your money grow. Some people use an investment counselor for this purpose, but creating your own stock portfolio is becoming easier than ever with the wealth of reputable online investment services available to help you realize your investment dreams. And opening an online investment account can be done with as little as $50.00 in some cases and you can load money into your brokerage account directly from your checking or savings.
Choosing stocks can be tricky at first, but there’s so much information available to teach you the process step-by-step that you’ll be a pro in no time. Keep your account small at first and go with the safer stock offerings until you become more adept at investing. Stock market investing is not designed to give you a fast payoff, so if you hear stories about stocks that double in a day, don’t listen. The stock market is designed to give you a long-term investment opportunity in which the returns can vary by the day, and even the hour. So, if you’re anxiety-prone, keep your money in a safe savings account or avoid checking the stock ticker every minute. But remember, over the long haul, the stock market may yield a higher return than other, more traditional, savings strategies.