It may be time to put your extra savings to work
Investing requires taking a risk, and it can seem scary at first sniff. But avoiding risk means you're also avoiding potential gain.
Consider the chart below, which compares how a $10,000 balance, with additional monthly contributions of $100, would fare over five years in various savings vehicles — a traditional savings account, money-market account, or 5-year certificate of deposit — and an index fund, a type of low-cost, broadly-diversified investment.have a fixed time frame and don't allow additional contributions between initial deposit and the maturity date, so additional contributions would be $0.
If you're looking for a place to store savings you'll need in the short term while still earning some interest, a money-market account orA CD comes with a specific term length, from three months to five years, in which the money typically can't be accessed without paying a penalty. Generally, the longer the term length, the higher the interest rate.
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