Financial Advice Needed! Please Help!?

Answers:2   |   LastUpdateAt:2012-10-26 14:42:02  

Asked at 2012-09-14 06:10:03
We are 29 and 30 years of age. MedlinePlus MedlinePlus We currently have $ 22,325 in savings. We have zero credit card debt , but have student loans of $ 14,000 and $ 4,000 , along with a car payment of $ 9,000. We currently do not own a home, as only working part time , but rent. We're nervous because we have a child who comes in the next couple of weeks . MedlinePlus MedlinePlus So with that said , I wonder what we can do to make money with our money . We currently have $ 2,325 in a savings account rate is MAX 3.0% interest . We have $ 16,000 in a 5-month CD 4.69% interest and $ 4,000 in a CD 3 months at 3.27% interest . MedlinePlus MedlinePlus What should we do with our money ? We do not want to take risks in the stock market , but want to get more of a return on our money , then we are now . MedlinePlus MedlinePlus Please help, suggestions are welcome !
Answer1RayniqueAnswered at 2012-10-01 12:01:02
Your options are probably limited to CDs, several money market accounts and the like , unless you want to take some risk . If you put yourself in a position of some risk (ie , investment funds focused on growth stocks ) your rate of return could be higher. MedlinePlus MedlinePlus Basically , the more risk you can handle, plus the associated reward could be.
Answer2EvelynAnswered at 2012-10-26 14:41:11
Although you say you do not want the risk of the stock market - I think you should have some money in action . The market is volitile at this time , but it has worked well in the long run. MedlinePlus MedlinePlus You need a cash reserve - I would keep about $ 10,000 in a money market checking account or savings - . Check out these fees with your bank or online MedlinePlus MedlinePlus You might want to consider a bond fund mutli sector for some of their investment dollars - and that seems conservative - probably about 50 % of the assets that you would be willing to put some place other than CD MedlinePlus . MedlinePlus For the other 50 % you may want to consider an asset allocation fund moderate conservative or conservative mutual .
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