If you had $5000 to invest what would you invest in?

[amyandelle]

In a few months I am hoping to save up about $5000. I would like to invest in something that would enable me to make a good profit. I don't know anything about investments or stocks or anything like that so if anyone has any good ideas can you please send them my way?
Thanks,
Amy

[Herausgeber]

Is this above your emergency fund, i.e. is this the only savings you have? If it is, a good, high yield savings account may be your best bet, like at ING.

What's your time frame for needing the money back? Are you willing to spend a lot of time researching small and mid-size company stocks?

[TiredX2]

:

[MistyB]

me personally...

short term and may need to access:
http://www.bankrate.com/brm/rate/mmm...duct=33&sort=2

mid to long term and not likely to need:
http://flagship3.vanguard.com/VGApp/...w%3Fgh_sec%3Dn

[Herausgeber]

Love Vanguard. I have the majority of my retirement savings with them. Very low fees and great customer service.

[griffin2004]

Do you have any debt, like a credit card or consumer loan at a high interest rate? I'd pay those off first before investing in anything.

[Red Sonja]

Right now I'm putting our savings into an ING account, it's currently at 4% APR. I'm also reading "Mutual Funds for Dummies" to improve my understanding of other investment options, I hope to start an investment account soon.

In the meantime, I like having our savings in the ING account. It's quickly accessible in case we need it for an emergency or large purchases (midwife, birth tub) and it is a relatively high interest bearing account. Right now it's bringing in about $13 a month in interest - might now seem like much, but it's a lot better than the savings account at my credit union. We will probably keep our emergency fund savings in there after we decide on an investment account.

[girlstar808]

Originally Posted by amyandelle

In a few months I am hoping to save up about $5000. I would like to invest in something that would enable me to make a good profit. I don't know anything about investments or stocks or anything like that so if anyone has any good ideas can you please send them my way?
Thanks,
Amy

Besides the usual IRA, 401K, emergency or other savings account, kid's college funds, or paying down debt I would also consider investment in yourself by getting more education which pays high dividends or invest in a business which can grow over time.

GL!

[p.s]

Have you fully funded your Roth? Spouse's Roth?