What's the best way to invest a few thousand dollars?
I will retire in 10 years. In addition to Soc Sec, I have a company pension, company stock and a 401(k). But I can also save about $100/week in cash (I have $3,000 so far). I want to be able to access it relatively easily in case of an emergency. But I want it to grow, also. I am also risk averse.
Any ideas on how best to safely invest money that let's me retrieve it if necessary?
- AlCaponeLv 73 years agoFavorite Answer
For long term results, you can't beat the stock market. Get an account with a low-fee investment broker such as Fidelity, Ameritrade, or others and spread your money to buy about ten "blue-chip" stocks such as Johnson and Johnson, Proctor and Gamble, General Electric, Disney, and other American staples. There will be ups and downs but with dividends and long term growth, you'll do well. And you can convert your investments back to cash very easily.
- tiescoreLv 63 years ago
Your wanting conflicting goals, liquidity & safety versus growth. You'd could possibly do a mix of 70% savings account/30% conservative growth mutual fund or something like that... about as close as your going to get, and your returns won't be much.
- rarguileLv 63 years ago
Buy a Bond ETF like SHY (2 year maturity..Govt Bonds) - pays a dividend every month and you will not lose more than 2-3% of your principal even if the interest rates rise more rapidly than expected.
- 3 years ago
Buy a rental property, this will give you an income in your retirement