It’s time for another edition of Dollar and Cents. This is where I answer one of your questions.
I ran across one of your articles via Google and wanted to inquire your thoughts on what a first time investor should do in order to maximize ROI. Hypothetically, what are the safest options for a 10,000 investment and is that enough to get a good head start in the market. Ideally, I would like to double or triple this over time.
With each Dollars and Cents video we want to provide some follow up links where you can get some additional information on the topic. If you are interested in learning more on investing an inheritance, safe places to store your money, and the best places to open up a brokerage or savings account, here are some good reads:
- Best Online Brokers for Beginner Investors – Want to get started investing, but don’t know how. Check out our post that outlines the best places online to get going.
- Top Places to Invest Your Money for The Short Term – This post outlines 11 different options to put your money for the short-term. Also good options for people that don’t want to take a lot of risk starting out.
- Low Risk Investments with High Return– Does investing give you sweaty palms and elevated heart rate? If so, first go out and buy some good deodorant. 🙂 Next, check out our post that lists 10 different safer options for people timid of the stock market.
Check out this calculator:
In the video, I mention the “Rule of 72” and how long it takes your money to double. Many people don’t realize how long it takes for money to grow through compounding interest.
Have a question for me? Just let me know and we’ll get it on the blog!