Investing is often a longterm game.
Your plans, however, may require you to move a little faster. Whether it’s your next vacation or a down payment on a house, you most likely have something you want to pay for in the near future.
If your goal is in the next five years, parking your cash in a standard savings accounts is a safe and liquid option, but it will offer little in the way of returns.
Upgrading to a high-yield savings account can equal 10 times the return on your money and offer the same benefits.
If you are able tolerate a little risk, you could deposit the money in a brokerage account and invest 5% to 10% for a chance to bulk up your returns, according to Winnie Sun, a managing partner of Sun Group Wealth Partners.
Check out this video for a full breakdown of how to invest your money for 5 years to 10 years and beyond.
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