The two investing products that I would choose to use for my investing my money would be; Growth Mutual Funds and Certificates of Deposit.
I would consider using Growth Mutual Funds because I it’s something that isn’t so risky and you wouldn’t have to worry much about it. The only thing you will need to do is give your money to a certain company of your choice for example Merrill Lynch Company. What they would do is invest the money in the stock market, by separating it in different stocks. I would consider investing my money in Growth Mutual Funds because I know that the rate is pretty high which will not regret investing there. Some risks that can happen in investing in Growth Mutual Funds is that there isn’t always a guarantee that you will receive your money back, there can be loss of value or just lose everything. My plan is to invest $1,000 dollars in Mutual Funds after my 20th birthday. The annual rates are 7% so in 2 years I will have about $2,434 dollars and with that money I will be able to pay my dues for school. I will continue to invest so I can gain more money and be able to pay everything.
Another place where I would invest my money in would be Certificates of Deposit because it’s an investment where you can have extra money and also double your money. Investing into these certificates is a low risk so you wouldn’t lose that much of your money or you wouldn’t lose anything at all. The Federal Deposit Interest Corporation guarantees protection of the money that you have taken to the bank. Once you deposit the money they give you a certificate so you can keep record of the deposit. They do that because they keep track of the interest rate as well let other people use your money. Of course with your approval, the interest rate differs because it depends on where your depositing your money. I would plan to deposit 600 dollars at CIT Banks and with the interest rate of 1.05% and adding 100 each month, I will have about $1,200 in...
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