What is the best way to grow money over a 6 to 12 month period?
Mutual funds, high yield savings, 401k, roth IRA, CD, stocks, bonds?
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With that short of a timeframe, I wouldn’t recommend stocks. There is a good chance that you will lose money.
Retirement funds like IRAs and 401ks are out – when you grab your money in a year, you will be slapped with a 10% tax penalty. Ouch. Those are for long-term retirement.
I would recommend money market funds or CDs. Right now, these are paying in the 5-6% per year range.
–>Adam
grow dope
stocks but consider the risk
mutual funds less risky less interest
bonds even less etc
CD no risk
high yield savings
both the 4021k and roth ira are long term you can still put funds in stock, mutual funds or whatever – but did set of rules
there is no magic bullet ! If you buy a penny stock and it catches, a fortune can be made but….80% of penny stock investors fail. Right now, stocks in the energy sections like oil and gold are rapidly increasing. You can buy a mutual fund in the energy section. If you want safety, go to a financial advisor and tell him your situation.
Anyone can ‘grow’ money. It just depends how fast you want it to grow.
Adam L should get a “Thumbs up” for his answer, but I haven’t figured out how to do that yet.
Money Market Account, CD, High Yield Savings are the best choices for short-term saving/growth. Anything less than 2 years is considered short term.
Short term investing in stocks and bonds is too risky.
Early withdrawals from 401k and roth IRA will cause a tax hit of at least 10%.
IRA and 401(k) can’t be touched – so they aren’t liquid enough to be in this discussion.
Bonds don’t grow very much – steady and predictable, but slow.
Stocks can make you some money, but you’ll have to pay trading fees to a broker or try your hand on your own on an internet trading site. This is easy to mess up and even easier to lose money.
Honestly, 6 to 12 months? Chuck it into a series of three month CD’s – known returns, no risks, and it’s still fairly liquid.