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6 ways to invest your extra money

Whether you received your wealth through an inheritance, a bonus job, or a profit from the sale of your possessions, having extra money can give you an opportunity to grow your money and achieve goals like saving for a down payment on a new car.

But determining the best place to store this money is not easy, and in this regard we will provide you with some suggestions that will help you invest your money well.

1. A savings account

High Yield Savings Account is a suitable place for people who want to grow money with easy access to it anytime and easily.

Where you can open a savings account to take advantage of many purposes such as: an emergency, or to save for a vacation or to repair a house.

But beware... If you need to get parts of your money from time to time, the limitations of savings accounts can be a problem for you because they may require a maximum of 6 withdrawals or transfers per month according to the policies of many banks.

2. Certificate of Deposit

The main difference between savings accounts and certificates of deposit is that you can get your money back after completing the process. If you withdraw money early, you will be fined.

These continents may put you off some but they protect savers from low interest rates, as they allow a fixed interest rate to be maintained.

3. Create a money market account

If you want a safe place to deposit your extra money, money market accounts are similar to savings accounts, but they often pay more interest.

However, money market accounts provide access to your money faster than savings accounts, and they are also safe because these banking institutions are globally insured.

4. Create a checking account

A checking account is a safe place to put money. However, it is not necessarily the best place to save.

But you should mainly use checking accounts to store your extra income. Checking accounts are highly liquid and come with perks: You can make withdrawals at any time.

5. Short-term bonds

If you plan to hang your money for at least 5 years with a sense of security, then consider investments more than savings, as investment provides a higher return, but it contains risks in which you may lose all your money.

These bonds do not protect your capital, and you can also find that when you withdraw your money, you do not earn any interest, but rather suffer a loss.

*** How to create an electronic wallet for digital currencies

6. Stocks, real estate and gold

Investing in stocks can lead to high returns, although investors endure the inevitable ups and downs in the market today.

A good place to start would be the S&P 500 index fund, which includes the largest diversified US companies in every industry.

But if you intend to make a long-term investment such as buying a house, with the instability of prices and the increase in inflation globally, finding a suitable property and securing it is more difficult.

As for investing in gold, investors see it as a safe place to park their money and invest well.