If you are able tolerate a little risk, you could deposit your savings into 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 other video for options on investing your cash. For access to live and exclusive video from CNBC subscribe to CNBC PRO:
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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