My 18-year old son has a little extra money (approx. $1,000) and I'd like to get him started on some savings and investment strategies. He started with a six-month CD but the current rates are so low the profit was minimal. Are there any suggestions for a better method to have him earn some interest on that money?
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Dividend paying stocks are my go to for earning interest on my money. There are lots of them out there but I personally don't invest in anything that pays less than 2% dividends and it is good to do your research on the company to see how stable their dividend payments have been.
I like using Stash Invest to buy portions of various dividend paying stocks to see how they do over time before deciding to invest more into them.
Another app I use to earn interest is Worthy Bonds. I have been using them for a couple years now and they pay 5% interest on your bonds and you can withdraw at any time. (Let me know if you would like a link that will get you a free bond when signing up)
Have ya thought about the investment app "Stash" , I nearly started on it, just cannot commit to low monthly payments yet?
I have thought about it and I have the same reservation that you have. As a sarter investment, I'm looking for something that doesn't require a lot of attention.
For investing without having to put too much attention on it, I highly recommend using robo-advisor investing. (basically letting a computer invest for you)
I have been using several apps for years now and have seen good returns.
My favorite has been Axos Invest (formerly WiseBanyan) but since they changed companies, their new app is much harder to navigate.
Betterment and Finhabits are two other ones that work well.
Some apps are free, some charge a small fee but I have found that if you are investing consistently, it tends to be well worth it in the long run.