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How Should I Invest?

June 23rd, 2013 at 10:19 pm

Today I just remembered something that I've literally forgotten. I have approximately $2,000 coming to me.

While I was overseas I had the option of putting my money into an Savings Deposit Plan (SDP). So for nine months I put in $250/month into this account which stops when you come back from overseas.

As of my last paycheck I have $2,345.34 in this account. So it's earned at approximately $95 in interest at this time.

So at this point I'm not exactly sure what to do with the money. I could put it in a Roth IRA, CDs or just deposit it into my savings account to help boost my emergency fund.

I'm just upset with myself that I actually forgot about that much money. It was coming out of my account automatically so I didn't have to think about it but that's the flip side. You may truly forget about it and not even realize you have it especially if you have beneficiaries.

5 Responses to “How Should I Invest?”

  1. creditcardfree Says:

    I loved the SDP! Can't beat 10% interest, but it does come to an end. I would probably use it to pay off debt or increase your emergency fund.

  2. ceejay74 Says:

    It's almost enough to open a Vanguard Roth IRA, so if you can come up with the rest to make $3000, I'd recommend that. They have cheap target-date index mutual funds and as far as I can tell are the best options in almost everyone's opinions (Kiplingers, Elizabeth Warren, etc.)

  3. Sian Says:

    I've decided to boost my emergency fund and also to invest in CDs. i'm going to split the amount by 6. i'm taking 1/6th and putting it into my EF then taking the rest and doing a CD ladder.

  4. rob62521 Says:

    CDs aren't paying much unless you found a really good one. I think if it were me, I'd split the money...some in emergency and some to pay off bills. The sooner you get bills paid off, the sooner you have extra income to invest.

  5. Sian Says:

    all my bills are in the thousands so the only thing I could do is just pay them down. I found a CD for 3% APY at Navy Federal

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