get ready for a real dunce...need advice in what to do with "suze orman" account

[aevans1206]

OK. So I read "Women and Money" by Suze Orman and opened a save yourself account back in March (?). We now have $200 in that account. It's sitting there, a lovely nest egg that I cannot and refuse to touch (that $100 at the end of the year is just too juicy!). Because I can't get my greasy hands on this money anyway, I'm trying to find out what the best way to invest this money is. Should I just leave it as an MMA? Or is it possible for me to invest it in something? I know nothing. Consider me a dunce here (I'm sure you all know I don't know anything already).

[jIM_Ohio]

Most investments in mutual funds will require a minimum of $1000 or a regular contribution ($50 or $100 each month).

[zetta]

Check to see if your library has a book called How to Invest $50 to $5000, or buy it used from Amazon. It's got some great suggestions on how to start investing from where you are now.

[maat55]

If your purpose for this money is longterm investing, as Jim said, you can open an mutual fund account that draws at least 50.00 per month. If short term, just let it ride in a high interest savings account.

[aevans1206]

I'm thinking I'm in more of a long term range with this guy. I don't want to see, touch, think about the money there. I just want it to grow. I already have $50 automatically deposited to the account monthly, so perhaps a mutual fund is the way to go. Thanks all!

The book is going on my summer reading list.

[maat55]

I'm thinking I'm in more of a long term range with this guy. I don't want to see, touch, think about the money there. I just want it to grow. I already have $50 automatically deposited to the account monthly, so perhaps a mutual fund is the way to go. Thanks all!

The book is going on my summer reading list.

Go to T. Rowe Price's website and see if you find a fund you might like. I suggest PRNEX. Have fun investing.

[scfr]

Since that account is with TD Ameritrade, if my memory is correct, you would pay transaction fees for any trades you made. My suggestion would be to let the money sit tight in the TD Ameritrade MMA until after you have received the $100 bonus. Then, close the TD account and move the money to a mutual fund.
With the bonus and your monthly contributions plus a bit of interest, you'll have about $710 in the account when you can close it. If you can come up with another $290 between now and then somehow, you'll have a total of $1K which will give you more options.

You have about 9 months to research mutual funds (and save up $290 if you want to). Good luck!

[disneysteve]

I know nothing. Consider me a dunce here

I think you know plenty. If nothing else, you know where to go to get your questions answered. That is at least as valuable, if not moreso, than knowing the answer yourself.

Two sayings come to mind:

1. The only stupid question is the one you don't ask.

2. There are no stupid questions - only stupid answers.

[aevans1206]

Thanks, Steve. Very much appreciated.

I guess I'll be keeping tabs on the mutual funds y'all discuss on the boards!