Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Personal Finance and Investing

Mr. Scorpio

(73,719 posts) Wed Oct 16, 2024, 03:09 PM Oct 2024

I've got a friend with ten grand sitting in a regular savings account doing nothing [View all]

He called it his rainy day fund, and he's pretty much adding a $1,000 month to it with no intention of spending any of it.

And like a busy body, I suggested that he should use some of it to make some investments, but I have no clue how to invest in anything and neither does he.

So, if he's interested in doing something with some of his savings, how much should I suggest he invest and how should he get started?

Any advice?

12 replies

= new reply since forum marked as read

Highlight:

I've got a friend with ten grand sitting in a regular savings account doing nothing [View all] Mr. Scorpio Oct 2024 OP

There are still some CDs with good rates available if they are risk averse. we can do it Oct 2024 #1

That is exactly what we just did. nt Ferrets are Cool Nov 8 #12

Is that the only money he has? If so, it marybourg Oct 2024 #2

Nah.... get it in a HYSA. Happy Hoosier Nov 1 #11

10K is good starting point to starting for multigraincracker Oct 2024 #3

At 75 I'll keep my $ in savings Lebam in LA Oct 2024 #4

Cash is a demand on future consumption bucolic_frolic Oct 2024 #5

I'm very skittish and don't like risk - at all MaryMagdaline Oct 2024 #6

Current CD rates range from 4% to 4.6% for 3 months to one year surfered Oct 2024 #7

Yup. The OP should ask his friend if he likes free money! A HERETIC I AM Oct 2024 #8

Capital One has some high interest savings accounts nearly as good as CDs. nt CoopersDad Oct 2024 #9

Having an emergency fund in cash is a good idea... Happy Hoosier Oct 19 #10