Investing is often a long-term game.
Your plans, however, may require you to go a little faster. Whether it’s your next vacation or a down payment on a house, you probably have something you want to pay off in the near future.
If your goal is in the next five years, parking your money in a standard savings account is a safe and liquid option, but it will offer little return.
Upgrading to a high yield savings account can equal 10 times the return on your money and provide the same benefits.
If you are able to tolerate a little risk, you can put the money into a brokerage account and invest 5-10% for a chance to increase your returns, according to Winnie Sun, managing partner of Sun Group Wealth Partners.
Watch this video to learn how to invest your money for 5-10 years and beyond.
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