For help thinking things through and putting together a savings plan that works for you, check out some of these tips about saving and goal-setting.
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If you're putting money aside for the near future, or if you need to be able to access it quickly, you'll want to take extra care to protect your initial investment. Savings accounts and CDs are two great ways to do this, because they pay compound interest that helps your money grow more quickly. Mutual funds can also be helpful. Here are some other things to consider:
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One of the fundamental rules of investing is: The more risk you're willing to take, the greater your profit could be. If you want your money to grow fast, you'll probably need to accept a certain level of risk.
When is this a good idea? Typically when you're saving for a long-term goal you have time to accept more risk. Though past performance is not an indicator of future results, historically over the long term the ups and downs of the stock market tend to balance out. When you're closer to your savings plan goal you can invest in a less risky type of account (like a CD or fixed annuity).
There's another way to help grow your money faster: Choose a type of account that offers tax savings (either at the beginning or when you withdraw the money later). For college savings, that could be a 529 plan. For retirement, it could be IRAs or annuities. Learn more:
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