I have been saving money since I’m a little kid. I have a decent amount right now nothing crazy, I’d like to put it away somwhere.
I dont want in invest it, I know thats the smart thing to do but it is too risky for me right now. When my father died his siter invested what was willed to me and she lost most of it so you can see why i dont want to go that way about it.
Should I put it in my 401K, Start a savings account?
Any ideas?
A 401k is technically an investment. If the markets crash you can lose your money.
Open a money market account at your bank for a safe way to save with interest and still be able to make withdrawals when you want. If you can do without access to the funds for a few years you could also buy bonds.
If you want to learn more there are a near infinite number of financial sites on the web. Just Google 'personal finance saving" or such.
If you want zero risk, think about CD’s or Treasury Bills/Notes. Stagger the maturity dates. Don’t invest in long term CD’s (longer than 18 months)or Treasuries unless you are sure that interest rates won’t rise in the future.
As you risk tolerance increases, there are higher return options available. The younger you are the more it makes sense to invest in higher risk securities such as stock market index funds.
Or simply send it to me and I will spend it wisely on myself. 