Looking for guidance

[xpresspackage]

I am 24 and looking to invest in something not sure what to go for yet.

i currently have a HY-MMA@3.30% with 1K
a 401k plan w/ 6k

i would like to do more and i am stuck between deciding what to do since i just recently received my income tax i am willing to invest 2k. i have been torn between going with a mutual fund or buying a CD from a credit union i am not sure what rates they are offering as i will go find out after this post.

i appreciate any kind of feedback except non-productive criticism.

Thanks all

[jIM_Ohio]

It's tough to give investment advice if we don't known what you are investing for.

If you are using the 2k for vacation next year, 2k for a house purchase in 7 years, or 2k for retirement in 40 years, those all affect the recomendations made.

What is HY-MMA?
What is 401k plan invested in?
What is goal with 2k?
Do you have any more money to invest other than the 2k?

[sweeps]

HY-MMA = high-yield money market account

[disneysteve]

i currently have a HY-MMA@3.30% with 1K
a 401k plan w/ 6k

i would like to do m

Do you have any savings besides the MMA? Such as an emergency fund? If not, I'd start there. You should work on accumulating 3-6 months worse of expenses. That can be in the MMA, CDs or other safe places.

Do you have any consumer debt such as credit cards, personal loans, auto or student loans? If so, you want to focus on paying down any high interest debt at least.

What % of income are you currently able to save? What % are you contributing to the 401K and are you getting the full company match?

[xpresspackage]

sorry for the delayed response i work a 4x10 so i post before i get going to work.

right now i have 4k in cash for emergency fund, now that you've asked i think about it i'd need that to be double if not tripled.

I am not sure what i want to do or what is better to do. I want to invest it somewhere just not sure where or in what.

my companies 401k works like this for the first 2% they match 100% for anything after they match 25% i currently put in 10%

i wish i had more money to invest

[hrdtail]

How about some stocks?

If the merger of Sirius and XM is approved, this stock should skyrocket. Its at a great price right now hovering around 3 bucks a share. just a thought

[xpresspackage]

i am willing to do whatever :] sounds good to me what your saying i'll take a gamble :x

[jIM_Ohio]

sorry for the delayed response i work a 4x10 so i post before i get going to work.

right now i have 4k in cash for emergency fund, now that you've asked i think about it i'd need that to be double if not tripled.

I am not sure what i want to do or what is better to do. I want to invest it somewhere just not sure where or in what.

my companies 401k works like this for the first 2% they match 100% for anything after they match 25% i currently put in 10%

i wish i had more money to invest

If you have one months expenses in cash, and no other debt, I would look into a broad financial plan.

The plan would:
a) add money to EF each month (maybe around $100)
b) add money to retirement funds (if you can get a 25% match on every dollar after 2%, I would seriously look to up contributions beyond 10%- could you consider 20%?
c) add money to a taxable investment account for intermediate expenses (new roof, new car). $50/month for starters, once emergency fund is larger, put $150/month this fund. I would also invest this with little principal risk (maybe 20-40% equities). It should grow at around 6-8%, which beats savings accounts, CDs and money markets.

I would not pass up that 25% match past 2% in 401k. That is a 25% return on investment, which is a great return for any market condition.