Well if the ‘new you’ has not yet arrived to tackle the New Year, it’s not too late.
The folks at CouponBirds.com have taken a national survey, asking how much money people plan to save in 2023.
Californians, on average, are looking to sock away 8,399 dollars in 2023. That’s about 7-hundred dollars a month.
Folks in Nebraska say they want to save double that amount, more than 16-thousand dollars this year.
The real problem will be where to put that money to make it grow.
Stocks are way down over the past year, and any investment in the stock market comes with considerable risk; It is safer when you have a long-term horizon.
Day-trading and timing the stock market can be lucrative, but can also be disastrous. It is high-risk.
Investing in cryptocurrency is also very risky, with large price fluctuations occurring frequently.
Bonds are not as volatile as the stock market, but bond prices go down every time the Federal Reserve jacks up interest rates.
With interest rates being pushed up every month by the Federal Reserve, bond prices have been going down. However the interest rate on the bonds has been going up.
Investing in low-risk certificates of deposit is an option though the interest rate you’ll get is a fraction of the interest rate you are being charged by your credit card company.
Photo from Alpha Media USA Portland OR