Hello everyone,
I have a question about my finances, and I would like your opinion.
Here is my current situation -
Non-American citizen, living in America and I intend to settle here.
Age - 32
Income - $73,000/year
Marital status - married, no kids. Wife not working
Dent - none
Current savings situation (this is all the money I have) -
401k - $6,847.29
Checking - $4.95
Savings - $95.44
Checking - $2,079.96
Checking 002 - $200.00
Savings - $1,000.45
Online Savings - $300.24 (0.90% interest. Will close this soon)
CD - $96,425.11 (2.30% return. Set to mature in May 2019)
Online Savings - $23,938.29 (1% return. saving for a down payment on a house)
Vanguard Roth IRA - $1,004.39
Savings - $429.44
I realize I have 5 savings accounts and I am working consolidating them.
I was not sure about investing, and frankly that idea scared me, so I stayed away from it. I thought the best way to increase wealth is to spend as less as I possibly can and stock away the left over money in a savings account. I did this for a while, and then I realized that a CD would offer much better returns (in comparison). I had stock piled $95000, with which I opened a 5 year CD offering 2.30% return.
I now realize the power of investing. So my question is, should leave my money in CD or should I break the contract and start investing with it?
Also, how big of a screw up is this? Did I make a colossal mistake? If so, what can I do to rectify this?
Thanks for your input.