Investing isn’t only about playing the long game. In our third SkimmU Money course Bola Sokunbi, Founder and CEO of Clever Girl Finance, told us allll about investing for our short-term goals. Then, Girl$ on the Money’s Mabel Nuñez joined for a panel discussion and audience Q&A.
What are the benefits of short-term investments?
Short-term investments are more liquid (read: can easily be converted to cash) than your retirement accounts, so they’re a good option when you need your money in five years or less. Like for a down payment, wedding or new business. Plus, they can be hedges against inflation. Say less.
Which short-term investments should I choose?
Things like money market accounts, peer-to-peer loans, and certificates of deposit (aka CDs) — even your side hustle — are all types of short-term investments. There are pros and cons to each depending on (you guessed it) your goals. Pro tip: Do your research and compare rates before locking in a decision.
Are there ‘riskier’ investing methods that I should consider for my short-term goals?
Before you quit your 9 to 5 to day trade or head to the crypto exchange, remember: day trading and digital assets are unpredictable and volatile. And liquidity is important for short-term investing. And risky investments can result in a loss (womp, womp). The TLDR: Always do your research on these investing methods before diving in.
More in this series
Course 1: Minding Your Mindset
In our first course of SkimmU Money, founder of The Fiscal Femme, Ashley Feinstein Gerstley, explains how to get your mindset right for your investing journey. Then, Fidelity’s Kelly Lannan joined for a panel discussion and audience Q&A. Mind on your money, money on your mind.
Course 2: Building Your Portfolio
Farnoosh Torabi, Financial Expert and Editor at Large of CNET Money, joins us for our second SkimmU Money course. We dive into how to start building a strong (read: diversified) portfolio. Then, Fidelity’s Leanna Devinney joined for a panel discussion and audience Q&A. Runnin’ up that (money) hill.
Course 4: Feeling Crypto FOMO?
Maggie Love, Founder of SheFi, made investing in crypto a little less cryptic in our final SkimmU Money course. Then, Guidefi’s Charlene Fadirepo joined for a panel discussion and audience Q&A. We’re cashin’ out.
Live Smarter
Sign up for the Daily Skimm email newsletter. Delivered to your inbox every morning and prepares you for your day in minutes.