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Can I make money off my money?

Asked by deni (23141points) September 8th, 2020

If I, hypothetically speaking, had roughly $20—$25k saved up in the bank, with no plans to purchase something like a house or a new car or anything like that, and clearly no big travel plans due to coronavirus…how could I make that money work for me? I know I could play the stock market, but I know NOTHING about it. I know ZERO about investments, anything like that. But I do see my money just sitting there in my Chase savings account which gives me like 10 cents of interest every two months. I feel a little silly asking this question, but I truly know nothing about money and also because of Covid I am not able to work and make as much money as I once did so if there is another way to make money off money that I already have, I am more interested now than ever!

I feel like the obvious is to put a down payment on a property or house but honestly I’m just not interested. I don’t want to stay forever where I live right now. So that is not an option for me currently. Maybe in a few years.

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