Q.: I would like to start saving for my future. Recently I was given a check for $10,000. Should I open a savings account, a checking account or put it into a CD? – Reader, via email
A.: I wouldn't do any of the above. Putting money into a CD is almost like flushing it down the toilet. The return is so small, and even that little return is taxed.
Checking and savings accounts have the same pitiful returns. In order to be successful, in my opinion, you're going to have to get into the market.
That means doing a certain amount of self-study. Read the financial sections of your local newspapers, read magazines, etc.
Not every day, but get familiar with what's going on. Finally, approach a broker or two and explain to them that you want to start on a plan for your future.
Tell them you have a modest amount of money now, but you will be saving religiously as your income increases.
The only place I know of where you will get a decent return for your money is in the market.
Other than that, you are treading water or even losing ground.