I have had a Scottrade account for a few years now. It was funded with a $1000 and after a couple of holdings, has now $1003 in cash. Actually, it is earning a grand $.04 month right now. I was thinking of closing it down and adding that money to my emergency holding or putting it towards my debt snowball. But, part of me wants to keep the money there. I am really torn on what to do. I do like the idea of seeing if I could grow that money.
Here are some options of what I can do with the money:
- Cash it and put it in towards a credit card that is at 4.99%
- Cash it and add it to our emergency fund earning .50%
- Keep it at Scottrade and put it in a dividend paying stock such as JNJ or ADP which will get me nearly 4%.
- Keep it and try to search for a good growth stock. I actually did well in my last holding at Apple and made some good money after seeing the account dip down to about $500.
I am leaning towards the dividend stock at the moment, since it will be a safe play and It will be earning money better than in the emergency fund. Decisions, decisions.
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