Money Market Account

-A money market account is a savings account with a higher minimum, but better interest rates.

-The average interest rate for an MMA is anywhere from .26-1%.

-There is little to no risk with MMAs because going through a bank that is FDIC insured ensures that your money is safe.

-The benefits to MMAs include higher interest rates than regular savings accounts and little to no risk.

-One drawback to an MMA is the fact that there may be penalties if you withdraw your money too soon.

-To open an MMA, you go to a bank and request to invest your money.

-I chose to invest 15% of my assets in an MMA because you can't touch it (therefore, you save more), you have better interest rates and therefore better return rates, and it's a safe way to save for retirement or other things you have to save for.

I chose to invest $15,000 into a money market account because of its higher interest rates than savings accounts and its relatively low risk.

$15,000