After having a talk (well, I made some sounds at least) with my uncle, we decided to invest $1000 of my current savings into I-Bonds. For those of you who are not familiar with the, you can learn more about I-Bonds here. That means that $1000 of mine will be earning 4.8% for six months and then somewhere over 5.5% (I'll know the exact amount on November 1) for six months. Since my uncle doesn't believe he'll find more than $1000 worth of investments for me in the next year, we decided that this was a better place to keep the money rather than in cash.
This is an exciting moment for me since it's mt first investment of this kind that will pay me interest. I've liked the idea of compound interest since my uncle began explaining it to me and I want to use it to my full advantage since I am beginning to invest so young. I7m hoping for a big increase come November 1 so that my savings will grow even more.