What should I do with my money?

I am a 23-year-old educator. I have over $10,000 in a savings account and am curious if I shouldn't put the money somewhere else. I earn less than 1% on my account. How can I make more with my money?

It really depends on your time horizon. If you go to investing and then click on the research tab under funds, you'll see our recommended fund allocations for people at different points in life. Click on details to choose.
Hope this helps.
Steve Goldberg
Senior Associate Editor
Kiplinger's Personal Finance

23 year old educator,

Keep the $10K in a liquid account.
A money market would be good, and maybe half of the $10K in a 6 month CD.

This could then be your Emergency Fund. The Emergency Fund should have about 6 months of living expenses. It is wise to have an emergency fund and to have assets to cover any debts you have before you begin to invest.

If you have student loans, pay these off before you begin investing.
If you have a car payment, pay this loan off too.
Establish a budget, and then control your spending to match the budget. Budgets can change.

If you need to keep the money liquid, look into the ING direct savings account. It is currently paying 2.35% (more than most CDs). You will need to keep your checking account open though.

Are you already investing in a Roth IRA? If not, I would put 3000 in one for 2004 (you have until APril 15, 2005) - Then you can put another 4000 in for 2005.