I'm a complete newbie at this, so try not to tear your hair out too hard.
An idea I had was to begin depositing 500.00 USD into a 5 or 6 year CD every month for 10 - 12 years. Assuming CDs work the way I think they do and will allow such a thing to place, the goal was to begin getting a monthly CD with its interest. I would reinvest the initial 500 and take the interest for myself of each CD or adjust for possible inflation and increase it by a small margin but it would generally just be recycled back into a CD. Obviously a monthly 500 + interest only takes place after the first five or six years.
My question is do CDs in fact allow such a thing as this to happen and is it a good idea or suggestions on how it can be better?
Submitted October 15, 2018 at 09:46AM by HedgeFundHootananny https://ift.tt/2QM0HM0
