smart money this morning and we have some advice on what to do with a short-term investment as you might imagine there are many options and to share just a few of them were joined by certified financial planner Jeff rose Jeff thanks for coming in it’s probably what do we mean when we’re talking short-term investments you know I think for short-term it really depends on the individual but generally you’re talking in that one to three to five year range probably on the long side but somewhere that ranges that we’re talking about and where would some of this money is like inheritance perhaps or some kind of return from another investment I think a lot of people you know I always advocate having an emergency fund you know having some cash savings you know and some people are really good with that some people are almost too good you mean they have plenty of cash take care of emergencies or something happens but they almost have too much money sitting in cash making next to nothing and with most people knoweth interest rates being an all-time low you know if you actually check the interest rate on your checking or savings account you might be a little upset to realize how little you’re paying you’re probably actually paying your pake to actually take charge of your money just because that’s just how low interest rates already and one of your first words of advice is to pay off debt yeah you know that’s the the big surprise I think of many people come to me because they don’t realize like oh like where can I go make some money and I like start asking questions like well you have this consumer debt you have this credit card that you have this this card note whatever that may be that you’re paying five six seven eight twelve percent interest on and yet you’re trying to invest it for the short term and even though interest rates are low I mean you can get three or four percent that’s really good right now but getting three to four percent when you’re paying twelve percent on debt makes absolutely no sense and number two is online savings and CDs talk a little bit about that yeah so I know with local banks may not like this but you know if you’re comfortable banking online it’s just amazing how online banking has expanded over the years and now you know you can open accounts online have ATM access free withdrawals literally no fees whatsoever Wow but the other thing what makes it interesting is that a lot of their savings account rates or money market rates are six to eight times more than what you’re seeing at local banks obviously it to be comfortable well you know with an online bank but there are a lot of big names like ing Ally you know FDIC insured is like your local bank but they’ll pay you a higher interest rate another option here short-term bond funds or ETFs yeah you know and this we’re starting to get a little bit more on the riskier size so I just want to stress that but if you have ample emergency funds where you got plenty of cash you’re looking to make a little bit interest you know there are bond funds that can make pay you that three to four percent range just realize that you could see a bit of a fluctuation with your principal so I do want a warning on that but we do have clients they’re taking advantage of these opportunities right now and you say become a bank yourself peer-to-peer lending talk about that this is the one that I’m really excited about this is really expanded over the last couple years but essentially these are online websites that are basically allowing you as an investor to give loans micro loans to individual investors so let’s say that you’re an individual that you need a loan for a business a personal loan pay off a high interest credit card debt or student loan debt and you don’t have make the greatest credit so you need to need some help well you can actually apply online there’s two big companies right now called Lending Club and prosper so you apply just like you apply it at a local bank then they rate you based off your chances of defaulting on your loan so that then assess your interest rate so that’s you as the person try to obtain the loan now you as the investor and that’s the side that I sit on I actually will go in and invest money but then I only loan out about twenty-five dollars per loan so you’re not giving any one person a lot of money but I’ve been doing this for three or four years and I’ve been averaging about eight or nine percent interest on this it is a little bit on the riskier side you know a little bit outside the box my cousin investing but it’s something I’m really excited about and it really has grown a Lending Club has issued out over like eighty million dollars of loans over the last couple years so it’s definitely interesting concept and I’ve been telling more people about it because I just think it’s really neat to take advantage of and real quick we do we don’t have much time left but Roth IRA love the Roth IRA you know you don’t think of that as being a short-term investment but most people realize is that when you put money to a Roth IRA you have access to it anytime so if you’re putting money into it even though if you don’t need it for the short term now you have a long term investment it’s sitting there but you always have access to the case you need it awesome Jeff Rose thanks so much for being here visit goodfinancialcents.com for more information