[noodle]

is the $5k the only money you have in total, including savings? if it is, put it into a good online high yield savings account and keep that $5k for emergencies. having a supply of liquid cash on hand can literally be a life saver.

do you already have some emergency savings and you just have that $5k to throw around? then i would stick that $5k into a Roth IRA with someplace like vanguard. get it started now, and if you need that money back further in the future, you can pull out the original $5k after a few years. put it into a reasonably diverse set of investments, but heavier on the risk/reward side of things. look for funds with lower expense ratios.

[mawhidby]

I already have emergency savings, the $5k is for me to throw around. I'll check out both Roth IRAs and the savings. And do you have a recommendation for a good online high yield savings account?

[noodle]

right now, ally bank and ing direct are probably the best all-around options (higher rates plus good reputation/services).

starting a Roth IRA early is a good idea for long-term investing. it won't get you rich quick, but there's not much you can do with $5k to get you rich quick. putting it away and crossing your fingers for 7-ish% average yearly return will take that $5k and turn it into $100k or so when you're able to withdraw. and as i mentioned, if you want the $5k back later, you can get it back, penalty free (though you can't touch anything more than the original $5k).