Below are the different types of investing strategies that you need to build wealth. In the order from short-term to long-term. I hope this all helps.
Checking Account, Savings Account: Short Term – Designed to store money for a short period of time.
High Yield Savings Account, CD (Certificate of Deposit): Medium Term – A place to store money for the interim.
Bond Investments, Stock Investments: Long Term – A place to park your money.