Every financial decision you make will affect your ability to more effectively grow your money over time. Simple decisions such as whether to purchase a basic cable plan over an extended cable plan can mean you have extra money left in your budget each month to pay down debts and save for a rainy day. These decisions are coupled with investment decisions, which may include where to invest your money and how much money to invest in a certain area. Many people are researching 9 month CD rates today, but you may not be sure if this is the right investment for you.Low Risk, Low YieldOne of the key things you need to understand about CDs in general is that they are a low risk, low yield investment. Some investors want to invest all of their money into high yield investments like stocks. Others may be interested in preserving their capital and growing funds slowly. When investing in higher yield investments, there is a possibility that you can lose money, but this risk is not present with CDs. CDs offer you a guaranteed rate of return, provided you hold the CD for the full length of the term.The Right TimeAfter you have decided that a CD is the right investment for you to make, your next question is if a nine month CD is right for you. Many CDs will automatically renew at the end of the term, so you may not need to worry about your investment sitting around without growth. If you want to invest in your CD longer than this length of time, your CD may simply rollover into a new term. However, you should be aware that the term length of a CD will affect the return you can get. If you plan to rollover your term into a new term, you may consider opting for a longer term initially and enjoying a greater return on your investment. You should keep in mind, however, that you may be faced with a penalty if you cash in your CD before the end of the term has been reached.