Where to park ~$30k?
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SPAXX at Fidelity. Money market, liquid. 4.96% now.
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Thanks for all the suggestions, everyone.
Fidelity has come up a lot in my research, I like the ability for a basic consumer such as myself to be able to complete simple trades and move money around without all the fees and the need for a financial advisor.
To add a little more information: my lady and I are both 34, live in a relatively low-tax state (WI), and she runs a dog grooming business out of the house that covers a large majority of the utility bills and also allows her to write-off lots of things that are needed in daily life (laundry detergent, paper towels, cleaning supplies, etc).
The land: It would be perfectly suitable to throw a modular home on it and rent it out, but the expense of purchasing such a unit at this time isn't cost-feasible. I could sit on the land for 5 years and not miss the $20k at all, but I would have to maintain the property etc. It's quite literally 50 yards away, I wouldn't even have to get off the mower after doing my own yard.
There will be no big travel for at least the next 2 years, my goal is to recoup all the money I spent closing out my debt (~$20k) and then thinking about having some fun. When we do decide to travel, it will be to places that one can't visit for $500 and a weekend's worth of time.
*Edit to add: I'm ok with the money being tied up for 6-12mo if need be, but having it available in an emergency would be nice as well.
Fidelity has come up a lot in my research, I like the ability for a basic consumer such as myself to be able to complete simple trades and move money around without all the fees and the need for a financial advisor.
To add a little more information: my lady and I are both 34, live in a relatively low-tax state (WI), and she runs a dog grooming business out of the house that covers a large majority of the utility bills and also allows her to write-off lots of things that are needed in daily life (laundry detergent, paper towels, cleaning supplies, etc).
The land: It would be perfectly suitable to throw a modular home on it and rent it out, but the expense of purchasing such a unit at this time isn't cost-feasible. I could sit on the land for 5 years and not miss the $20k at all, but I would have to maintain the property etc. It's quite literally 50 yards away, I wouldn't even have to get off the mower after doing my own yard.
There will be no big travel for at least the next 2 years, my goal is to recoup all the money I spent closing out my debt (~$20k) and then thinking about having some fun. When we do decide to travel, it will be to places that one can't visit for $500 and a weekend's worth of time.
*Edit to add: I'm ok with the money being tied up for 6-12mo if need be, but having it available in an emergency would be nice as well.
Park in at my place! That's a good start on my well.
CIT Bank Savings account no strings 5%
Or WMT long term
Or WMT long term
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Take all the free 401k money you can get. After that put all the rest in T-bills or a money market. No need to keep separate emergency fund over maybe $2000 because you can cash out of money markets or sell t - bills any time if you do it in a brokerage account. As always read your account agreement first.
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Underneath the floorboards eh Christopher?
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As @atikovi said, there are high yield savings accounts out there, some with very easy access and requirements. My CU was paying squat on my MM, so I moved a chunk and am earning almost 3.5 times more.
https://www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/#best-hysa
https://www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/#best-hysa
Thanks again, everyone. I just stopped at the bank and moved $25k over into a 6mo CD at 5.25%. I'll probably stick the other $20k on a MM and keep $5-10k on hand just in case.
For reference: my CU was only offering 3% on their "Elite" MM account that carried a min. balance of $25k. No thanks!
For reference: my CU was only offering 3% on their "Elite" MM account that carried a min. balance of $25k. No thanks!
PM sent with wire information.
It'll be safe
For a little while....
It'll be safe
For a little while....
I'm not financial advisor. I parked a little cash in silver and gold. And brass and lead. Have some in cash. I'm looking for a property to invest in though. I want something that cash flows
Put it all on red.
I would only buy that lot if you were 100% certain it will be built on within 18 months; meaning someone is going to come to you, without you advertising it and offer you 150%+ of what you paid for it.
Otherwise, with all the talk the last 10 days, I'd park it in a 6 month CD. Should be able to get 4%.
Otherwise, with all the talk the last 10 days, I'd park it in a 6 month CD. Should be able to get 4%.
gathermewool
Site Donor 2023
Is apple savings still offering 4.15? I keep my savings there. When I needed some the transfer was same day!
SCHD beats inflation 95% of the time. Relatively safe. Cash out any time. (That is the risk; up/downs of the ETF itself)
I've been very satisfied with Marcus. Currently 4.50% with a 1% bonus for 90 days for both parties with any referral. Haven't been fortunate enough to have two concurrent referrals but I believe it would be 1% for each. Hope to find out some day.
unless you are planning on using the land, that isn't a good place to park money as it isn't exactly liquid, nor is the potential for ROI very high unless there is something special about the land.. so that would be a pass for me.
I'd park the money in a brokerage money market fund or something like this https://fundresearch.fidelity.com/mutual-funds/performance-and-risk/31641Q847
I guess I made the right call, then, in going with the CD. I'm also looking into a Marcus savings account, with a referral I can park another $20k there and let it sit.
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