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Profits from home sale
Posted on 6/28/15 at 7:25 pm
Posted on 6/28/15 at 7:25 pm
Question and opinions wanted...
I'm selling my home and will make a profit and don't plan on buying again right away - I will rent close to work. I'm single and don't need to use most of the money right away. We're talking about $40k. I may buy again in a year, I am not sure.
That being said, what is everyone's opinions on what I should do with it? Is there a way for me to grow my money but have it available again in a year to purchase a home again? Am I missing something?
Thanks in advance for your time and opinion.
I'm selling my home and will make a profit and don't plan on buying again right away - I will rent close to work. I'm single and don't need to use most of the money right away. We're talking about $40k. I may buy again in a year, I am not sure.
That being said, what is everyone's opinions on what I should do with it? Is there a way for me to grow my money but have it available again in a year to purchase a home again? Am I missing something?
Thanks in advance for your time and opinion.
2
Posted on 6/28/15 at 7:28 pm to ElJefe686
You don't have many options that I see. 12 month CD would be low risk but interest rates are terrible right now. You could invest it in the market in some funds that would diversify but not eliminate your risk. Could be a tough play based on your risk tolerance.
Posted on 6/28/15 at 8:02 pm to ElJefe686
Open up two checking accounts at different credit unions earning like 3.9%. I say two because most have limits of like $20k max deposits to earn interest.
But they do require qualifications like one direct deposit a month, 15 debit card transactions, etc. So you may just limit yourself to one.
But they do require qualifications like one direct deposit a month, 15 debit card transactions, etc. So you may just limit yourself to one.
Posted on 6/28/15 at 8:15 pm to Golfer
Just park it in a CD if you will be using it the near future.
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