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Started By
Message
Emergency Fund
Posted on 1/5/13 at 9:30 am
Posted on 1/5/13 at 9:30 am
I have about $25,000 that I would like to put aside for an Emergency Fund. Some of the money is sitting in a savings account in a local bank the rest will be moved over from another account in the next few days.
The question I have is, what is the money board's take on where to stash this EF? I am thinking short term (3 Month) CD but will look into other ideas that you guys may come up with.
#inbeforehookersandblow
The question I have is, what is the money board's take on where to stash this EF? I am thinking short term (3 Month) CD but will look into other ideas that you guys may come up with.
#inbeforehookersandblow
5
Posted on 1/5/13 at 9:31 am to CaribbeanDemon
Vanguard fund through a Roth IRA.
Posted on 1/5/13 at 9:34 am to Paul Allen
If the money is put into this vehicle, can I get it out quickly and without a tax hit if I need it?
Posted on 1/5/13 at 9:56 am to CaribbeanDemon
That's a big arse emergency fund but I would put 20k of it in a Roth over the allowed time frame and keep 5 in cash.
Posted on 1/5/13 at 10:20 am to CaribbeanDemon
(no message)
This post was edited on 1/12/13 at 8:43 pm
Posted on 1/5/13 at 10:22 am to CaribbeanDemon
No tax penalties from taking your original capital out of a Roth. Zero
Posted on 1/5/13 at 10:33 am to I Love Bama
quote:
That's a big arse emergency fund but I would put 20k of it in a Roth over the allowed time frame and keep 5 in cash.
+1. Stick it in some fixed income ETF or pimco fixed income fund would seem to be the best way to maximize return w/ little risk. It will beat the hell out of any savings account rates.
Posted on 1/5/13 at 10:43 am to Maniac979
quote:
If you are looking to do something with the money in three months
I am not looking to do anything with it. It will be strictly an Emergency Fund in case shite hits the fan and I need it. That is why I want a financial vehicle that will allow me to access the cash in the event I have to have it. I threw out the 3 month CD option b/c the money would not be tied up for very long.
As to the other posters discussing Vanguard Roth, that is a good idea and I will start an account. I have concerns though that I may not meet the eligibility requirements next year and years after.
I really appreciate the suggestions.
Posted on 1/5/13 at 12:13 pm to CaribbeanDemon
Out of curiosity, is it even possible to put $20k into a Roth account all at once? I thought the limit per tax year is $5k?
Posted on 1/5/13 at 12:14 pm to Htown Tiger
Not to my knowledge. Hence why I said a timeline
Posted on 1/5/13 at 2:37 pm to I Love Bama
That's really not an excessive emergency fund if he is usin a 3-6 month expense basis like I was advised to do. My emergency fund goal is 30k which I'm very close to, so I also appreciate the answers here.
Posted on 1/5/13 at 9:40 pm to NaturalBeam
exactly, I've read to have 6 months of living expenses, so it isn't that outlandish. Then what about if you already fully fund your ROTH? There has to be more than just sub 1.0% savings accounts and ROTHs
Posted on 1/5/13 at 9:48 pm to The Easter Bunny
Exactly why I brought this topic up. I want to put away 4-6 months as an emergency stash and was looking for something other than a sub 1.0 savings account to put it in.
The Roth is a good idea but they have $5000 or so cap. That won't do me any good now.
The Roth is a good idea but they have $5000 or so cap. That won't do me any good now.
Posted on 1/5/13 at 9:49 pm to The Easter Bunny
quote:
Then what about if you already fully fund your ROTH? There has to be more than just sub 1.0% savings accounts and ROTHs
Just open up a brokerage account. Do the same thing you would do in a roth as an emergency fund -- low risk. You'll just get taxed on the earnings and capital gains if you take them.
This post was edited on 1/5/13 at 9:50 pm
Posted on 1/5/13 at 9:52 pm to CaribbeanDemon
quote:
The Roth is a good idea but they have $5000 or so cap. That won't do me any good now.
Do $5k for 2012, $5k for 2013. You can do both now. Stick the rest in a brokerage account for the time being in the same type of etfs/funds.
Posted on 1/6/13 at 5:23 am to rmc
quote:
+1. Stick it in some fixed income ETF or pimco fixed income fund would seem to be the best way to maximize return w/ little risk. It will beat the hell out of any savings account rates.
This! You should be able to get the money you would need in a couple days.
Posted on 1/6/13 at 5:50 am to CaribbeanDemon
If this is SHTF money then buy a gunsafe and put your 25k in there.
Posted on 1/6/13 at 11:04 am to Danchase
you are poor.
Posted on 1/6/13 at 1:18 pm to Lookin4Par
Take that shite to the O-T kid
Posted on 1/6/13 at 2:28 pm to CaribbeanDemon
stfu and piiyb
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