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Saving to start a business
Posted on 1/24/18 at 1:41 pm
Posted on 1/24/18 at 1:41 pm
My wife and I are saving up to start our own business. We are putting aside about $2250 a month. We plan to open in about 24-36 months and depending on how much we save, it means less we have to borrow. We want to have around $60k to start up the business. We aren’t worried about getting to the $60k as we are already on pace to exceed it. I’m just wondering what kind of account I should put it in. I’m hesitant to invest too heavily due to potential losses but also don’t want to miss out on any potential gains. I’ve got a meeting with a financial planner next week but figured I would ask and get some additional opinions so I am somewhat aware of options and ideas before walking in blind.
Posted on 1/24/18 at 1:59 pm to jscrims
If you are trying to grow your money with no risk, I'd find a money market account where you can make 1.4% or more. If you are willing to take some market risk, pick a large index fund (like an S&P 500 fund).
No guarantee that the markets won't move down during that 24-36 month window then. Timing the market is damn near impossible.
Good luck. What kind of business are you saving for?
No guarantee that the markets won't move down during that 24-36 month window then. Timing the market is damn near impossible.
Good luck. What kind of business are you saving for?
Posted on 1/24/18 at 2:43 pm to jscrims
I don't know who you bank with,but NFCU is offering a special 15 month certificate right now at 3.00% (iirc) on up to $50k
Posted on 1/25/18 at 4:11 am to jscrims
With a 24-36 month timeframe, i wouldn’t touch the market. Of course, if you have a full appreciation of what a downturn could do to your principal and are willing to roll those dice, it’s an option that could pay off big..But personally, I wouldn’t do it.
I’d just shop online money market accounts and CD’s for the “best” rate going. Ally Bank has an 11 month No pelalty CD, currently paying 1.60% for balances above $25,000...You can take your money out anytime, without penalty 6 days after opening it.
Also available with lower balances at lower rates. Good luck!
I’d just shop online money market accounts and CD’s for the “best” rate going. Ally Bank has an 11 month No pelalty CD, currently paying 1.60% for balances above $25,000...You can take your money out anytime, without penalty 6 days after opening it.
Also available with lower balances at lower rates. Good luck!
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