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Good Fidelity Mutual fund?
Posted on 10/3/23 at 10:45 am
Posted on 10/3/23 at 10:45 am
I want to invest around 200K in a mutual fund. I'd say I would like to have access to that fund within 5 years if needed.
Any recommendation? Is it a good idea to talk to a financial advisor?
Any recommendation? Is it a good idea to talk to a financial advisor?
3
Posted on 10/3/23 at 10:50 am to Northwestern tiger
Why fidelity specifically?
Also, if you’ll need the money in 5 years, bonds are probably a better risk/reward solution.
ETA: most advisors will talk to you without any commitment so I’d at least explore that option since your situation seems very specific and that’s not chump change.
Also, if you’ll need the money in 5 years, bonds are probably a better risk/reward solution.
ETA: most advisors will talk to you without any commitment so I’d at least explore that option since your situation seems very specific and that’s not chump change.
This post was edited on 10/3/23 at 10:52 am
Posted on 10/3/23 at 10:53 am to Northwestern tiger
5 years is most likely too short of a duration for stocks right now.
Look into ultra short, short and low duration money market funds. Make a ladder structure.
You should be able to pull down close to $10k a year with rates where they are.
Invest the $10k in a low cost sp500 fund over those 5 years - and plan to hold on even longer to that 50k in the market.
Look into ultra short, short and low duration money market funds. Make a ladder structure.
You should be able to pull down close to $10k a year with rates where they are.
Invest the $10k in a low cost sp500 fund over those 5 years - and plan to hold on even longer to that 50k in the market.
Posted on 10/3/23 at 11:33 am to KillTheGophers
Fidelity has a “high yield” money market account. FZDXX. Minimum deposit of $100k.
Not a mutual fund but It’s paying 5.18% right now. That is way better than I’m getting from my Fidelity managed accounts
Not a mutual fund but It’s paying 5.18% right now. That is way better than I’m getting from my Fidelity managed accounts
Posted on 10/3/23 at 11:45 am to Northwestern tiger
With the markets as tenuous as they are I'd drop all 200k in SPRXX at 4.75 presently or a high yield savings at 4.3 or so and ride that interest to 10k a year over these next five years.
People also endorse T bill strategies that would be a good start, slightly higher interest at present.
People also endorse T bill strategies that would be a good start, slightly higher interest at present.
Posted on 10/3/23 at 12:10 pm to bhamAUfan
Thank you all for the feedback.
Is there a requirement for how long you have to keep the money in a money market fund?
Does it work like I bond? You need minimum 1 year in I bond before you have access.
Also are these account usually insured by FDIC?
Is there a requirement for how long you have to keep the money in a money market fund?
Does it work like I bond? You need minimum 1 year in I bond before you have access.
Also are these account usually insured by FDIC?
This post was edited on 10/3/23 at 12:20 pm
Posted on 10/3/23 at 2:52 pm to Northwestern tiger
I don’t think there is a time requirement at all. I opened the account a year or so back just to get money out of a checking account that was paying nothing.
I would check with a Fidelity rep, but I do believe it is guaranteed. My rep is out of Jacksonville FL. Nice guy.
It’s not like an I Bond. You get interest the first month.
I would check with a Fidelity rep, but I do believe it is guaranteed. My rep is out of Jacksonville FL. Nice guy.
It’s not like an I Bond. You get interest the first month.
Posted on 10/3/23 at 4:54 pm to bhamAUfan
FZDXX is completely liquid from day one. You can actually get a checkbook and debit card and use it like a checking account.
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