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What should I do with this money?
Posted on 10/20/25 at 1:41 pm
Posted on 10/20/25 at 1:41 pm
So let me preface by saying don't judge, I'm dumb with investing. My wife and I both will have pretty good pensions which always made long term financial planning not that big of a deal and we yolo'd a lot when our kids were younger doing fun stuff.
However, it is fast approaching the time where my oldest two (14, 11) will be needing cars/college. The last 2+ years I've saved up like 60k and would like to continue adding 15k or so a year to that to be able to mostly pay cash for their first cars and college (in state with tuition covered).
All that to say what should I do with the 60k right now? It is something that needs to be very low risk and accessible after a couple of years. I know a CD is an option and I can get like 4% for 12 months right now but is there something much better I could do with this money to grow it over the next few years but get it out whenever I want?
However, it is fast approaching the time where my oldest two (14, 11) will be needing cars/college. The last 2+ years I've saved up like 60k and would like to continue adding 15k or so a year to that to be able to mostly pay cash for their first cars and college (in state with tuition covered).
All that to say what should I do with the 60k right now? It is something that needs to be very low risk and accessible after a couple of years. I know a CD is an option and I can get like 4% for 12 months right now but is there something much better I could do with this money to grow it over the next few years but get it out whenever I want?
This post was edited on 10/20/25 at 1:43 pm
3
Posted on 10/20/25 at 1:50 pm to RandySavage
You should have put it in a 529 2 years ago
Posted on 10/20/25 at 2:00 pm to RandySavage
quote:
but is there something much better I could do with this money to grow it over the next few years but get it out whenever I want?
sure. sure. but that comes with MUCH more risk.
how much risk can you handle?
if very little just put it in SGOV or a MMF.
Posted on 10/20/25 at 2:05 pm to RandySavage
Send them to the patch and let them get an education in life baw
Posted on 10/20/25 at 2:39 pm to Fat Bastard
I want/need almost zero risk with this money which is why I was about to just do a CD. What is SGOV or MMF and how are they different and do 529s carry any risk or what kind of return could I expect from that?
Posted on 10/20/25 at 4:02 pm to RandySavage
this is SGOV. short term treasury bond ETF. I have $ in it.
LINK
yields 4.2%
MMF is any money market fund with any brokerage which are safe. they will yield 4% or a tad bit more.
LINK
yields 4.2%
MMF is any money market fund with any brokerage which are safe. they will yield 4% or a tad bit more.
Posted on 10/20/25 at 5:28 pm to RandySavage
529 is just an account type (for education expenses) with tax advantaged growth and potential tax benefits for contributions. You can choose safe or riskier investments in it. If not used for education it can be rolled over to Roth IRA for child up to $7k per year and $35k total (or something close to that #)
I'd consider taking on at least some risk on a portion of the assets. The 11 yr old won't start college for approx 7 yrs and another 4+ years before all expenses are realized so you have time to recover. A decade is a long time to sit out of the market and barely keep up with inflation or worse.
Might also consider funding their Roth IRAs when they start working and pull the contributions for car and expenses if needed. Again you can choose your level of risk in the account but it grows tax free just can't touch the growth without tax or penalty until they retire but there is an exemption for education expenses just pay tax on growth w no penalty (529 is no tax on growth for education expenses)
Could also fund yours and spouse's Roth IRAs and pull contributions for their college or cars but keep the growth for your retirement. Not ideal but better than not funding Roth IRAs for yourselves.
Remember you can borrow for cars or education but not for your retirement. Put on your oxygen mask first then take care of kids or you'll be a burden
I'd consider taking on at least some risk on a portion of the assets. The 11 yr old won't start college for approx 7 yrs and another 4+ years before all expenses are realized so you have time to recover. A decade is a long time to sit out of the market and barely keep up with inflation or worse.
Might also consider funding their Roth IRAs when they start working and pull the contributions for car and expenses if needed. Again you can choose your level of risk in the account but it grows tax free just can't touch the growth without tax or penalty until they retire but there is an exemption for education expenses just pay tax on growth w no penalty (529 is no tax on growth for education expenses)
Could also fund yours and spouse's Roth IRAs and pull contributions for their college or cars but keep the growth for your retirement. Not ideal but better than not funding Roth IRAs for yourselves.
Remember you can borrow for cars or education but not for your retirement. Put on your oxygen mask first then take care of kids or you'll be a burden
This post was edited on 10/20/25 at 7:33 pm
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