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Started By
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Money you need 3, 5, 7 years from now
Posted on 3/3/15 at 10:34 pm
Posted on 3/3/15 at 10:34 pm
Where do you keep it? I'm 27.. and while I can't predict the future, I have a feeling I could be in the market for a new vehicle, an engagement ring, and a new house at different points within the next decade.
I don't know much about investing. Not my arena at all. So I'm looking for advice here.. I opened up an account with Edward Jones through a family member who works for them. My emergency funds are in my checking/savings account and I contribute a good amount to retirement. So currently all my money after that is going to the Edward Jones single account which I think is made up of American Funds mutual funds..
I don't know much about investing. Not my arena at all. So I'm looking for advice here.. I opened up an account with Edward Jones through a family member who works for them. My emergency funds are in my checking/savings account and I contribute a good amount to retirement. So currently all my money after that is going to the Edward Jones single account which I think is made up of American Funds mutual funds..
Posted on 3/3/15 at 10:40 pm to PhiTiger1764
I estimate my big purchases and when I'll purchase them and I set up Capital One 360 savings accounts to auto debit from my checking account weekly.
I like it bc it gets small amounts out regularly so I don't notice it as much, plus they offer 0.75% interest so it's making a little more than just sitting in my normal savings accounts.
I like it bc it gets small amounts out regularly so I don't notice it as much, plus they offer 0.75% interest so it's making a little more than just sitting in my normal savings accounts.
Posted on 3/4/15 at 8:46 am to PhiTiger1764
You have to remember any type of IRA account you're going to get your arse taxed if you pull it out unless it's a Roth.
Your best bet if you're going to plan and spend it is put it into some sort of savings account. Ideally one with a semi-decent interest rate, though they all pretty much suck right now.
As the poster above said, even getting .75% is better than what your checking or standard savings account will give you. I'd check out Barclay's, it's pretty much the best out there at 1% APY. No minimum and no fee required.
If you're already contributing to retirements, I'd put majority of your spare funds and hold it as cash.
Your best bet if you're going to plan and spend it is put it into some sort of savings account. Ideally one with a semi-decent interest rate, though they all pretty much suck right now.
As the poster above said, even getting .75% is better than what your checking or standard savings account will give you. I'd check out Barclay's, it's pretty much the best out there at 1% APY. No minimum and no fee required.
If you're already contributing to retirements, I'd put majority of your spare funds and hold it as cash.
This post was edited on 3/4/15 at 8:48 am
Posted on 3/4/15 at 10:44 am to STLhog
Open up a rewards checking account. I have mine with UCB, I have to do 15 debit card transactions but I also get 2% on up to 25k. I think neighbors also offers something similar.
Posted on 3/4/15 at 12:18 pm to LSU1018
This is something I have been looking into, and wanted to make sure I wasn't missing something.
I hate putting anything more than my "emergency" fund in savings because right now interest doesn't even keep up with inflation, so I was thinking about the following.
I know there is risk in putting the money into a mutual fund/stock market, but even the under performing ones would get ~3-5% returns, right? If you hold the funds for 3-7 years, you would only get taxed ~15% on the profits (Assuming it isn't an IRA)? Wouldn't this be better than letting your money devalue for 3-7 years in a savings account? Am I missing something?
I hate putting anything more than my "emergency" fund in savings because right now interest doesn't even keep up with inflation, so I was thinking about the following.
I know there is risk in putting the money into a mutual fund/stock market, but even the under performing ones would get ~3-5% returns, right? If you hold the funds for 3-7 years, you would only get taxed ~15% on the profits (Assuming it isn't an IRA)? Wouldn't this be better than letting your money devalue for 3-7 years in a savings account? Am I missing something?
Posted on 3/4/15 at 12:31 pm to PhiTiger1764
quote:
an engagement ring,
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