My wife, my 2.5 son & I moved out of NYC to NJ and bought a house last summer. We had some cash left over after the purchase and have been able to sock away about $2k each month since we've gone from a nanny to daycare.
We're now sitting on a little over $50k in an Capital One checking account getting a whole 0.5% interest rate. Obviously we can do better.
That said, we're expecting a second child later this year and will need the money with my wife taking maternity leave and wanting to have a nanny for the first year or so. As such, I dont want to put this anywhere too risky and risk losing a chunk of this as I expect we will need a lot of it for the 2nd half of 2017 and all of 2018.
Thoughts on a good strategy? Short term bond funds? Half in the mutual fund world and half in cash? cds? Something else.
Thanks
We're now sitting on a little over $50k in an Capital One checking account getting a whole 0.5% interest rate. Obviously we can do better.
That said, we're expecting a second child later this year and will need the money with my wife taking maternity leave and wanting to have a nanny for the first year or so. As such, I dont want to put this anywhere too risky and risk losing a chunk of this as I expect we will need a lot of it for the 2nd half of 2017 and all of 2018.
Thoughts on a good strategy? Short term bond funds? Half in the mutual fund world and half in cash? cds? Something else.
Thanks