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Best way to invest cash on hand
12-15-2016, 04:42 PM
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#1
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Recycles dryer sheets
Join Date: Apr 2008
Posts: 61
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Best way to invest cash on hand
With $15K on hand, what avenues would be my best consideration at 59 years of age? RothIRA? Mutual Funds? Seek best available CD (although CD's locally are nothing)? Or any reliable advice would be appreciated. Curious! Thanks -------
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12-15-2016, 05:37 PM
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#2
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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 Quote:
Originally Posted by danno1
With $15K on hand, what avenues would be my best consideration at 59 years of age? RothIRA? Mutual Funds? Seek best available CD (although CD's locally are nothing)? Or any reliable advice would be appreciated. Curious! Thanks -------
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How soon do you need the money? Short term would be a CD, long term would best be invested according it your asset allocation in stock and bond mutual funds. If you will be in a lower tax bracket after retirement invest in a traditional IRA. If not, invest in a Roth.
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12-15-2016, 05:39 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Nov 2011
Posts: 3,901
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Many people first choose a desired allocation of asset classes (ratio of stocks, bonds, cash, etc.) that fits for them. Some target 60% stocks, 30% bonds, 10% cash. They then move excess cash to an asset class that is lower than its desired target.
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12-15-2016, 05:45 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Oct 2012
Location: Colorado Mountains
Posts: 3,165
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I usually keep $10K to $15K in the checking account. It pays 0.5% so not as bad as some.
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12-15-2016, 05:54 PM
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#5
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Dec 2008
Location: On a hill in the Pine Barrens
Posts: 9,719
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Quote:
Originally Posted by danno1
With $15K on hand, what avenues would be my best consideration at 59 years of age? RothIRA? Mutual Funds? Seek best available CD (although CD's locally are nothing)? Or any reliable advice would be appreciated. Curious! Thanks -------
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Do you have earned income?
What is your asset allocation now?
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12-15-2016, 06:11 PM
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#6
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,140
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Cash on hand that you want quick access to? Lots of FDIC insured savings paying around 1% interest.
__________________
Retired since summer 1999.
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12-15-2016, 07:02 PM
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#7
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,363
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As others have mentioned, your investment time horizon is important to the decision.
However, if you're looking to keep it reasonably available and safe, then you best options are probably an online savings account (they typically pay 0.8-1.2%) or a CD (Andrews CU is currently offering a 3% 6 month CD I'm told).
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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12-16-2016, 04:03 AM
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#8
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Dec 2015
Location: Michigan
Posts: 5,003
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Keep out what cash you need and put the rest in the Roth.
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"The mountains are calling, and I must go." John Muir
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12-16-2016, 06:50 AM
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#9
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Thinks s/he gets paid by the post
Join Date: May 2008
Location: Cooksburg,PA
Posts: 1,873
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Assuming that cash needs to remain cash for allocation purposes, I have used cash to open a trial bank account and reap the $350 incentive offer.
__________________
Free to canoe
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12-17-2016, 01:38 PM
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#10
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,674
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I generally spread my cash reserves between these 3~ Ally online savings, VG STB fund, NFCU 30 month CD. The split is about 80/15/5.
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
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12-17-2016, 05:27 PM
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#11
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,093
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OP - that is a bit of an odd question, considering you must already (or better) have $300,000 saved in investments.
Personally I'd do as other suggest and toss it into an online savings account paying 1% or use it as Free To Canoe suggested to chase various bank bonus offers which if you put it in, snag the bonus, wait the required time and do it with another bank, you can generate approximately 4% interest.
If you have a million or more already saved, then look up a nice 28 day cruise around Europe and enjoy as you never know when your ticket will get punched.
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