Type of investing plan for emergency and house?

Question

I need a little advice on what type of investments I should look into for building an emergency fund and house fund...

Answer 1

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Answer 2

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GOOD LUCK

Answer 3

Emergency fund should be 3 months to live on in cash or a money market account at your bank.

House fund should be CD's or steady high dividend stocks.  I made my initial downpayment based on stock appreciation in the late 90s w tech stocks.

Answer 4

Since these are, by definition, funds that you might need quickly in the event of an emergency, you should stay in really short term investments -- at least until you have a substantial amount saved. Right now you can get around 3.5% on a liquid savings account and 4% for a 7 month CD (B if A for example). Not all that bad for an FDIC insured account.

Answer 5

For an emergency fund you want the money to be of stable value and to be easily accessible.  A money-market fund is the best choice, and they are usually offered by most major banks and some very good ones can be found online.  Your return is between 1-5% generally.  Check with your bank, and shop around online.  I have two money-markets, one with my bank, another with my online brokerage.  The one at the bank is for emergencies, the one with my brokerage is to save cash for investing.

For a house fund, it depends on when you will need the money to buy the house.  If you will need the money within 5 years, I would choose some low-risk bonds mixed in with a few high-yield bonds.  If you can wait longer than 5 years, I would go with index funds.  If you are not comfortable investing your own money, I would find a broker with low fees and good experience to manage it for you.  Just make sure to understand all fees, shop around to find the lowest, and don't get caught up in the "beat the market" hype, stick with indexing and dollar-cost averaging.

If you have any questions, please do feel free to e-mail me.