- May 1, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Need for Specific Financial Advice
I often come across vague information regarding financial investments but struggle to delve deeper into the details on my own. Even the individuals discussing these topics with me lack specific knowledge, merely sharing hearsay they’ve picked up over time. While some of these individuals are adept at managing finances, they lack the in-depth understanding necessary to guide me in making informed decisions.
## Seeking Guidance on Investing a Windfall
If I were to come into a sum of $120,000, I am keen on exploring the most lucrative investment options available for a span of a year or two. My aim is to not only garner interest on this amount but also maintain a portion of the interest for further growth. Though I am aware of Certificate of Deposit (CD) accounts, my research indicates that the returns may not justify the extended term required to lock away the funds. Hence, I am on the lookout for alternative investment avenues that offer better returns.
## Challenge in Understanding Financial Concepts
While I am making efforts to educate myself on investment strategies, my learning disabilities pose a hindrance in comprehending complex financial jargon. I find it easier to grasp concepts when engaging in direct conversations or when I can articulate my queries with precision. I apologize if my question pertains to a frequently asked topic.
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My understanding is you’re looking for the best return on your cash for almost 0 risk, that can be withdrawn/used within a short time frame (like under 3-4 years). If that’s wrong, correct me.
With that understanding, currently you’re best off looking at a High Yield Savings Account (HYSA) or a Money Market Account (MMA).
Youre right on CDs. In the current market, CDs, unfortunately, are paying equal or less than most HYSAs and money market accounts. The benefit is they’re “locked in” at that rate, but unless interest rates drop significantly and quickly, this doesn’t matter since you’re looking at short term anyway.
As for finding HYSAs, you can pretty much Google them. Sometimes, there are stipulations like requiring regular deposits (so paycheck goes there) or only paying the juicy high APYs on the first $1k or something. But there’s a handful I just saw that are paying like 4.5% to 4.75% on any cash parked in their savings.
Theres a handful of good HYSAs. Personally I currently use FNBO. They’ve paid out near top rates for the last 8 years or so I’ve had them and are pretty user friendly, but they’re an online-only bank so checks are doable but tricky and if you deposit cash regularly you’ll need to transfer it over from a bank with physical location.
As for MMAs, you’re incurring a **very** small risk, but it does technically exist. Think of them as extremely conservative stocks. They’re nearly exclusively invested into very low risk things such as US Treasuries, CDs, etc. They are not intended to ever lose value. As such, they have an expense fee and earn a tiny bit more than most HYSAs, which should outpace the extra expense fee (amount you pay on total Account value)
Your bank probably has a MMA and has probably pushed you to get one. I haven’t looked at very many, but while many in the past have sucked, I’m very happy with the one I currently use. I have Vanguard’s Federal Money Market Fund (VFMXX). You can read about it [here if you want, and it goes over what it’s invested in.](https://investor.vanguard.com/investment-products/mutual-funds/profile/vmfxx) For comparison to most HYSAs, it’s been earning roughly 5.5% versus about 4.75% in the highest HYSAs, with a 0.11% expense ratio. So netting roughly 0.64% over HYSAs, and like 5% over plenty of shitty banks that are happy to pay you next to (or literally) nothing. Looking at you, BMO Harris
Wealthfront for high yield savings is what I just switched to a few days ago