- April 11, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Planning for Building a House
Hello, I am currently in the process of planning to build a house within the next 3 to 5 years and will be using the funds for this purpose. At the moment, my 5 percent Certificate of Deposit (CD) with a value of $50,000 is about to expire. I am contemplating whether I should renew the CD and put the $50,000 back into another 5 percent CD, or if I should consider investing the money in the market instead. I am seeking advice on what would be the best course of action in this situation.
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AI Legalese Decoder can assist in this scenario by analyzing the financial implications of renewing the CD versus investing in the market. By inputting relevant data into the AI tool, it can provide insights on potential returns, risks, and overall impact on your financial goals. This can help you make an informed decision based on data-driven analysis, ultimately guiding you towards the most beneficial financial strategy for achieving your goal of building a house.
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With a 3-5 year horizon you’re better off doing fixed income e.g. bonds, bills, cd, hysa.
With that said I prefer a treasury bill ladder or a treasury bill fund. You’re paying state income taxes on CDs. You won’t be on federal bonds and bills.
CDs aren’t paying any more interest than HYSAs right now. 5% is easy at Wealthfront but there are higher numbers if you’re willing to shop and jump through some hoops
For 3-5 years, throw it into cash, CDs, or Treasuries only. Stocks are long-term investments; they’re too volatile to hold in the short-term.
50k @ 8% over 4 years = $68k , $60k adjusted for inflation.
50k @ 5% over 4 years = $60k, $53k adjusted for inflation.
Is the 7K spread worth the risk of it going down at that time? After tax could be about 5k? Yes market could do better, but could be worse. All depends on what is worth your risk tolerance. I would use a CD and invest in the market both. If market is up you are good. If market is down your 5% CD hedges your losses a bit and maybe buy enough time to wait to sell at a better point.
I would do a CD over HYSA. Fed has indicated it plans on dropping rates so I would lock in a higher rate.