Best way for my money to make money and be accessible

[chucklenut]

Fine, these two. Lol

Right now id put it into a basic online savings account to hold until an opportunity presents itself

Earn a modest 2.25 to 2.6 interest rate with no penalty of moving it unless you make too many withdrawals in a period

I keep my extra either in capital one account or cibc until a buy opportunity comes along

 

[Twiztid]

Right now id put it into a basic online savings account to hold until an opportunity presents itself

Earn a modest 2.25 to 2.6 interest rate with no penalty of moving it unless you make too many withdrawals in a period

I keep my extra either in capital one account or cibc until a buy opportunity comes along

I'm going to hold it in a basic or money market with my bank until I figure out what to do. I appreciate the suggestion. As a name I've seen since I joined in 2012, I trust ya! Lol

 

[chucklenut]

I'm going to hold it in a basic or money market with my bank until I figure out what to do. I appreciate the suggestion. As a name I've seen since I joined in 2012, I trust ya! Lol

Glad you trust me but always get 2nd or 3rd opinions lol

Fact is there isn't really a wrong way to save/invest as long as you do the research beforehand. Just different styles and some work better for other folks

 

[Twiztid]

Glad you trust me but always get 2nd or 3rd opinions lol

Fact is there isn't really a wrong way to save/invest as long as you do the research beforehand. Just different styles and some work better for other folks

Agreed. I'm going to split the money up eventually and see what we can do with it, on the low risk side mainly and a couple thousand on the high risk and see where it gets us. I'm already reading books and I'm gonna make an appointment with a professional to consult.

 

[Twiztid]

https://www.daveramsey.com/dave-ramsey-7-baby-steps#baby_step_3

TDLR Version:

"Baby Step 3: Save 3–6 Months of Expenses in a Fully Funded Emergency Fund

Put this savings in your emergency savings or money market account so you won’t be tempted to touch it.

Baby Step 4: Invest 15% of Your Household Income in Retirement

This is when you take 15% of your gross household income and start investing it into your retirement.

Start by investing enough in your company 401(k) plan to receive the full employer match. Hey, that’s free money! Then invest the rest into Roth IRAs—one for you and one for your spouse (if you’re married). If your company doesn't offer a retirement plan or match your contributions, then go straight to the Roth IRA."

Everyone wishes there was a zero to low risk investment with high returns but those two qualities are at odds with one another.

How would that work for us with our pensions? We are mandated to put 5% of our income in it already, so I have almost a decade of 5% of my salary put in there already (not much, government pays me about half the going rate on salary for my position, but the benefits are amazing)

 

[chucklenut]

Agreed. I'm going to split the money up eventually and see what we can do with it, on the low risk side mainly and a couple thousand on the high risk and see where it gets us. I'm already reading books and I'm gonna make an appointment with a professional to consult.

I will suggest you buy a used copy of richest man in babylon by George clason from ebay if you haven't read it already

I give copies of that book to alot of people i know

 

[Necrosis]

How would that work for us with our pensions? We are mandated to put 5% of our income in it already, so I have almost a decade of 5% of my salary put in there already (not much, government pays me about half the going rate on salary for my position, but the benefits are amazing)

So you've got 5% going into the 457 already, take the remaining 10% and max out Roth IRAs ($6k each/year) for each of you (depending on what you make there may be some left over which can be applied to your 457).

 

[The Old Jaybird]

Avoid individual stocks until you KNOW what you are doing, which takes about 25 years experience. Mutual funds are fine. I have one with Vanguard and another with Fidelity that are comprised of companies with a long term record of paying good interest, then plow those earnings back into the account buying more shares. My annual return is about 7-8%. This year to date for the Fidelity account is 9.63%. These are accounts designed to provide earnings/income. I don't care if the share price goes up or down, so long as I get my dividends.

Vanguard account.....VDIGX
Fidelity account.....FSDIX

You can link the account to your bank account and get ETF transfers in about 2 days, just go on-line and withdraw and transfer. Go to each website...Fidelity and Vanguard....to see the composition of the holdings of each fund. They will be companies that you are very familiar with.

 

[sparked1]

The 2% is what my bank said they would to with a platinum, she of course didn't mention fees unless we fall below the minimum amount. Fortunately the money advice from my bank is free, but of course they want to sell you on their products.

There isn't a whole lot of difference between today's high-yield savings and money-market accounts. Both offer similar APYs and come with similar (federal) restrictions. Whichever route you go, make sure you read the fine print regarding fees and penalties, especially from the big banks.

Also, make sure you shop around and take advantage of cash bonuses such as this:
https://www.capitalone.com/earn500/...al_id=360B_MM_DIS_22421755_639679_241726040_0

 

[sparked1]

Agreed. I'm going to split the money up eventually and see what we can do with it, on the low risk side mainly and a couple thousand on the high risk and see where it gets us. I'm already reading books and I'm gonna make an appointment with a professional to consult.

Not trying to condescend but take it from experience, no amount of books you read will supplant experience. If you can simply control your emotions with regards to investment decisions, you'll be ahead of 98% of everyone else. Based on your "couple thousand on the high risk side and see where it gets us" comment, you're starting off on the wrong foot (just like I did ). Again, not trying to condescend, but you can't have the Vegas mentality as if you're leaving it to chance to see gains and will just enjoy the ride if not. Talking with a GOOD professional (Schwabb) is definitely a good move.

Anyhow, keep in mind that you really only need to keep 3-6 months of cash on hand (checking, MMA, savings, etc.). The rest you should use to pay off debt and then invest. If you don't have an IRA brokerage account (roth or traditional), open one and you can divide your funds up by risk. Use ultra-low cost funds and ETFs, not individual stocks to diversify. Google "Vanguard three fund portfolio" to get an idea of simple, proven set-and-forget strategies. Later on down the road you can get into individual stocks if you're feeling frisky. Good luck!