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What to do with a large sum of money

243 77 July 28, 2017 at 06:25 AM
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Best options to invest $110k? We want to be able to draw from the money as needed. Was thinking about a money market account but it's hard to find an attractive interest rate.

Any advice would be appreciated.

Thanks

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#2
Quote from MailmanSJ
:
Best options to invest $110k? We want to be able to draw from the money as needed. Was thinking about a money market account but it's hard to find an attractive interest rate.

Any advice would be appreciated.

Thanks
Need a lot more information than that to answer your question. It's also a pretty sizeable sum, so be careful no matter who is giving you advice. I'd recommend you ask your question -- with more details -- at Bogleheads forum, or contact a certified financial planner for help.

For example, are you a fresh college grad looking to save for a house, and maybe you just got an inheritance? Are you a 65-year old retiree looking to preserve this money as long as possible? The answer is very different depending on your age, income, and other savings.
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#3
depends what kind of liquidity you need and how risk averse you are. if you can't take a risk, i'd split it between high int saving/money market and laddering some short term cds.
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#4
Quote from MailmanSJ
:
Best options to invest $110k? We want to be able to draw from the money as needed. Was thinking about a money market account but it's hard to find an attractive interest rate.

Any advice would be appreciated.

Thanks
Accessibility and interest rates / returns are mutually exclusive - you can only have 1 of them at a time.
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Marshall: Have the rest of you guys figured out by now that mmathis is the smartest guy on SlickDeals?
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#5
Quote from MailmanSJ
:
Best options to invest $110k? We want to be able to draw from the money as needed. Was thinking about a money market account but it's hard to find an attractive interest rate.

Any advice would be appreciated.

Thanks
Need more info about you financial situation. How often will you need access and for what purpose will you be using it for? How risk averse are you?

Consider my situation as an example: I have $20k to invest, but may also need that money either two years from now six years from now, depending on when my mom retires. Because she won't need that money until then, and because she won't need to withdraw the lump sum at years two or six, I decided to put $10k in a CD with a time horizon of two years, and the other $10k in a high dividend growth fund with a time horizon of six years.
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#6
Quote from MailmanSJ
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Best options to invest $110k? We want to be able to draw from the money as needed. Was thinking about a money market account but it's hard to find an attractive interest rate.

Any advice would be appreciated.

Thanks
Invest (as in place the money some place with a high probability of a decent return) and draw from the money as needed (as in we may need it all tomorrow, or next month, or whenever) are pretty much mutually exclusive. Without a clear picture of the time horizon for various needs, your best bet is going to be a "high"-yield savings or MMKT account.
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#7
hookers and blow...
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#8
If I were you, I will put 100k to a money market 1.10% APR at least and use 10k invest into the stock market directly or SOFI wealth management. Lending Club is another option if you would like to get some United miles, but personally, I don't know the risk level there.
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#9
Quote from WuyiL
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If I were you, I will put 100k to a money market 1.10% APR at least and use 10k invest into the stock market directly or SOFI wealth management. Lending Club is another option if you would like to get some United miles, but personally, I don't know the risk level there.
don't do lending club. default rates are on the rise.
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#10
buy 110 or more Amazon stock right now.
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#11
do u have any debts OP? specifically, credit card debt, or student loans?
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#12
Quote from MailmanSJ
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Best options to invest $110k? We want to be able to draw from the money as needed. Was thinking about a money market account but it's hard to find an attractive interest rate.

Any advice would be appreciated.

Thanks
Discover Bank has a 1.1% online savings account ATM. As others said, there are many factors to decide what's best for you: savings account, CD, stock portfolio/ETFs, etc.
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#13
Quote from bonkman
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Discover Bank has a 1.1% online savings account ATM. As others said, there are many factors to decide what's best for you: savings account, CD, stock portfolio/ETFs, etc.
goldman sachs bank is 1.2%
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#14
Quote from dayv
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goldman sachs bank is 1.2%
Purepoint is 1.3 nod
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#15
I would invest in a low fee index fund. Like the Vanguard S&P 500 Index Fund (Available as a mutual fund or ETF.)
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