Looking to buy early-mid next year depending on our work from home situation, currently have about $40k in savings(finally paid off my student loans and except for some money I spent on toys I’ve been wanting for 10 years am now debt free)

I’m looking to keep no more than $5k in savings and moving the rest(as well as any future bonus money that’s currently between 5k and 10k net per month, but can go away at any time pending market conditions) somewhere that might actually make a little more than what I’d get what if I keep it in savings

Short term this is money I’m putting away for a house, but long term i’d like to contribute $100 or so a week to this account(I already max out my 401k and hsa every year, and make too much to put into a Roth unless I go the back door route)

I’m looking at robo advisors and am considering the Schwabb account, but am wondering if there are better options out there?

If you're saving for a house, you need hard cash.

Keep cash, don't worry about the potential 2% - infinite% money you think you're going to make.

You want a house, put money aside and buy a house. Done.

Bitcoin.

Money Market Account.  Capital 360 or  Marcus or who ever has the best rate.  Look for higher rates for the more money you have in the account, usually over 10k.

Crown Royal Bag.

Sorry, you need cash, down payment percentage, employment history, bank statements, good credit, minimum debt to earnings and what not.

You should have reserves after down payment.

Save money, don't buy stuff, don't take any loans, keep your employment, and you'll be fine.

the market, a few % in crypto.

Put the money down on the house today! Your dollar will likely fall more in value than your interest rates in the coming years. Or buy metals so that when the dollar levels out you can buy fiat at the new valuation...

If you have 100k, and get 4% after a year, and end up with 104k, who cares, you don't want to risk it.

If you get 2% interest for 6 months on 10k, and you end up with an extra hundred dollars, why do you care?


Don't tie your money up, save and save.

Hi yield savings account

Depending on who you bank with, if you keep more than X amount with them for 3 -6 months you'll likely get a discounted rate on the home loan. This is the case with Bank of America. I think it's 30k for 3 months and you get X discount or 50K for 3 months and get more.

People shit on BofA and every other bank but I've been with them since 1993 and been 99% percent satisfied. I do everything with them remotely and don't go into branches for anything. You can also combine accounts and it will all accrue for the same member discounts like if you start an IRA through a linked Merrill account for instants, savings and checking.

Honestly, though, I'd hold out for as long as possible. While the stock market is giving people false hope, the economy HAS to crash! Think about it this way, what would be the results of every company doing 50% or less of their normal business for a year? Well, that's what's happened but .gov is printing money faster than this bullshit can catch up but it WILL catch up so hold out until the bottom hits then take your cash and clean up!! I did this after 2008 and made a bundle of money!! Have to be patient though, even if it means renting for a year or two.

YES!

I have my house down payment In a money market.

I can get it at a moments notice and have it for an offer if meeded

Guys, I work in the mortgage industry(but I’m not a personal finance whiz otherwise I’d be a licensed CFA) I’m not looking for advice on how to buy a house(this won’t be my first time buying either). But my current interest rate is less than 1%.  40k seems like a lot of money to me to just let it sit and devalue even if it’s only over 3-9 months and that amount will only get bigger as long as the market stays where it is and I’m making extra monthly bonus.

What I’m looking for is something I can stick a large sum of money in for the short term, that I can turn into a long term investment with what is left over. I’m also looking for something that’s more than the 2% average you’d get on high yield savings accounts but is also a kind of set it and forget it kind of thing

The average house price in the area that I’d be looking at is 240-280k so I’ll have more than enough to cover a full 20% and closing costs when I buy

Also I bank with navy fed, I absolutely love them but all of their investment options SUCK for return.

You have the money to cover the house you want to buy, so keep your money.

Why would you give your money to someone, so you can potentially make 1k or 2k profit, and potentially lose it all or lock it up for a few hundred dollars?

Use your math, it's only 40k, you're not going to get rich off this.

10% is only 4k, that isn't worth risking 40k.

Bitcoin.
Or Boeing.

NFCU certificates, the return rates aren't as good as last year but at least it's safe.

Tax Free Money Market for your state or not

I have no idea, what could get you the % you want and remain liquid. High yield savings accounts and short term CDs suck these days.
My BLV( Vanguard Long term bond) has gained over the last year and is up 9.5% for the year. I bought it last January and I don't think it ever went into the red like pretty much everything else did.

Tesla stock...6 months ago.

Money Market account.

Liquid, safe, makes a better return than your savings.

We understand what you want.  The (mostly ) universal rule is that if it's money you may need within 3-5 years to keep it super-conservative and liquid. Any more risk and you could not have your down payment money when you find your "forever home" when the market is at a great bottom.   That's why you're getting the advice you are.

The interest rates right now are such that there just isn't any low risk 2%+ investment vehicles right now.  I check into Bogleheads every morning and this is the constant topic of conversation right now...and nobody has any good answers. I'm keeping emergency fund in my money market and everything else is going into VTSAX in my brokerage account right now...but my house is paid for and I'm focused on getting to retirement, not a house.

If you are buying mid next year I would just keep your money where you have it.
Moving $40,000 somewhere now is not going to help you much.

Pretty much this if you need it in 6 months and don’t want to risk it. Can you move up the purchase?

You never get answer you want on forums.

If you invest 40K into shares of (O), you'd make about 1791.00 ish per year in dividends.

It seems the like more your money earns, the riskier it is.  The safer, the less it earns.