Hi all, thanks in advance for reading and helping.
My wife and I have a larger-than-normal savings account that I think I should use for investing. Its total is about $60k. This is split up into about $52k in true savings and $8k in checking. We like to keep about $5k minimum in checking to pay all credit cards, bills, mortgage etc. Whatever is left over goes into the savings account. The idea was that savings account would be used for vacations, home improvements and ultimatley a down payment on a new bigger house. We did have a baby about 5 months ago so daycare and hospital bills have slowed the growth of this savings. Advice from relatives and parents is suggesting that this is relatively high and we should invest some of it to create a return.
I do not have a big money market / investing background as you might presume. Therefore ive always been hesitant to consider investing. Always viewed it as similar to gambling so naturally steered clear. We want to buy a new house within 5 years from now. We will have some capital to use on the sale of our current house, but we will be upgrading so we will need extra money.
What options do I have to consider? I want to be able to utilize some of the funds within 5 years. Am I too far behind?
May be worth noting that my wife and I have healthy 401k and Roth IRA accounts set up for us to retire on time.
Thanks!
Submitted November 11, 2021 at 08:00AM by TheRecover https://ift.tt/3koIJAr
