Where Should I Park My Savings For A House?

Where Should I Park My Savings For A House?

Listen to how ordinary people built extraordinary wealth—and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, and John Delony.

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[HugoBergmann-lund]

The most important thing that should be on everyone mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks, Gold, silver and digital currencies

[JordanReam]

I recently sold an apartment in Springfield and now have about $250K in cash. I was advised to invest in stocks. I'm new to investing, as I've always preferred to play it safe with cash, but I'm now ready to take a little risk. What are the best strategies for long-term investments for retirement?

[markwitt]

One year later and money market accounts now pay over 4.5% compared to the 0.5% in the time of this video.

[vinylexplorer]

One of the rarest occasions when Dave does not need to ask: "How much money do you make?" LOL God bless this family!

[Lourd-Bab]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274, 800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[sheraziqbal]

You don't need to make massive lump sum overpayment to clear off your mortgage debt. Make regular monthly overpayments over 12 month to the same amount. At the end of the year you will still have over paid the same but doing it each month you'll have liquid cash in case of an emergency.

[MrBrewman]

2023 high yield for sure. That’s where I’m parking mine while I do baby step 3b.

[mycaddigo]

700k in retirement at 36. He could pause contributing for a few years and get the dream house in cash. It’s a balance of how much you need in retirement vs living your dreams in the near future. Dave can’t break away from his formula no matter what. The guy is going to have millions in retirement at 65 if he contributed nothing at 36… he would have over 2 million + with zero contributions at this point ..

[stevensmiddlemass]

I started stacking to SAVE wealth. I've always been the type of person to spend my entire paycheck. I hate having money just sit in the bank. I am under pressure to grow my reserve of $950k. before I turn 60, I would appreciate any advice on potential investments.

[Cravz]

Great call and eerily similar to my situation. Congrats to these guys for proving it works.

[ithomas]

I'm in a similar situation where I don't have a home/rent payment. I take the money I would pay for rent by myself, and put it in an moderate roboinvestment account. The goal is then that in 5+ years, I would have enough saved up to just buy a house with cash, or pay a significant portion of a house.

[stevebeaver]

High yield savings accounts or Treasury Bills are both paying over 5% so I’d go that route for sure.

[HatedJared]

15 month CD's are paying over 5%. I'd just park my funds in those for 1-2 years for a guaranteed return with no risk of losing value.

[Mylegacy]

I think that in their case it’s not a bad idea to invest into safer growth index/mutual funds and stash some into a money market account because the odds are you won’t lose a lot of money and if you divide that money into a percentage of both your risk is really low

[colleen.odegaard]

I’m closing in on my retirement and I’d like to move from Minnesota to a warmer climate, but with the prices on homes are stupidly ridiculous and Mortgage prices. Do I just invest my spare cash of $980k into stock and wait or should I go ahead to buy a home anyways.

[percivalgooglyeyes]

A few months ago one of my tenants was in this same scenario - had a good down payment saved, but with higher interest rates and whatever other reasons decided they wanted to wait at least a year before buying a house. Rather than park the money, he negotiated with me to pre-pay the rent for a year at a reduced (5.7%) rent for the lump sum. Now he saved a few hundred dollars per month on rent, doesn't have to pay rent until next April, doesn't have to pay taxes on what otherwise would have been invested, and he can continue to build his nest egg. Benefits to me that made it worthwhile was the piece of mind I had all the money up front, great security and a stable tenant. So others in this situation may want to talk to their landlord for a similar deal. Word of caution would be to make sure your landlord is very legitimate and doesn't have a mortgage and make sure they have adequate reserves for repairs, and the property taxes are being paid.

[GenerationX]

If housing prices keep going up like they are the American Dream of owning a home will be a thing of the past for first time home buyers and most Gen Zers.

[mss]

current interest rates + creditworthiness: seems like T-Bills are a good place to park some of the money right now vs money market fund

[barbieblue]

Think seriously about moving, not moving. 1) do you need to? 2) how old are your kids? 3) are they going to college? 4) how old are you? 4) where do you want to live when you are in your 50s, 60s? 5) do you want your adult kids living with you, not starting their own lives, not marrying, bumming around your fancy new house, watching dr phil, playing computer games, not working, acting like teens, going on dr phil?

Re-think moving up in house size and price. Many two story houses are overwhelming for people in their late 60s and 70s, etc. Look at your area. I know people who stayed in houses for decades. I kind of wish we had.

I promise you - there is a real argument FOR REMAINING IN THE HOUSE.

[kennethnicholson]

I like the way this guy says thank you