I have about 8500$ in a Wells Fargo everyday checking account. It was a savings acct. at one point but I withdrew from it frequently instead of loading my checking account with cash; so the bank changed it into a checking acct.
My question is, is it worth taking my $ out of a checking/savings and putting it into some sort of low risk investment account? Something in Vanguard possibly?
Bottom line, what kind of investment account could double as a savings?
thanks /biz/
How much risk are you willing to take? When do you think you may need to use some or all of it? If this is all your savings, you may want to keep some of it liquid in case of emergencies.
I.e. can you handle the risk of your savings going down by 5 to 25% in exchange for potential upside? If so legging into a conservative stock fund might be good.
Or do you just want to keep it safe/whole and you are not as worried about inflation eating away at its value, etc? If so, just keep it where its at or look for higher interest rate savings accounts at other banks.
The only investment that could double as a savings would be a very low risk investment, therefore low return.
Sorry for the generic answer, thats all I got, but would love to hear any other suggestions people have, so bump.
I would take half that money and flip a couple cars. I think the dealer license you need to bid at a lot of auctions is like $500 though. Might need to flip a few a year.
Yeah considering putting 15k in Vanguard right now
