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Live w/Jim & Anna, Ep. 14: Where To Get Cash & What To Do With It

MainStreet Financial Planning

Live w/ Jim & Anna: Episode #14

Questions:

1:17 – Our plan to purchase a new, larger home in 4-5 years. We think that based on the current prices that it would be more cost effective to just add on to our house. It’s estimated $50,000-$60,000, so that’s how much extra we will need. Where is the cash going to come from? Do we get it from a home equity line of credit? From our investment account? From our emergency fund? Secondly, if we’re thinking of doing this next spring. We have some time to change where we put our monthly surplus cash. Right now that’s averaging about $2,000 a month.

4:35 – My insurance agent thinks I should invest in an annuity that starts in my mid 80’s, in case I live to long.

10:40 – I recently inherited a small sum of money and wanted to put it in a separate place along with our emergency fund. Any recommendation for money market funds? All the interest rates look pretty low. What are your recommendations?

12:54 – I’m saving for a house downpayment and a new car. Where do I put the money first?

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