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Question for the Money Doctors

Question submitted on Aug 11, 2013.

Question

Were is the best place to put money to save for a house down payment. I have 30000.00 to invest. Im planing to buy in six months to a year.
Thank you.

Dave

Answer

Dear Dave,

Without knowing your entire financial picture, my advice to you is general rather than specific advice. Conservative investments, such as CDs, savings, or FDIC insured money markets, make the most sense for funds that are required for short term goals, as you don''t want to lose the funds required to meet your objectives. As you probably know, the yields for these investments are at historic lows, but the point is that you want to preserve your savings for the upcoming purchase of your house.


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