Author Topic: Putting ready cash to work  (Read 966 times)

Katsplaying

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Putting ready cash to work
« on: February 28, 2016, 10:41:27 AM »
Sold my house, bought a condo. After all the money changes hands, I'll have about $27K to work with. I anticipate having to replace appliances & floors in the new place (everything is 10 yrs old) before too long but I don't want those funds just languishing in a savings account. I also want to protect that money from taxes.

Rough budgeting so far:

--Paint: $300-500 almost immediately, definitely by May;

--$3k-7k for flooring with a 2-4 month time-frame to get approval from the HOA Architectural Committee (due to HOA regs, I have to contract out this work)

--I intend to repair appliances as they fail with the exception of a new, more efficient fridge $1200-2800.

I have radically reduced my possessions already and look forward to doing more. This is the right time to make this move as it greatly advances my FIRE aspirations! I also discovered that the HOA is looking into creating on -site bike storage so I plan to be involved in that for sure!

Input & suggestions are very welcome!

Cheers
Kat

ooeei

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Re: Putting ready cash to work
« Reply #1 on: February 29, 2016, 09:11:55 AM »
Well, what is the long term plan for the money?  If there isn't one, I'd recommend putting what you can in an IRA, perhaps upping your 401k contribution, and keeping $10k in a savings account for the expenses you lined out.  It's hard to get more specific than that with out a bigger picture of your finances.  Income, expenses, current 401k contributions, etc.