"I'm Buying a Car Soon - Where Should I Park My Cash?"

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.7 • 3.1K Ratings

🗓️ 9 January 2023

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

If you're planning on making a big purchase soon, like a car or house, where should you park your money until you need it? We'll walk you through that question and more in today's Q&A episode! Watch more exclusive content only on YouTube! Visit our website - Get our FREE financial resources - Check out our course, Know Your Number! - Sign up for our Financial Order of Operations course - Get easy to understand answers to your financial questions Follow us on social media! -Instagram -Twitter -Facebook -TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's Brian Preston, the money guy.
0:02.9	Restoring order to your financial chaos.
0:05.9	Retirement.
0:06.8	Investing.
0:07.8	Taxing.
0:08.8	You've got financial questions.
0:10.4	He's got financial answers.
0:12.3	It's Brian Preston, the money guy.
0:15.7	All right.
0:16.5	Seraph Saline has a question.
0:19.2	They're saving up to buy a car two to three years from now.
0:22.8	Where should I park the money?
0:25.1	I'm going to buy a car and two to three years.
0:35.1	The place that you should park the funds for that is in cash.
0:39.4	Purely liquid safe cash.
0:41.2	That's the answer to the question.
0:42.7	Brian, I want to talk a little about why is that the answer to the question?
0:45.4	Why is that the advice that we give?
0:47.1	You've got to have liquidity.
0:49.1	I mean, two to three years, I wouldn't feel comfortable putting that out there in an investment.
0:53.1	I feel like you go do the S&P 500.
0:55.5	It might turn out to be outstanding, where you're actually getting 10 to 15 percent more
	...

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