There are a few simple questions that can help guide a decision like this. Here are some ideas as you choose a path for your money:
- What’s the state of your emergency fund? If you don’t have three to eight months of expenses tucked away, that’s a good place for extra cash. (You can think of an emergency fund as more of a confidence fund.)
- How soon will you need access to the money? Will you want to pull it back out for a big purchase in a few months? Or, are you considering a career change?
- Consider your risk tolerance. Your age and your timeline can also help guide your decision about where to put your money.
In times like these, even decisions that once seemed simple can call for some extra thought – and can even lead to some chronic overthinking. Let our team here at Lawson Kroeker show you how our process can turn overthinking into straight-up confidence.