Where to put the down..
August 4, 2012 3:37 PM Subscribe
Not asking for specific investment recommendations, but general "conventional wisdom" on how best to sock away money for a down-payment on a house.
posted by drpynchon to work & money (7 answers total) 10 users marked this as a favorite
I'm currently in my 30's, have very little debt, contribute a decent percentage of my salary already to tax-deferred retirement plans, and want to save up from what's left over for the down on a house over a 5 year period. It seems like sticking this extra cash into a savings account is less than ideal given the current interest rates. Should I be looking at short term funds, or some other form of safe-ish investment, or is the mattress really the answer? Also, the party line on temporary reduction in retirement contributions for this purpose to speed things along or reduce the mortgage? I'll be seeing a professional for more specific advice but want to approach that conversation from a more educated position, and at least know what the "standard" advice would be here as I imagine this is a pretty common concern in financial planning.