What's the Best Way to Save for a Short-Term Goal?

Ready For Retirement

James Conole, CFP®

Investment Planning, Bonds, Education, Stocks, Cash, Business, Dividend Investing, Retirement Planning, Retirement, Investing, Tax Planning

5 • 706 Ratings

🗓️ 2 February 2021

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our topic on this episode of the Ready for Retirement podcast is about understanding the best way to save for a short-term goal. Questions to ask ourselves: How soon will I need the funds for my short-term goal? How should I be invested when saving for a short-term goal, if I choose to invest at all? What types of investments are best for capital preservation? How do my investments change when investing for a short-term goal vs. medium and long-term goals? Are you ready to start focusing on t...

Transcript

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0:00.0	Discover the tips and strategies that will help you achieve your retirement goals.
0:09.3	I'm your host, James Canole, and this is the podcast dedicated to helping you retire well.
0:14.6	It all starts right here on Ready for Retirement. for retirement.
0:27.2	Hi, everyone.
0:28.9	Welcome to another episode of Ready for Retirement.
0:30.1	I'm your host, James Cannell.
0:33.7	A lot of times when we talk about investing, we're talking about long-term investing.
0:35.5	Okay, how should I invest for retirement?
0:38.8	How should I invest for 10, 20, 30 plus years away? And that's important. And that's something that, of course, we should talk about.
0:43.4	Sometimes it's all we talk about. We don't talk about enough is how should you invest when it
0:47.6	comes to short-term goals? Maybe you're saving for college for a child or a grandchild. Maybe you're
0:52.3	saving for a down payment on a home. Maybe you're saving for
0:55.6	something that's not necessarily 10 to 20 years away, but you want to invest that money. And you want to
1:00.8	make sure that money is not only growing for you, but also that you can count on that money being there
1:05.2	and that you don't lose money. So what we're going to be talking about today is how should you
1:08.9	invest for a short-term goal?
1:13.7	Short-term being anywhere, call it under 10 years.
1:16.1	And what's the best way to go about doing that?
1:18.5	So that will be the focus of today.
1:25.0	And the way I felt this would best be explored is to run through an example.
1:26.3	And the example is this.
1:28.4	Let's assume that you come to me and I tell you that I have an investment opportunity for you. And there's six investments that you can choose from.
	...

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