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where to park refi money

By Terry Savage on October 02, 2020 | Chicken Money

My daughter, mid 30’s, married two kids. Got laid off, collecting IDES checks. Just did a refi and will get a separate settlement for a total of 45,000. Where to park it ? They can get along now with one full income and have reduced day care expenses. They want the money accessible if needed for car payments etc.

Terry Says

They won’t earn any interest — but “park” it in an FDIC insured money market deposit account at their bank. This is truly my concept of “chicken money” — money you cannot afford to lose. And the mantra of the chicken money investor is:
“I’m not so concerned about the return ON my money, as I am about the return OF my money!”

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