Hey everyone, I am planning to get a new car so I’ve just been keeping a part of that (20k in cash) but I want to invest in cash.to. I would probably buy it around August so would this be any risk? I am tired of holding this cash and the HISA’s are kinda bad, I have Wealthsimple but I dont wanna keep making accounts.
(This is all extra context but is there an alternative for the 20k that I am planning to invest in cash.to which I know I will spend in 7 months.
Long term plan once I find stability is to invest in ETFs but I also dont wanna hold this large amount of cash, I feel like its depreciating at least right now for like 6 months -1 year 😭 I have great savings habits so when I do invest I can do that whenever I am ready.)
I do have contribution room in TFSA (ROTH IRA) for Americans.
I also have mostly cash since I am still in school/ just graduated so I have like 90% cash and I just wanna start investing (60k ish) just in cash.
Should I invest or wait to figure out where I wanna live/ my full time roles.
I am thinking just cash and I wanna continue saving tbh, I do have like 10k invested but if I want to move/ lose employment since my extension is only till April, I am not sure what to do.
I live with my parents, have 0 expenses, may move out to a new city which is why I have so much cash. I’d say my fixed costs is just my gas, parking, shopping, groceries, etc