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Today Money financial expert Farnoosh Torabi joined us for a live Web chat Wednesday to answer your questions.
Here’s one of her answers to questions from the live chat. (See below for the full Q&A and video of Farnoosh’s TV appearance this morning.)
Mat asked:
“I have between $50-$80K in cash and have no idea what to do with it. I'm in early 30s, own a home with wife and baby and need some advice on what to do with it.”
Farnoosh replied:
“Keep it in the bank! I understand you want to 'put it to work' but with a baby you will want the security of knowing that money is there and liquid. Of course, if that's more than you need in a rainy day account (and I suggest a 9-month rainy day reserve) … consider taking some and placing in a college savings account like a 529, or in long-term CDs where you can earn more than the standard .01% in a savings account.”
Here’s the full chat archive and Farnoosh’s TV appearance:
Personal finance experts Jean Chatzky, David Bach, and Farnoosh Torabi take on viewers' retirement-related money questions, including what percentage of your salary should be saved for retirement and how retirees can find part-time jobs.
If you have a question for our TODAY Money experts, submit it here.
To sign up for an e-mail reminder for our next chat, click here.