Which Investment Is Best For Someone Likely To Need Cash Soon? – FAQ

If you need money now, yours is the best investment for someone who needs cash soon. Address the need for money immediately; don’t kick the can down the alley.

However, we know this. Pay your bills and keep everything the same, but this question is about something other than now, but soon.

So, What Is Soon?

Time is a commodity like Cash, but one will always be in short supply.

Now, Now, but Not Later, but somewhere between.

The critical part about paying your bills is when they are due. How soon do you need to have money available for payment?

For me, I address bills immediately. I’m geeky, but if I put down a bill or ignore an email/text reminder, I will forget, and late chargers are one of the biggest wastes of my money.

So, bills get paid immediately. Now that is out of the way.

Which Investment Is Best For Someone Likely To Need Cash Soon?

However, there is money I put aside for bills that don’t exist but might need to be paid ‘soon.’ Many projects(water heater, car tires, Christmas Presents, etc.) are in the works, but they have finite dates for which I can budget money and later plan to use.

However, I need to pay the most uncertain large number of bills when I stop working(‘fired,’ ‘laid off,’ or ‘rage quit’). This money is my emergency fund.

Not the most detailed of financial plans, but simple and effective enough to keep me on track with results, Financial Peace University.

My emergency fund is broken up into a few parts(a $1,000 Starter Emergency Fund, then a six month Emergency Fund), all covered in Financial Peace University‘s Baby Steps. I will make changes to maximize my investments with these funds while varying the availability of the money and its liquidity.

Without going over my latest plans, I’ll tell you the best places I invested my money while maintaining it liquid for any new events. I used a high-yield savings account at a minimum but also moved back and forth into a money market mutual fund.

My High Yield Savings Account(HYSA) is the most available money I have invested.

The HYSA sits connected to my checking account, and either I can move the savings account money right into my checking account manually, or in overdraft condition, money moves automatically to prevent any bounced checks.

I might have forgotten I wrote(not typical, but under emergencies or my absent-mindedness, it can happen).

FYI, I use SoFi Online Banking for my typical banking needs.

Keep Calm, save your cash.

Now, I get a little more interest earned from this money market mutual fund. Still, transferring money into my banking account takes a business day or two and is not automatic. If I need money soon, I must remember to transfer money from the money market mutual fund into my banking account. It’s less convenient than my HYSA, but the interest rate is higher.

Where Should I Invest In For Fast Cash?

Well, with my experience, if I need to keep money at the readiest, that Fast Cash stays in my checking account connected to HYSA.

This way, I still earn a decent interest while having immediate access to my money.

So for me, if I know I will need money soon, I use my HYSA as an investment vehicle to get the most interest while keeping my money immediately available.

My Easy Investment Way Recap:

I plan to invest the money I might need soon through my High Yield Savings Account.

Tom, Growing His Passive Income Generators.
Myself with an interesting Bull Sculpture.
Notice: No Lambo’s. :/
Hi I’m Tom, A Blogger And A PIG Farmer.

PIG Farmer as in I grow Passive Income Generators(PIG’s).

I’ve been playing with stocks, mutual funds, and options for decades, as well as always working on my side hustle stacks.

Unlike what you read online, I’ve yet to find a way to get rich quickly. Get Rich Quick isn’t happening for me.

My journey has been long and continues. I hope to have so many PIGs I can stop working at my current job and volunteer as a medical worker overseas. 

Still waiting, but getting there. I still am a family man, and while on this Journey of Growing PIGs.  

I wanted to share my adventures(ups and downs), hoping you will contribute with your feedback and comments.

Fun Fact: In my spare time, I am a Band-Dad!

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