Asked by Sharon  |  Submitted August 13, 2015

We have $270,000 in first mortgage money that we plan to spend on remodeling in the next 8 months. Where should we hold that money?

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  Answers  |  1

August 15, 2015

For this short term you best bet is a money market, albeit paying little interest. You do not have a long enough time horizon for other investments in pursuit of higher returns because the principle value would be subject to negative returns (principle loss) in such a short time period. Enjoy the remodel!

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