Ask The M-Network: Where Is The Best Place To Save & Grow Cash?
My Two Dollars reader Kelly sent in the following question to the M-Network’s new feature “Ask The M-Network“:
“My husband and I currently have 30K in savings and put in 2500 a month into a HSBC Online account paying about 2.4% currently. Is this the best place to save or grow this money? We have about 12 months of emergency money in the 30K, have a 200K house mortgage at 4.875%, 75K in student loans at 2% and no CC debt. We are not interested in paying down the mortgage or the student loans as they are at such a low rate. We will need new cars in the next 2 years but do not foresee any more expenses. Should we put some/all of this new savings into the stock market as it is so low right now and we can afford to wait to pull it out if necessary? I am a teacher and my husband is an attorney and we have 95% job security.”
