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Post by catdog on Feb 13, 2023 18:02:52 GMT
As the result of a Taxable sale of real estate my wife and I have about $1.3 million in SPAXX at Fidelity. I have told her that multiple CD's would provide FDIC protection but she does not want to tie the money up even for three to six months. It has taken several months to prove to her that money market funds at Fidelity are safe.
Would we be better off with multiple money market funds? Are we taking a little or a lot of risk with it all in one money market fund?
It is such a luxury to have many experienced and intelligent brains to pick here and I thank you for any answers provided.
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Post by catdog on Feb 13, 2023 18:10:23 GMT
Sorry for putting this in wrong category.
catdog
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Post by chang on Feb 13, 2023 18:40:47 GMT
Sorry for putting this in wrong category. catdog No worries, I moved it to the PDM board. Glad to assist. |
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Post by anitya on Feb 13, 2023 20:29:13 GMT
I personally do not worry about safety of Fidelity MM funds but I would move all that money into a higher yield MM fund at Fidelity. One can also buy Treasury MM fund to suite one's risk aversion. Call a Fidelity Rep if you can not search thru their money market list and find the right one.
E.g., FZDXX, has a $100K minimum to buy, pays more than SPAXX. It also happens to have more than 50% in US Government repurchase agreements the last time I checked. There are other MMs with higher minimum to buy you may qualify that pay higher yields.
You can also buy Treasury bills which are highly liquid. 1-800-476-4589 for Fidelity fixed income desk if you have any questions on buying Treasuries.
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Post by catdog on Feb 13, 2023 20:34:50 GMT
Anitya,
Thank you I believe you addressed all of my concerns. Now to get my wife to venture into new funds.
Thanks, Catdog
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Post by retiredat48 on Feb 14, 2023 3:14:10 GMT
catdog,...how much do you rely on quick access to this large sum of money?? What if fido were hacked badly. Computer networks destroyed for 1-2 weeks or more? I keep major holdings at both Fido and vanguard for just such an event. One may have money access while the other is in distress. BTW I also get hard-copies of my portfolio statements so I can "prove" what I own. R48
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Post by catdog on Feb 14, 2023 3:29:08 GMT
Thanks R48. I think our checking account would tide us over for several months. The other issue is that we have spent quite a bit of time consolidating funds to Fidelity and now we are facing the prospect of adding a second brokerage account.
It's funny you should mention the paper copies of the monthly statements. It dawned on me last week that we no longer were receiving them. Apparently when you do a change on accounts the default is to go paperless. Took me 6 months to notice. Regardless I called and reinstated the monthly paper statement.
Thanks for your response, catdog
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Post by Deleted on Feb 14, 2023 13:31:32 GMT
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Post by catdog on Feb 14, 2023 19:07:18 GMT
django,
Thank you. It looks so easy to deploy and cancel. With the wife's blessing of course, I think we will use it.
catdog
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Post by Deleted on Feb 15, 2023 2:41:47 GMT
Also use the 2FA (Two-Factor Authentication), they use VIP. You can download the Norton VIP application on your smart phone to generate the needed 6 digit codes when logging in. I prefer the physical keys but Fidelity does not have the physical keys. Etrade does have the physical keys implemented on their system. |
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Post by johntaylor on Feb 15, 2023 17:05:23 GMT
Two things mentioned above (holdings at a few different firms, and hard copy statements) are also things I do
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Post by catdog on Feb 16, 2023 3:29:52 GMT
Jovan and John
Thanks for all the suggestions. kind of sad I have spent the last 20 years on that Fidelity Website and never really explored the profile tab much.
I have also signed up for voice recognition when I call.
catdog
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Post by retiredat48 on Feb 16, 2023 15:47:43 GMT
Thanks R48. I think our checking account would tide us over for several months. The other issue is that we have spent quite a bit of time consolidating funds to Fidelity and now we are facing the prospect of adding a second brokerage account. It's funny you should mention the paper copies of the monthly statements. It dawned on me last week that we no longer were receiving them. Apparently when you do a change on accounts the default is to go paperless. Took me 6 months to notice. Regardless I called and reinstated the monthly paper statement. Thanks for your response, catdog .............,Glad to help... R48 |
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