I mean physically, where is it? Do you keep it in a jar, in a savings account, somewhere else? Just curious as I haven't figured out just where to put mine yet and am looking for ideas.
Where is your challenge money?
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I invest mine long term in the Roth IRA as that is what my challenge money is for - retirement and I want it to grow, so those funds are put into assets aligned for GROWTH, and since I think my Roth IRA is a Retirement Only vehicle, I am not going to be getting at that money anytime soon. When I started my challenge I was using mine to paydown on my mortgage so those $$'s went monthly toward extra principal payments. I changed horses in midstream after the smart people here, and Hubster and Ric Edelman all convinced me that early home pay off while it might feel good EMOTIONALLY was not the wisest FINANCIAL use for my money.
If however, one was challenging themselves in order to purchase something such as a washer/dryer or a new car, or a house down payment, then they'd want their money a little more accessible, say in a Money Market Account or a short term CD - something paying a decent little amount of interest, but not so close that it was too easily dipped into.