Money you’ll need within four or five years. Keep it in a bank or a money market fund—any account that is readily accessible when the need arises.
Money you won’t have to touch for 15 years or more. Keep it in well-diversified stock index funds, which track the market as a whole rather than trying to pick individual companies. Low-cost stock index funds are offered by Vanguard and Fidelity Investments. T. Rowe Price has index funds, too, but they cost a little more.
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