Julius Moongo

The Realist G

[Kalenga @Hamnjela]

What is the difference between a money market fund and an income fund, and which is best for you?

A money market fund is the more conservative one. It invests in very short-term, high-quality instruments and its job is to keep your capital safe with easy access, usually within 24 hours, while paying more than a bank savings account. Very low risk, steady returns. This is where your emergency fund and any money you might need at short notice should sit.

An income fund takes slightly more risk for a slightly higher return. It invests in longer-dated bonds and other interest-bearing instruments, and sometimes a little property. It usually pays a bit more than a money market fund, but its value can move up and down slightly. It suits money you are setting aside for one to three years.

So which is best? It depends on your time frame. Emergency fund or cash needed within a year, go money market. Money you can leave for a couple of years with a bit more growth, an income fund fits. Investing for five years or more to build wealth? Then neither is your main vehicle, that is what a growth fund is for.

The mistake to avoid is holding several funds that do the same job. Pick the one that matches your time frame, and let your long-term money grow somewhere that actually grows.

This is not financial advice, just something to think about

[Julius Moongo @julius_moongo]

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