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I have read in the past to just put it in a Money Market Account, but since it is not cash that we'll need immediately, why waste the opportunity for compounding interest?

You stated: it is not cash that we'll need immediately

How do you know that? If you and your wife are riding together in your car and that car is involved in a serious accident (God forbid) which results in disabling injuries for both of you and neither of you are able to work for a period of one year, you would need some portion of that cash immediately, wouldn't you? And you'd probably need the remainder over the following 12 months.

An e-fund should also cover this type of emergency. Unless one is clairvoyant, one never knows what might happen today, much less tomorrow.

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