Short-term Investment Options

Ok, here is my situation. I'm a second year law student and I have a summer associate position this summer (10 weeks for $2,500 a week). My goal is to come out of the summer with at least $15,000 of it saved. What I'm trying to figure out is what to do with the money.

I would like to use this money to help get me through the time between when I graduate and start working (have to study for and pass the bar before I can work). I am on a full ride scholarship, so I have been only taking out loans to cover living expenses and I usually work a part time job over the school year to pick up the slack.

But $15,000 seems like a lot of money to just have sitting around for a year without getting any return. Obviously, I'm not willing to take on a lot risk because this is money that I'm going to need in a year. I probably also need a fair amount of liquidity for emergency situations. Also, I don't have any other debt (credit cards, etc.) and I lease a car.

Is a high-yield savings account my best option or am I missing something here?

TL;DR: Have $15,000 that I'm going to need to use in about a year, where should I park it in the meantime?

Posted Apr 14, 2013, 12:32 AM UTC

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