Ask HN: Just got $200k from an angel, where do I stick it? Savings? CDs?
Hi, HN,
An angel investor just cut me a check for $200k (convertible note, solid terms). My questions is, what do I do with the money? I have a business banking account that has about $3k in it right now. Do I just deposit the 200k in the savings account there? Do I stick 150k of it in a savings account so it can generate some interest?
I realize this is a super elementary question, but I've never seen it addressed here or anywhere else. What does a startup do with its cash when it gets a bunch of it like this?
FWIW: Our burn rate is about $5k on 9k monthly in revenues at the moment.
An angel investor just cut me a check for $200k (convertible note, solid terms). My questions is, what do I do with the money? I have a business banking account that has about $3k in it right now. Do I just deposit the 200k in the savings account there? Do I stick 150k of it in a savings account so it can generate some interest?
I realize this is a super elementary question, but I've never seen it addressed here or anywhere else. What does a startup do with its cash when it gets a bunch of it like this?
FWIW: Our burn rate is about $5k on 9k monthly in revenues at the moment.