?? Where to stash cash right now ??

With the world in its current topsy-turvy state, everything feels so uncertain and precarious right now.

In times like this, people always ask me for personal finance advice, namely: "What should I be doing with my money?"

And, as much as it pains me to say it, I have the most boring and basic answer imaginable: Not much.

I have done a pretty good job of sitting tight, so far. As I said in a recent newsletter, I'm not looking at any of my retirement or investment accounts, which are most certainly in the red. I keep reminding myself that I am a long-term investor. I do not plan to make any changes to my portfolios.

But one thing I have been thinking about is what to do with my short-term holdings, especially cash, which will get hammered by inflation. Inflation rates are the highest they have been in 40 years – consumer prices in the United States surged in February to a 7.9% annual growth rate, according to the Labor Department.

Americans are digging deep to pay for gas, food and rent, and inflation is poised to accelerate even further as Russia's war against Ukraine drives up the costs of crude oil and other commodities.

Prices for fruit and vegetables increased by the most since March 2010, while the rise in the cost of dairy and related products was the largest in nearly 11 years.

There is a reason inflation is known as the "portfolio killer" – the purchasing power of your savings is eroding bit by bit every month.

Wondering where to stash your cash now amid all the chaos and volatility? You don't have a lot of great options...yet. Interest rates for short-term savings are still pretty paltry, but at some point they should offer a bit more yield.

Full disclosure: I have never purchased a Certificate of Deposit (CD), but I know people who swear by them. And you can find some yielding more than 1%, if you are willing to lock up your cash for two years.

The thing about cash, though, is that it should be available if and when you need it. Chris Taylor offers up these strategies on where to put cash right now.

If you have any other ideas, please let me know in the comments.

REUTERS POLL???

How old is your car? Older than I expected! Roughly one-quarter of nearly 3,000 people who participated in our Reuters poll said their car is at least 10 years old. And another 20% don't own a vehicle. You can see the full results here.

Special props to Edward Burnetta who said he recently traded in the "Swag Wag" (as his kids liked to call it) – a 2010 Toyota 4Runner with 302,000 miles on it "and more family trip memories than that!" (Photo courtesy of Burnetta via LinkedIn!)

Our next survey looks at inflation. Where is it hitting you the hardest? Answer our poll here.

A$K LAUREN

Q. I’m looking at financing a vehicle. Should I buy it using my $50k line of credit with a 5% interest rate being able to pay it off as I choose or should I use the dealer’s financing at 3.99% being locked in for 5 years? I’m also self-employed and will write-off this vehicle as a business expense.

A. Ivan Drury, Edmunds' senior manager of insights, is leaning towards the dealer-based loan for two reasons. First, Drury says, you're qualifying for a lower interest rate than the line of credit. Second, he notes, there are higher odds that the dealership will work with you to purchase the vehicle.

"As dealer inventories have been depleted by the semiconductor crisis, more dealers would prefer that you finance the purchase through them as they receive incentives for this, and dealers often have some of the lowest rates available, especially if it is a low APR offer through the automaker's captive finance company," Drury adds.

There is also the benefit to having a set monthly payment when it comes to budgeting. One advantage of using a line of credit in the past would be receiving cash back rebates in lieu of lower APR financing, but with today's tight new car inventory, there are fewer and fewer cash back offers, making outside financing less appealing, especially if it involves a higher interest rate. "Of course, if you're looking at a specific model that does have a cash back offer that is dependent on you not taking an incentivized rate from the captive," Drury says. "Do the math and see if the cash-back offer will offset the higher interest paid over time."

Since the vehicle is going to be used for business, "I recommend you ask your accountant for advice on tax deductions as they vary by usage and vehicle type," Drury says.

Q. How much does one person need to retire in the next 5 years?

A. The amount of money a person needs to retire depends on the cost of the lifestyle they want to enjoy in retirement, says Nancy J. Hite, a certified financial planner and fiduciary.

"I’ve provided planning for retired dentists, who are accustomed to monthly income of $20,000 per month and wish to continue living this lifestyle during retirement," Hite says. "On the other hand, there are individuals who only need $2,000 to $3,000 a month to sustain their desired retirement lifestyle."

The key is to create a plan where you determine how much money you need in retirement to enjoy your desired lifestyle, Hite notes.?Most importantly, this money should come from safe, reliable sources and preferably be guaranteed.

"When planning for retirement income, realize the importance of safe investments which can average about 5% per year or more over long periods of time," Hite says.

Some people need a $3 million nest egg to be able to retire comfortably. For others, it is $1 million. Many others may proceed with fewer assets. "For example, if someone has a pension, they may need less," Hite notes. "In most cases, a person without a pension or other retirement plan needs an even larger nest egg to be able to retire and not have to worry about money."

Another factor that affects how much money a person should put away before retiring is longevity, Hite adds.?Many people will live well into their 90's. "They need a financial plan that will provide them with safe and guaranteed income for the full 30 years or so during their retirement," she adds.

?Are you thinking about pet insurance (mine literally just doubled in price!)? Or are you wondering if you can afford to retire? Send your money questions to me, and I'll tap my extensive source network and brain trust for expert advice.

Submit your questions?here.