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New to investing — I have $20,000 cash saved, what should I do with it?
You're not clueless at all. You don't mention that you have any debt, but if you have consumer debt, you might want to consider accelerating your payments on those debts unless you're already doing so. You and your wife have a baby on the way.  They're an absolute joy (we have a 7-year-old), but they're also a financial strain.  If I were in your shoes knowing what I know about your situation, I'd think carefully and go slowly with any investing until after you adjust to a larger family.  That way you run less risk of having a sizable investment tank when you really need the money for your new baby. Continue to learn about investing.  There's no reason to rush into something you're not comfortable with. If your goal is for a down payment on a house, then continue towards that.  Cash is just fine for that.  Shop around for a good house from someone who really needs to sell.