Advice from financial advisors
After a summer hiatus, the Financial 411 is back on NBC3 on Monday evenings, and we got lots of phone calls.
Our panel this week was: Bryan Place, Place Financial Advisors; Grace Ghezzi, Benefit Consulting Group; Ted Sarenski, Dermody, Burke & Brown Fincial Services; Dennis Hebert, Hebert Financial Strategies.
Bryan Place says there've been some great 'ups' in the market, and more people are investing again, but more encouraging, it's not just speculative companies that are showing big returns, so are more longterm and 'steady' companies.
Dennis Hebert says the fact that some people are making big money on more speculative investments has more potential investors looking to do the same: he advises, to avoid major risks, to stick to the principles of diversifying the portfolio, and looking for steady, not skyrocketing returns.
We also got several questions on 401ks, on what to do if you leave the company: Grace Ghezzi says human resources offices must give you information, though it may not come til year's end; Ted Sarenski says if you withdraw the money and don't re-invest in another 401k you could pay big tax penalties; and, if you have a loan on your account and leave, you could face big tax penalties.
Financial 411 will be on, Monday evenings in our 5 - 6:30pm newscasts, and we'll answer questions at 477-9480. You can also email questions on the comment area below...or to money@cnycentral.com
