We're answering your money questions on investing
On Monday, March 19 our panel of Certified Financial Planners answering your questions included:
Dennis Hebert, Strategic Wealth Advisors, 234-7526
Ted Sarenski, Blue Ocean Strategic Capital, 471-2672
Sue Hansen, Hansen's Advisory, 637-5153
You can email us at money@cnycentral.com until we're back live. Next week's topic: taxes.
Some points we made this week:
~Apple is shaking up the market by announcing it's going to be declaring dividends. It also expects to be buying back some outstanding stock, which will drive values up. As for investing, more people and mutual funds who want to see dividends may now buy in. And the change could make for changes in tech stock indeces, worth watching.
~If you buy 10 shares of Apple stock it'll cost about $6,000 (plus brokerage fees) and your money is all in one place. Another option might be to invest in a mutual fund, which includes many stocks--or bonds---which keeps it a bit more stable. Returns could be higher or lower, depending on the risk, but more than Certificates of Deposit (CDs) right now. We are talking long-term investments, not money that you might need for immediate expenses.
~How to invest? You can talk to a broker or advisor and put in a lump sum (like from an inheritance or bonus, or tax refund), but most financial people suggest setting up an automatic withdrawal for investing (kind of like regular deferrals for your 401K), probably through your checking account.
~Don't forget the small details on your accounts, including the TOD--transfer on death. Make sure that you name beneficiaries so your children or designated heirs get your accounts on passing.
