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Financial Help: gift ideas and more
Posted: 12.22.2008 at 7:40 PM
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experts have advice to grow your money, keep from losing it
Financial Help: gift ideas and more
(sub) experts have advice to grow your money, keep from losing it
(summary) How to educate yourself and grow your nest egg--a summary on the Monday night experts' panel phone calls
Our panel of financial planners was busy with your phone calls, and offering advice---
Last minute gifts are on lots of peoples' minds and Bryan Place from Place Financial Advisors suggests a pair of stocking stuffer books:
'The Richest Man in Babylon' by George S Clason was first published in 1926, but has relevant advice. 'One up on Wall Street' by Peter Lynch also has a lot of useful information.
Ted Serenski from DB&B Financial Services also advises checking the website www.360financialliteracy.org for lots of information as well as calculators to help you make sense of your finances and investments (the website is sponsored by the CPA organization).
Dennis Hebert cautions against entrusting your savings and investments to just anybody--he says Certified Financial Planner (CFP) is a credential that ensures some reliability. He also advises interviewing a potential financial advisor to ensure his/her philosopies and plans are in line with your needs, before entrusting money.
Tony Schiano with Ameriprise clarifies mandatory disbursements, which catch a break in 2009, but the regulations have not changed for this year.
Serenski also suggests investing in cd's or other interest producing accounts now: with the Federal interest rate cut again last week, rates of return will be going down even more: 3 to 4% will sound 'good' shortly.
And, Place has an alternative to gifts, especially for very young children (who often like the boxes better than the presents!). Investing even a
couple dollars in a 529 account can be the beginning of a college fund that will pay dividends and grow, and NY accounts also offer a tax deduction.
The panel will be back to answer more questions, next Monday.