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  1. #1
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    Financial Advice?

    My mother passed away late last summer and as we are settling the estate, I have inherited mutual funds and life insurance totaling about $30,000 (current value). I'm about 10 years from retirement and this isn't enough to speed that up. I have another investment (401k) which has been beaten up as well with the current economy.
    I've purchased some CD's for my kids with the life insurance money and could do more without getting into the mutual funds.
    The goals are:
    1. help my kids with their education (one in college, one h.s. senior & one 7th grader.
    2. live comfortably in my later years
    3. (and possibly be a big ISU donor when I'm independently wealthy )

    My question: Should I let the mutual funds ride awhile and (hope) the market recovers in the next 3-5 years? or Look for the hot stock/technology (think apple computers) and gamble? or Invest in precious metals? or Put the cash under my mattress?

    Financially we've been ok up to this point, I'm a teacher and had my contract reduced this year due to school district solvency issues. I don't think I'm in line for any more reductions, but the district needs to make more cuts.



  2. #2
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    Re: Financial Advice?

    I don't know much about the market other than it always bounces back. My friends with financial backgrounds are urging me to put more in my mutual funds. Now is the time to put it in they claim.


    Also, sorry to hear about your mother.


    @RandomGeoFacts

  3. #3
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    Re: Financial Advice?

    10 years to retirement is the important factor here.



  4. #4
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    Re: Financial Advice?

    No debts at all I take it? I'd say paying down/off any home or car loans would at least take that financial burden off your shoulders in the short term.


    Go Cubs Go!

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    Re: Financial Advice?

    I would not call Apple a hot technology stock. Down from a high around $200 to around $85.

    AAPL: Summary for Apple Inc. - Yahoo! Finance

    And they are not forecast to do better.



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    Re: Financial Advice?

    While the market may not have bottomed out yet, if you do not need the money for 7-10 years put it in the market. Right now there are some outstanding buys out there, good to great companies that have been pulled down by the overall market.

    We are down around 50% from the dow high, we won't drop another 50% most likely. If it does, that little money you are talking about will be the least of your worries because if the Dow goes to 4k we are all in a heap of trouble.

    If you have any debts I would pay them off first.



  7. #7
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    Re: Financial Advice?

    Sorry to hear about the loss of your mother.

    I'm certainly no financial guru, but if I had extra cash right now I'd put some of it into the farm machinery companies. John Deere, Cat, etc. are all really low right now and I don't see the market sector they serve staying down very long. Farming will always be around and farmers need equipment, especially as the farming technology advances.



  8. #8
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    Re: Financial Advice?

    Quote Originally Posted by ffelknirznarf View Post
    I would not call Apple a hot technology stock. Down from a high around $200 to around $85.

    AAPL: Summary for Apple Inc. - Yahoo! Finance

    And they are not forecast to do better.
    I think he meant look for today's version of Apple right before they took off.



  9. #9
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    Re: Financial Advice?

    How about advice for someone who just started making some real money for the first time and is thinking about getting his toes wet?


    Quote Originally Posted by MNCyGuy View Post
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  10. #10
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    Re: Financial Advice?

    Quote Originally Posted by CarolinaCy View Post
    I think he meant look for today's version of Apple right before they took off.
    that's how I took it too.


    Quote Originally Posted by MNCyGuy View Post
    The only answer to "who/what is GeronimusClone?" is in fact "GeronimousClone". You're like The Todd on Scrubs.
    Quote Originally Posted by Angie View Post
    This is why you're my favorite

    Quote Originally Posted by MoreCowbell View Post
    GC, he's obviously all man. And I don't think Ellen would go *****, even for GC...

  11. #11
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    Re: Financial Advice?

    Quote Originally Posted by GeronimusClone View Post
    How about advice for someone who just started making some real money for the first time and is thinking about getting his toes wet?

    If you have a long time an are not interested in selling right away than I see nothing wrong with investing in some ETF's. I know their not as sexy as buying a single stock and having it go up 50% in a year but over the long run, things like the S&P 500 are pretty hard to beat.



  12. #12
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    Re: Financial Advice?

    put money into some ETF's instead of MF's (cheaper costs to you). Find a couple broad market indexes (Russell 2000 and S&P 500) and put the money in there, the market is beat up and could be a lot higher by the time you retire. SInce you don't sound like you are a very savy investor - don't pick individual stocks, buy the indexes since they are beat up as much as they are.

    I am basing this off of you saying you already have some safer investments with insurance and CD's



  13. #13
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    Re: Financial Advice?

    Sorry to hear about your mother

    Now is the time to put money into mutual funds. I'm not a financial advisor but I'm pretty close to the industry. You'll probably see a pretty significant growth in the next 5-10 years.

    Sometimes when people get money this way, the last thing they want to do is lose it. If you fall into this category, you may want to look into a fixed annuity. It usually makes more than CD's and its tax-deferred. If you're NOT going to touch it for 5-10 years, this will give you a very stable interest rate but wont make you rich. Each policy has its own surrender charges (usually 5-10 years). Keep in mind that I'm just talking about the FIXED annuities, not the other ones that are offered.

    -just my 2 cents



  14. #14
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    Re: Financial Advice?

    My advice?

    Don't take advice on financial matters from people on here. Find a good professionial that wants to help you and not one that wants to sell you crap.



  15. #15
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    Re: Financial Advice?

    Quote Originally Posted by Wallacelantz View Post
    My advice?

    Don't take advice on financial matters from people on here. Find a good professionial that wants to help you and not one that wants to sell you crap.
    You saved that gem for your first post?


    Quote Originally Posted by MNCyGuy View Post
    The only answer to "who/what is GeronimusClone?" is in fact "GeronimousClone". You're like The Todd on Scrubs.
    Quote Originally Posted by Angie View Post
    This is why you're my favorite

    Quote Originally Posted by MoreCowbell View Post
    GC, he's obviously all man. And I don't think Ellen would go *****, even for GC...

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