More often than not, when I ask people what they consider to be their single best investment, without hesitation their answer is “my house”. How about you? Is that how you would’ve answered the question, too? Well, what I’m about to share with you just might surprise you and challenge your thinking.
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If you are looking for a simple low-cost investment management approach you might be interested in a fairly new technology being offered by a major brokerage firms as well as some independent startup companies. This technology is often called Robo advisors. The good news is for a very low fee, about one quarter of one per cent, you end up with a diversified investment portfolio typically made up of index mutual funds. One big brokerage firm even claims to provide this service for free!
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Even after the financial crisis of 2008 retirees continue to be victims of lies and myths of Wall Street and the financial media. So-called gurus and experts manipulate statistics to convince you-not educate you-that if you don’t invest the way they suggest you are in great danger of outliving your money. Here are two popular myths you should ignore if you want to protect your nest egg.
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One of the worst things that can happen to you if you live in Florida is to have your air conditioning go out during the middle of summer. Often times this means you have the unexpected surprise of having to replace your entire system, which could run anywhere from $3,000 to $5,000. Or, maybe you’re retired and some of your income is coming from rental properties, and then, horror of all horrors, your tenant stops paying rent. Or, you have unexpected repairs to perform on the rental property which will eat up most, if not all, of your rental income. These are just a couple of examples of why it is so critically important to have a rainy day, emergency reserve fund. You may wonder how much you should have in your emergency fund and where you should put the money? Here are 3 tips to guide you.
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Why would a financial planner who specializes in retirement planning be telling you that financial plans are useless?
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