well folks as you all know the house finally did sell and I do have some profit. Any suggestions on what I should do with it?
Buy, sell, trade or just let it sit?
It would be nice to make it more,
but I am illiterate on that score.
I would like to have a margin of safety
guess I should see a financial person?
any suggestions?
Quote from Rumer Godden
'There is an Indian proverb or axiom that says that everyone is a house with four rooms, a physical, a mental, an emotional, and a spiritual. Most of us tend to live in one room most of the time but, unless we go into every room every day, even if only to keep it aired, we are not a complete person.'
13 comments:
By all means consult a financial adviser. But I'd look for someone who you oay for the consult rather than by the transaction (purchase or sale) because they can progfit from moves tat do not profit you. Congrats on the house sale.
Not sure how much money you came away with. As we get older we do safe things and many banks have safe ways to make your money grow. Not as good as it once was, but some are pretty good. If you can tie up the money in a CD or something like that you could make a few bucks. Just make sure that you don't have more than 100K in each bank. Not insured over that amount.
I'm never played in the stock market so I wouldn't have a clue how to do that. Too risky for me anyway.
If you have debt like credit cards I'd pay them off. Credit cards are extremely expensive if you don't pay them in full each month.
That's my two cents. :)
Some sort of conservative investment? I'm not good with money in particular, but someone handles it for me.
A CD or Money Market Account (make sure it is the FDIC insured kind) is a fairly safe bet right now. Investing is unreliable at best right now. If you do go to a financial advisor, find one who is certified and whom you pay outright for services. Don't go to, say, an Ameriprise (American Express) advisor or a Wells Fargo advisor or anything like that. They REALLY want to sell you their products. They're supposed to act in your interest by law, but their vision gets cloudy sometimes. Do some reading at
http://money.cnn.com/
and check with some banks around you to find good interest rates on CDs and MMA's. You want guaranteed growth, albeit slow.
Oh, and check with your bank, but I think it's 100k per FDIC insured account, not per bank. It might actually be more than 100k - I think the feds upped it a year or so ago.
I was going to say a money marker or CD..it is tough to get any decent return on anything so safe is good too. Love the blogger red... Michelle
What a lovely quote!
Darn , can't help you with that but with the economy the way it is, investments, etc., why not hold on to it and at least earn interest.
I would ask around for someone you can trust and get some advice from a consultant.
you've all given me something to think about. I am sooo impressed by your wealth of knowledge! Thanks
Used the red for the holidays.
I liked the quote too
That's a beautiful tree. I don't have anything to add to others but I agree that I'd make sure that your investments are insured. I used to have a stock broker and I'm sure I wasn't a favored client because I was so conservative. Actually politically I'm very liberal. I don't think it matters who you go too as long as you know that you are guaranteed a certain return and that it is insured. Some might try to sell you on something which they say will make more money but you can always say no that you want guarantees.
Bathe it in prayer.
I realy like that quote from Rumer Godden
"Everyone is a house with four rooms, a physical, a mental, an emotional, and a spiritual. Most of us tend to live in one room most of the time but, unless we go into every room every day, even if only to keep it aired, we are not a complete person.'
Can I borrow it :) ?
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