Among Friends

[Caffeina]

@sarahpanda 

I follow Dave Ramsey's advice and never put money in something I don't understand.

I recommend getting your feet wet by investing directly through the U.S. Treasury Department through the Treasury Direct website. There are no fees to use it. Treasury securities are subject to federal income tax, but no state or local taxes. I invest in Treasury Bills, which are very easy to understand. They only require a $100.00 minimum investment. You can even buy Savings Bonds, which many people already understand. The site clearly explains the different investments.

[haddon9]

I use an independent financial advisor. 

[Jaspersmom]

I agree that a portfolio should include treasuries, but an investor needs to pay close attention to the ups and downs of interest rates and what that means for both short- and long-term gains.  I would even suggest to those who are just looking to put money somewhere to start with CD's and stagger them, although rates will dip now that the Feds cut rates.  

[jackthebear]

start by asking around who people use

call them interview them

you will find someone compatible 

[granddi]

@sarahpanda My advice would be to ask others for recommendations. 

Understand that  good advice is not free. 

Companies like Vanguard and Fidelity have different levels of management. 

"Don't invest in what you don't understand" misses the point. 

If you tried to self manage investments and did not understand what you are doing that is not a good idea. Educate and direct is what advisors do for you. Just like advice from a realtor, a banker, attorney. Experts help us navigate these complex decisions. 

[BirkiLady]

Take some classes in investing and finance in order to educate yourself. You must know what you are doing in order to trust someone else with your money!

The stock market fluctuates wildly; you need to be able to let it go without reacting before it corrects itself.

Like another poster said, "You need to be able to loose it all." (Possible, but not probable.)

[PamfromCT]

We have the appropriate professional people to fall back on, but my husband handles all our investments.

It requires much education, constant overseeing, and the desire to follow the market daily and research.

It is true that the way to grow your money is through stocks.

Even with the market's ups and downs, this remains true.

The worst investing is when someone buys high, but panics and sells low.

DH actually enjoys the time and effort to do this in his retirement.  That is not me.  It can be frustrating - for example,if a company is doing very well, but the report comes out not quite meeting expectations, the stock price goes down.

My DIL works for an investment firm that does very well. 
That would be my advice for anyone to invest in the market.

You always need a balanced portfolio, and their profits are tied to your profits.  Always remember that "Economics is not an exact science."  

[catmama]

FINRA is the regulatory body for the financial/investment industry.  They have a service called BrokerCheck and is a good tool to find a CFP.  And having been in the business for 40 years, I would only use a CFP.  

[THEY CallMe Mr Wilkes]

Unfortunately,  my bank's rates for new CDs have already dropped precipitously!  Fortunately I locked in some very good rates through next summer.

I'm fearful that my high yield savings account rate will drop soon.

The down side of lower interest rates for us savers and not borrowers!

[gidgetgh]

@sarahpanda - I debated on whether to respond, but I'm going to and please know that it is made with the best intent.

You just lost your husband.  I know from experience how overwhelming and shocking that is. I had a routine doctor appt. 6 days after my husband passed away.  I went to the appt.

My doctor, who I'd been seeing for almost 30 years asked how I was doing and I told him I'd just lost my husband.  I knew he would understand because he lost his wife a few years before.

He pulled up his stool and sat and acted like he had the entire day to talk to me.  He told me that while I might not feel it, my body would physically be in shock for several months.  Kind of told me what to expect.

He also advised me not to make any major decisions for at least 6 months.  Take some time to grieve, hopefully think more clearly.  No rash decisions.  It was wonderful advice and I followed it.

So I'm giving that advice to you.  I would take my time on a decision like that.  If you recently received some money, maybe a 12 month cd instead.  Rates have fallen a little, but there are still good rates.  Let the waters settle some.

i wish you nothing but the best.