What would be the best investment advice for my wife and I?
January 15, 2010 by
Filed under investment advice
I have been married for two years and my wife and I have a six week old daughter. We both have steady jobs that pay a normal amount for people our age and newly wed We live in an apartment paying about 550 rent etc etc I hope you get the picture. We are pretty normal and we are (more I am) looking for good investment opportunities that aren’t really risky. Just taking the same money I already save and get a better return. We consistently put 10% of our net into savings. What are your ideas?
spend less than you earn
If you are long term investing go to consumables. Things that people use everyday, like Walmart, Proctor and Gamble, and exxon. You want things that people are always going to have to buy.
First make sure you both have level term life insurance, so if one dies, the other can carry on, especially with a daughter.
Then open IRA’s, diversifying into both stocks and CD’s.
Look for a home at some point, as this is the BEST time ever to purchase.
Put money away for your daughter in a custodial account for college, as it is never too soon.
Any extra put some into stocks, as at your young ages, you still have many years of earning power should you lose any. But keep a years worth of ready cash available in case.
I would do the stock market. Now,, I strongly suggest investing in AIG, XCR, or DRYS, which are cheap stock companies. Rite Aid (RAM) is also starting to raise in stocks. I suggest investing in any of those.
Educate yourselves first. “Investing For Dummies” is a great starter book. Suze Orman’s personal finance books are also full of good information. Financial planning involves more than just “saving” or “investing” – estate plans, insurance, etc., are all part of the picture.
Your question is a good one, however it can not be answered in detail on the internet. You should consider talking with a fee-based financial planner, he or she can really get to know your situation and recommend a stratagy thats best for you.