2007-01-11 07:56:30 · 7 answers · asked by palmtamara@sbcglobal.net 1 in Business & Finance ➔ Personal Finance
First of all there are few things more worthy of admiration than mom's out there who are raising children on their own. I'm a father and a fairly capable person but I couldn't imagine how difficult it must be raising a child on your own. The fact is that although I typically advise individuals that they can manage their own investments, I believe single mom's have more important things to do with their time so I would advise you to seek out a qualified financial advisor, preferrably one who is in a similar situation as yourself. There are advisors out there who market to single mom's...You might check with a local parenting group or call some firms in your area and ask if there are advisors who specialize in your situation....check their background and track records and ask for references before committing...good luck.
2007-01-11 08:33:34 · answer #1 · answered by SmittyJ 3 · 0⤊ 0⤋
Great to see the initiative you have taken.
As with many things in life there are multiple ways to achieve your goals. With money - you have to be in control not the money. By this I mean you have to know what you are earning, what are you speaning and on what, how much do you want to save & very important WHY ? Then you work out a savings plan - not from what you have left at the end of the month but right at the start.
To help me, I have been using a Personal Finance Software package by Australian business Parcus Group - Personal Finance Associate.
The product is very good & simple to use. For AU$29 it costs, you get budgeting, financial planning templates as well as advanced features that typically cost lots more as separate software packages such as investment real estate calculations (mainly based on rental cash-flow analysis) and some value based shares valuations (based on Warren Buffet's stock valuation methodology)
Their website is http://www.parcusgroup.com
For anyone interested in their own wealth creation this product is definitely worth looking at.
Best of luck !
2007-01-11 13:41:56 · answer #2 · answered by Finance_Expert 2 · 0⤊ 0⤋
I'd start with stocks, because you can buy them with small amounts and reinvest the dividends. Try reading Carlson's "How to Buy Stocks Without a Broker" for information.
The cool thing about dividend reinvestment plans is that you can buy one share of stock, and then send money each month to buy more shares, even partial shares. The dividends then go back into buying stocks, too, so your money is working for you. You can start small, with perhaps $100 or less, and add gradually, at a pace that's right for you.
I'm SO GLAD for you that you're doing this! How smart! Good for you!
2007-01-11 17:57:03 · answer #3 · answered by Katherine W 7 · 0⤊ 0⤋
I would work with a financial planner - I found a great one at this credit union....
Addison Avenue FCU - https://addisonavenue.com
The cool thing is that it they are not-for-profit - meaning they take the profits and roll them back into the company for their members.
The cost to join is only $5 through the http://www.financialfitnessassociation.o...
Once you join you get all of this great free stuff!!!
Checking Free - Direct deposit
Free - Overdraft protection setup
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Free - Online Check imaging
Debit Card Fee-free - withdrawals from over 20,000 CO-OP network ATMs
Free - Visa Check / Debit Card
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The other cool thing is every ATM inside of 7-11 is fee free - this makes over 25,000 fee free ATM's in the US - more than B of A
We all need to start fighting the big banks!
Take a look at banker spank http://www.bankerspank.com/
2007-01-11 11:05:37 · answer #4 · answered by VolleyRocket.com 1 · 0⤊ 0⤋
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2016-12-29 03:49:53 · answer #5 · answered by ? 3 · 0⤊ 0⤋
Find a fee based CFA that you trust and do not act on financial advice from strangers on the internet.
2007-01-11 16:36:52 · answer #6 · answered by smacky 1 · 0⤊ 0⤋
Buy a house.
2007-01-11 09:14:59 · answer #7 · answered by Anonymous · 0⤊ 1⤋