I have two children and I want a secure future for them. How can I start now. I don't have a lot of money saved and neither do I make a lot of money right now. I'm thinking some type of small investment that can earn interest.
2007-05-21 05:45:23 · 7 answers · asked by Theresa W. 1 in Business & Finance ➔ Investing
No one can answer that question for you without additional information about risk tolerance, objectives, age, tax rate, etc. Generally interest earning investments have a lower total return, so if you are trying to save for their future, generating high long term returns is probably a better strategy. I would start by figure out how much you can save regularly and opening a mutual fund that takes automatic deductions from your checking account every month. Call Fidelity or Schwab and talk to their reps, they can start you in the right direction.
2007-05-21 05:51:14 · answer #1 · answered by redwine 6 · 3⤊ 0⤋
You need to look at the overall situation, some info here is still lacking but based on what you said, try this:
Initially we need a base for our financial future, this is insurance. Make sure your health insurance at work is adequate, your disability is at least 67% and that you have some sort of life insurance. Now look at the situations if you were out of work for disability for a few months or more would you struggle to pay the mtg? Also look at the situation if you were to prematurely pass away, will the house be paid and debts cleared, will the children have money for college and basic necessities. If this is the case you will probably need in general 250-500k in life insurance not accidental death coverage. If not solicit some life and or disability before investing.
Next is if you are offered 401k through employer and what the match is. If this is true start investing into that. If this is not true start a Roth Ira for yourself. When it comes to life we need to think of personal retirement before we look at college savings.
While all this is going on invest into possibly a cd or just mm account and start saving at least 3 months of your income for emergency fund. Not exciting but important.
If all of these things above are met, continue investing in the 401 or Roth and if they are maxed out then look into alternate investments. This would possibly be opening up a 529 for the college savings plan.
Do not get me wrong if the above notes are mainly satisfied, to put 50 month into a 529 is not a bad thing just make sure your investing a little for retirement and your protection planning is covered. Hope this helps.
2007-05-21 06:47:15 · answer #2 · answered by OutdoorRenovations 2 · 0⤊ 0⤋
I was a single mom for a long time and you are so so smart to think towards the future. You all are going to be alright with you at the helm!!
I have been happy with my mutual funds and my Passbook IRA (Individual Retirement Account).
You should find a bank or insurance company you trust and make an appointment with a good good finance manager who is willing to educate you, take time with you and then help you make the right decision.
Does your job offer a 401K or pension plan? That is the best and easiest way to start: with money you have earned, but never have to see. Makes it painless AND profitable.
CD's are great, too. That "compound interest" is the best thing since sliced bread. So, yeah. Get on the phone now and make an appointment. Then listen, learn and think about what they have said.
Dave Ramsey's MONEY MAKEOVER book is EXCELLENT. The library has it. You should check it out.
Peace and God Bless your family.
2007-05-21 05:50:37 · answer #3 · answered by Sleek 7 · 2⤊ 0⤋
It looks like a lot of people are trying to sell you their services, but before you talk to them, look at investing in no-load (no sales charge) mutual funds.
I used to be an investment advisor, and two companies I like are Vanguard (www.vanguard.com) and T. Rowe Price (www.troweprice.com). Check out their websites, and give them a call (their 800-numbers should be on their sites).
You'll find them to be most helpful in choosing (a) what type of account to open for your children (IRA, trust, 529, etc.), and (b) which investment(s) to use.
One of the best ways to invest is to set up an automatic monthly withdrawal from your checking or savings account. You can do as little as $50 or $100 per month, and most fund companies will waive their minimum investments if you do this.
I hope that helps. Good luck!
2007-05-21 08:59:28 · answer #4 · answered by El Guapo 7 · 0⤊ 0⤋
It doesn't cost thousands and thousands to save an unborn baby from abortion. Can you prove this with actual stats instead of just saying stuff with no proof and expecting us all to believe you? Here's what I'd do. I'd invest money in helping the children who need medication. I have kids of my own, so that kind of thing is even more important to me now than it was before. And I'd also take the time to help pregnant mothers who are considering abortion to realize that they don't have to do it. It doesn't cost thousands to convince a woman not to kill her baby. It doesn't cost thousands for me to come alongside her and help her. I can do that for free. Using extreme examples like this doesn't prove in any way that abortion isn't wrong. But that probably wasn't your intent. It appears that your intent was to hold pro-lifers to your arbitrary little standards and insult them if they dare to disagree with you in your all-knowing wisdom.
2016-05-18 23:14:47 · answer #5 · answered by ? 3 · 0⤊ 0⤋
Birth Control is nice, it makes you over 20K per year when used correctly.
2007-05-21 05:48:44 · answer #6 · answered by Joseph T 4 · 0⤊ 3⤋
there college fund
2007-05-21 05:48:11 · answer #7 · answered by suro25 5 · 0⤊ 0⤋