Finances
I have a financial adviser that started out as my CPA (for my business and person) year ago. Over the years, he’s done well with my money altho it followed along at the dips and highs. He’s a fiduciary. I have a portfolio of about 1.4M (down from 1.8M 8 mos ago) and I’m 76.5 years old, not working. He got into money management by taking courses, combining his banking knowledge with money management. Call it intuition, but I think he’s a little uncomfortable lately. He’s suggested I figure out how much money I think I need for the rest of my life and we sit down and talk about it. He’s/I’ve lost $400,000 in that last few months and to me, that’s NOT a drop in the bucket. That’s my hard earned money! Frankly, I’m scared. I don’t know what to do. Can you help? I watch you on WGN and you talked about 30-50 year olds today and what they should do…what about us old folks? Thank you very much.
Terry Says
I think it’s time you get a fee-only fiduciary financial advisor who is not practicing on you! Please check out this link to find one you can trust. This is a Certified Financial Planner who is not trying to sell you something– and can (and would already have) sort out your future needs, including the possibility of long term care costs.
It is my personal opinion that at this stage of life, you should have at least one-third, maybe 40% of your assets in “chicken money” –money you cannot afford to lose.
So read this: https://www.terrysavage.com/t-bills-beat-cds/
You’ll sleep better if you “sell down to the sleeping point” and don’t look back. Put about 20% in T-bills right now. The market might go up after you sell, but you will have this money set aside safely.