investing or putting in CD?
I’m a healthy 79 yr old and had invested with a bad financial advisor. I recently switched to a new advisor and have learned that many of the old investments were in penny stocks and REITS. One REIT went public and of the initial $30,000 invested I just sold the stock and received $8000.00. Do i reinvest it with the new advisor or put the money in a CD?
Terry Says
Is your “new” advisor a fee-only FIDUCIARY financial advisor? Or just another broker trying to earn commissions??? How did you find your new advisor??
I suggest a meeting with a fee-only FIDUCIARY who you can trust to put your interests first. Read this link.
You now have a tax loss that you can carry forward for years, using $3,000 a year to reduce gains or ordinary income. Did he/she mention that to you? If not, you’re not dealing with a financial planner that is concerned about your entire future — not just your investments, but your tax situation, estate plan, healthcare power of attorney, etc.
I fear you may have jumped out of the frying pan and into the fire!
