Investing — something new for my family
Is this a good time to start investing in this economy? In My previous question I stated I had $25k saving. No one in my family has ever had any savings. We always live paycheck to paycheck. I do not know where to begin when it comes to investing. I would like to start generation wealth for my two kids and two grand babies.
I heard something about an insurance policy that is like a savings is this a good thing?
Terry Says
If you have grandchildren, you don’t want to start buying insurance — too late!
And, I think at this stage of your life you just need a “savings reserve” earning a good rate of interest. I’m not sure you’re ready to take the risk of investing in the stock market. That should require a 20 year time horizon.
It’s good to have some safe savings so your childen and grandchildren don’t have to take care of you.
Read this: https://www.terrysavage.com/t-bills-beat-cds/
Maybe start by putting $15,000 into 26- week Treasury bills. The article explains how to do that.
As for generational wealth, encourage your working adult children to set money aside in their company 40l(k) retirement plan or start an Individual Retirement Account.
In fact, if you’ll reply to the email you just received saying your question was answered, and give me your full name and address, I’ll send you a copy of my book which will be a great introduction to wealth building for your adult children!
