Investment
Hello Terry!! hope you are doing wonderful as you are and healthy!!!! , my question is simple , I am 63 years of age, have only $45,000 saved in the bank money market for a year and 9 months not getting interest , few nickels quarterly I guess, I started working full time with benefits at the age of 42, and was contributing very little because couldn’t afford to save more.
HOW and WHERE can I invest that money “ AGGRESSIVELY “ so when I retired in 6 years from now I can have double , and the reason my money is in a bank is because I no longer work for the company where I was able to contribute to 401 k and the company also contributed a percentage too , that s how I got that money!
I’m working full time with a different company for a year already but haven’t rolled over that money to the 401 K they provide because the market may not be doing well because of the pandemic and I can’t afford to loose money in an unpredictable market right now,
I love real estate investment , my idea is investing in real estate REIT, or buying on my own a 2 flat property to start.. please Terry help!!!! every time I heard you on the radio in chgo WLS , I stop every thing to hear your financial advices praying and hoping one of them will “ fit” me , if I should say! Thank you ! best regards!
Terry Says
Well, thank you for all those nice compliments — but now I’m going to disappoint you! If you can’t afford to LOSE any money, then it belongs in a bank –where, yes, it is earning NOTHING! But you won’t lose a penny! The only way to “double” your money is to risk losing most of it!
So plan to keep working and not retire in 6 years before you are 50! Plan to keep working until at least your Social Security Full Retirement Age, which will be 67. That way you can save a lot more money.
And, by the way, every investment has some kind of risk. Plenty of landlords are missing out on rent collections these days!
