Investing For An Older Guy
Burt is getting up there in years, and wants to know where the best place to put his money is.
QUESTION: Burt is 74 years old and has $1.1 million in a money market savings account from a property sale. What investments would Dave suggest for this?
ANSWER: Your attorney is a good guy, but I don’t use them for financial advice, and I don’t use financial guys for legal advice. If you invest $350,000 into a balanced or growth and income mutual fund, which are very conservative, then you could pull $28,000 a year from that. Do not put money in something because I said to or because anyone else says to. Put money in something because you understand it.