N
Noreen D.
I have a daughter in law who works in a investing institute. I would like her advice and being my Fiduciary.
Money 101
Community
About
Help
Welcome to SaverLife
I have a daughter in law who works in a investing institute. I would like her advice and being my Fiduciary.
You're to be applauded for pursuing financial advice from a qualified individual serving as a fiduciary. However, you should be somewhat cautious in this arrangement as mixing family and finances can sometimes result in unintended negative consequences.
Yup
One thing to keep in mind about mutual funds and most investing firms such as Acorn is the monthly fee. If you are receiving means tested benefits you can never earn enough to justify the monthly fees.
Otherwise I'd suggest you first concentrate on a savings account to build up enough money to earn more than the fees cost.
Also keep in mind the markets are still at historic highs and is due to correct. You could lose a bundle even in quality stocks short term at least.
Wait for the selloff and assess the risks. See how much of a loss occurs to judge likely long term stability then dollar cost average, meaning stick with a fixed amount of investment per month whether the market goes up or down. And consider any change back programs as a bonus in addition to the monthly investment.