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Not sure why you were taught that. If you walk into any financial planner's office and tell them you're in your 20's, they will set up your investment portfoli
by ttol 16y ago
Not sure why you were taught that. If you walk into any financial planner's office and tell them you're in your 20's, they will set up your investment portfolio to be almost 100% stocks. They will then tell you that as you get older, they will scale back the % held in stocks and replace it with bonds (which are safer). As you near retirement, your portfolio will mostly be bonds/other safe vehicles, and very small % of stocks.
- hugh3 16y agoOn the other hand, any financial planner who told you the best thing to do was to stick your money into the highest-yielding bank account you can find would be out of a job. They have an incentive to make investing look complicated.
- ttol 16y agoI've tried both commission-based financial planners and fee-based financial planners. Not surprisingly, commission-based financial planners hawked their firm's mutual funds which just so happened to have high fees on them. With my fee-based financial planner, their only incentive was to make sure I did well, was happy, and would be back next time to get more unbiased advice. If you're interested in a referral, send me an email. She appears on CNBC a couple times a month, and I've been satisfied with her work.