Money Management

Money Management

Where oh where should my little money (that i have left) go

by Wayne
(Canada)




So I have some money still left I don't know what to do with it or where to put it. What factors should I use when make a choice of what to do with it?




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Where oh where should my little money (that i have left) go

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That is a tough question
by: Melanie Fine

Hi Wayne,
In today's economy, some people have lost a lot of money. We have seen nest eggs shrink or cut in half.

Before I answer this question I will advise that you should seek the advice of a professional financial planner.

I think the answer to that question depends on where you are in life and what you are saving for. If you are saving for retirement, and you have 20 years left until retirement, then you may want to leave it in and buy more (since the cost of most stocks today is depressed compared to what they have been). History shows that in 20 years the markets will naturally go up.

However, if you want to retire in the next 10 years or so then I would put your money in something safer (like government backed or corporate bonds) as we don't know what will happen in the next couple of years and you don't want to hit retirement age and have nothing left because of a swing in the market.

Again you should be talking to a financial professional and planner. One that you feel you can trust and will give help you create a plan for your future - based on the swings in the economy.

Thanx for your question!

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