UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
Author: BGPenhollo Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75794  
Subject: Re: Money Markets?? Date: 10/12/1999 2:59 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
"My mother (60) hired an investmeny manager, regretfully, to manage her retirement account. At first, he put all of her money in high-risk categories. I forced him to change that. Then, he put all of her money in Money Markets. "

I can relate but I think the answer lies not in trying to force the investment manager to second guess what you want but to learn what makes sense for your mother
and then direct your mother's investments.

My mother is over 70 before I got involved. My delay was due to my inexperience and lack of knowledge. Her investment advisor sold her deferred annuities within an IRA in 1993. My mother was impressed with his chart showing how HIS annuity would be so much better than CDs where the interest is taxed. Well, the interest on CD's in IRA are not taxed anymore than the compound interest from the annuity would not be taxed. So he was basically comparing apples to road apples and how much better his annuity apples would taste compared to road apples.

My mother really has no idea what would make a reasonable, risky, or conservative investment other than what someone tells her.

And it's unlikely that you can take legal recourse - the best recourse is to figure what your mother should do now.

BGP

Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement