Financial advisors

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This topic contains 2 replies, has 2 voices, and was last updated by  AJ 1 year, 4 months ago.

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  • #139013
    AJ
    Participant

    I would like some input on, index, mutual funds. Pros and cons of each. I have an inherited IRA should I just keep it as is? Thanks.

    #139626
    footloose
    Participant

    In the short term, the best thing to do is probably nothing. you don’t say how much money you have inherited, but I assume that if you are asking for advice, the amount is substantial for you.
    Since you are inheriting the money, I also assume that the person from whom you are inheriting was older, and possibly had less risk tolerance than you. If that is the case, it would argue for moving the money to a riskier investment (assuming you are significantly younger). On the other hand, if you are older, you may not have any more risk tolerance than the decedent.
    All of this leads back to what I said in the beginning. Do nothing with the money. Spend six months to a year learning about how to invest or locating a trustworthy investment adviser. The little bit of income you miss out on will be far outweighed by the peace of mind you achieve by taking some time and doing the right thing the first time.

    #139748
    AJ
    Participant

    Thank you for your input.

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