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Getting Personal
Getting Personal
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About the author
Christopher Farrell is economics editor of Marketplace Money, a nationally syndicated one-hour weekly personal finance show produced by American Public Media.Pages
Do you think it is foolish to keep investing each month when your money has gone done $26,000.00 in the last quarter? Is it safe to look on the bright side and think that the future value should increase because you can buy more when the price is down? I know, if only we had a crystal ball.ha.
I turned 71 in July. I have to take money out of my IRAs before the end of this year. I have a diversified portfolio of funds. Is it better for me to take out of bond or stock funds? If I reivest some of these funds, what category of fund do you recommend I put that money in to?
I have to say something because I think Chris Farrell gave a piece of misleading, even incorrect, advice. First, he explained that the federal program to protect money market mutual funds, assuming the fund participates in the program, only protects as much as the investor had in the fund on September 19th. Then, in answer to Tess's question, he recommends that people with money in a money market mutual fund that isn't participating in the federal program should move money into one that is. This doesn't make sense to me. It doesn't get you any protection! If you're adding money to a money market mutual fund after September 19th, it's not going to be protected. I don't see the point in moving money from one unprotected fund to a fund that participates in the program but where your money won't be protected either. I think Chris has mislead his audience into thinking if they move their money into a protected fund now, they'll be protected. Perhaps a correction is in order? Love the show! Keep up the good work.
I have heard different stories about how much can be FDIC insured in cash and money market (i.e. CD). Is it $250K per person, per account, per institution?
How about NCUA insured credit union?
I have 50% of my assets in mutual funds and 50% in CD. I work with a group financial advisors whom I trust but in the end I am still not convinced they would advise me to sell if we are heading to a free fall market. Also, I am not sure if my mutual funds are indeed safe. I am really tempted to move more money from mutual funds to CDs for my IRA account.
My age is 46.
thanks,
chinshu
I have heard different stories about how much can be FDIC insured in cash and money market (i.e. CD). Is it $250K per person, per account, per institution?
How about NCUA insured credit union?
I have 50% of my assets in mutual funds and 50% in CD. I work with a group financial advisors whom I trust but in the end I am still not convinced they would advise me to sell if we are heading to a free fall market. Also, I am not sure if my mutual funds are indeed safe. I am really tempted to move more money from mutual funds to CDs for my IRA account.
My age is 46.
thanks,
chinshu
I have heard different stories about how much can be FDIC insured in cash and money market (i.e. CD). Is it $250K per person, per account, per institution?
How about NCUA insured credit union?
I have 50% of my assets in mutual funds and 50% in CD. I work with a group financial advisors whom I trust but in the end I am still not convinced they would advise me to sell if we are heading to a free fall market. Also, I am not sure if my mutual funds are indeed safe. I am really tempted to move more money from mutual funds to CDs for my IRA account.
My age is 46.
thanks,
chinshu
I am a college student at the University of Utah and I, like many of my peers, are curious as to what I should be doing considering the economy. Although we are all concerned about student loans for the future we also want to know, "Is this a good time to buy stock, mutual funds, etc.?" I will graduate in the Spring of 2010 with my Masters in Education so I am not concerned about having a job, however I don't want to be kicking myself for not buying into "something" when it was cheap and bound to go up before I retire. What advice do you have for college students and others who are not close to retirement? Should we buy stock and let it sit until it grows or is the risk to high at this point?
Thank you,
Beth Jameson
You told your audience that if they couldn't possibly take a chance with their money market money they should go to TreasuryDirect and buy the safest possible instrument.
What about those of us who have money in an IRA moneymarket account as I do at Fidelity. I have 375K in Fidelity Cash Reserves and I certainly cannot spare a dime (no sad pun intended) I am retiring in June 09 at 66.5 yrs of age and that 375K in the money market along with another 226 in Fidelity Inflation Protected Bond fund.
What should someone in Fidelity IRA do? I'm not sure, but I think I cannot simply pull the money and go to Treasury Direct without paying a huge amount in taxes.
Am I wrong or confused?
You should be more consistent and give all advise for those of us (probably the majority of your listeners) who have their money in an IRA as I do.
Thanks in advance,
Johanna Bowen
I have POA for an 86 year old friend who lives in a nursing home.I have her LAST $69000 in a (so called) "sweep accout" at First TN/First Horizon. $2500 constantly shows in her cking account and Goldman Sachs Funds sweeps her inv money back and forth to maintain that balance. She receives a small monthly pension of $2258 (SS & CSA) Do I need to close out the G & S now or wait? I get chills thinking I might lose the last of her money. In the 8 yrs I've taken care of her in the nursing home, we have gone though $520,000 on nursing homes and meds. Help!! Please advise me. Should I take it out or leave it in?
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