Use My Saving and Investing Guidelines for “New Money” or “New Investors”
February 2019
Do you have money you want to invest? Perhaps you have you received an inheritance. May won a lottery. Or, have you accumulated some hard earned money and are now wanting to invest it beyond a regular savings account? Too many innocent people lose their savings because they put their money in the wrong place, or gave it to the wrong people (read this as to friends, to fast talking sales people, to unscrupulous investment advisors, etc.).
I attach this PDF file as my suggestions on what to do. No one makes a lot of money without a lot of planning, which can be a lot of work. DO NOT let someone convince you to hand over your money and take care of it for you without you doing your own homework as I set out in this article (and others on my web site). Remember how hard and long it took you to get this money. If it disappears over the next year or two, who will you have to blame? Ultimately, it is your fault because you gave it to the wrong person or put it in the wrong place. Even if you file a complaint with a securities commission, this does not get you your money back – all it does is punish the investment advisor. You would need to personally sue the advisor or his/her firm, and hope not only that you win, but that he/she or the firm has enough money to reimburse you if you should win.
Click here to read my advice – Investing new money
Blair Corkum, CPA, CA, R.F.P., CFP, CFDS, CLU, CHS holds his Chartered Professional Accountant, Chartered Accountant, Registered Financial Planner, Chartered Financial Divorce Specialist as well as several other financial planning related designations. Blair offers hourly based fee-only personal financial planning, holds no investment or insurance licenses, and receives no commissions or referral fees. This publication should not be construed as legal or investment advice. It is neither a definitive analysis of the law nor a substitute for professional advice which you should obtain before acting on information in this article. Information may change as a result of legislation or regulations issued after this article was written.©Blair Corkum