One of your cousins was asking about this, with a particular money management group in mind.
You know what? It depends!! I started a “free trial” with an investing service and the first thing they asked for was access to my checking account and all my logins. Ha!!
That is so funny, until you think about all the gentle people out there who will totally get snookered by such an approach.
Don’t let anyone rush you into making decisions about investing and don’t invest in anything you don’t understand. If they are dazzling you with the blarmenflature of their mooguleeplex just hang up and find someone who can speak in regular language about what they recommend.
If they claim to have wonderful gains in recent years, check for yourself. I hear that yahoo finance is the place to do such things right now, but really any reputable financial news source will have numbers you can check. If their price is now $40 per share when it was $200 per share a few years ago, there ought to be an interesting story there. Maybe they are exploring for oil or something that’s recently gone splat world wide? Find out for yourself!!
Follow me on this little digression, with strippers. I wondered why when I read that Las Vegas had been hardest hit by the U.S. mortgage disaster. I lived in Las Vegas and it was never going to need a big housing boom as far as I could imagine, so why would it have the worst housing bust?
According to the very entertaining and upsetting “The Big Short,” the reason for Las Vegas’s mortgage bubble was probably that strippers were a favorite sales target of unscrupulous sales jerks. Here’s a tiny clip that explains.
Anyway, you are smart, and you can learn how to handle your money so that it will grow up with you.
Just like anything else, be a skeptic, take your time and don’t panic.
And for old junk Thursday, here’s a link to the thing I wrote for you about how to save money.
Be careful out there!!