OT - Financial advisor?

Hi all!

So rumor has it that we are getting a moderate inheritence sum from Brian's grandfather.  I use the word "rumor" because we don't find everything out and see it in black and white until tomorrow.

Now, if that is the case, we have plans to sock the money away.  We are hopefully looking to buy a house in the next 18 or so months.  In the meantime, we would like the money to sit there and possibly grow a little bit and use it as a down payment when the time is right.

Brian and I are not good with finances...and have never had a "sum" of money to be able to just have it sit there.

Should we go see a financial advisor of some sort?  If so...what kind?  Or should we just open up an account like ING or something and have it roll over in CDs or something to that effect?  I know this economy is not great for growing money....which makes it even that much more confusing to us.

Pam

AS you know  I am not a financial ace either but I think that a CD or an ING account is more of a "Sure thing" so you will at least gain something over the course until you are ready for the $$ - and there won't be a fee to take it out when you are ready either

Hope all goes well tomorrow!

Liz

your bank has financial planners available to you. The one thing  I do know is wherever you put it make it inaccessible for awhile so you can't dip into it

Hi Pam -
I'm with Liz...ING accounts are currently bringing in 1.50% interest, which is pretty low, but better than nothing.  CD's are ok too.  Almost everything else is risky.

If it's a significant amount, you might want to talk to a finanical counselor.  You can check with your bank.  Most of them have counseling in house.

Lisa

If your bank has an advisor, use it.  If not, only use someone certified who provides you with references.  CD/IRA is the way to go right now depending on the amount of money.  Might not be huge returns but it is "inaccessible" and earning something.  AND I agree with Nicole, whatever it is, make it locked in so that you can't touch it.

k

my dad is using Cds to get more money for retirement... but, ING has some good rates too... I would split the money between a CD and an ING savings account... that way if something happens and you need money... you have it from the savings account... can't get the money from the CD until it is done...

but this is also the time to get stocks cheap in companies that you normally can't... so you could buy like 5 or 10 of something you like knowing right now it will suck... but later will be a good thing...

Most others have voiced what I'm going to say......your bank probably has a financial consultant (I know the bank I work for has one in each branch......at least one day a week).  You can do something online, but unless you are familiar with what your doing, not sure if I'd suggest that route.  If you see your bank rep and you meet with the FC, you don't like what they have to offer....you can go back to the bank side and do a CD or Money Market account.  Remember, now is the time to buy into the whole investment thing!!

Good luck with it all!!!

Heck First National of Palmerton has a 2 1/2 year CD paying 2.97% . Won`t get you rich but you won`t lose money. 

Thank you all very much.

I'll talk to my bank (go figure, didn't even dawn on me to do that) and we'll talk to Brian's bank, too (we have separate accounts)  I'll also look online.  I had a savings account with ING and also a CD w/ them at one point, and I liked them.

We're not looking to make money per say - just looking to keep the money safe and away from us until we need it for something important like the house.

Appreciate all the feedback!

Pam