By Dan Moisand; MarketWatch ~ Apr 25, 2014
In life, sometimes we do things ourselves and sometimes we hire other people to do things for us. In this week’s featured question, I discuss some of the things to consider when deciding whether to hire someone to help manage one’s finances.
Q: Dear Dan, I decided to retire this year at 67. My retirement plan was to sell some hard assets. I now have roughly $2 million and no income. I have been receiving many requests to manage my money. Being a business owner all my life, I am used to trusting in myself. I know the return I need to provide income and retain my assets; however I am reading and listening, so I am slowly investing in funds and seem to be on target, but I cannot force myself to put much in these mutual funds accounts, due to my lack of experience. I am now withdrawing down my cash, which appears to be the lesser of evils, until I am comfortable in investing. Do you have any guidelines for me? I am a single female with very little debt. Thank you in advance for your response. — Diane