We had a good meeting with a financial advisor yesterday. Mike Nichols is his name, and I recommend him to local folks who are looking to make big money in the market. He works for Edward Jones, who I don’t think is an actual person.
To my surprise, he didn’t try to sell us anything. He didn’t tell us our savings were in peril or we needed to start making eleven percent interest in high-yield stocks or we would regret it in our dotage. Actually, he told us we were safe right where we were. Well, as safe as anybody can be these days.
In fact, we had a nice visit and he answered several questions we had and explained some things we didn’t know we didn’t know. He spent about an hour with us, which I thought was impressive since he wasn’t selling anything, but he said it had been a rough week, and I think he enjoyed talking to a couple who weren’t facing financial collapse just yet.
So we seem still to be on track to Mary’s retirement at the end of this school year, partly because of one good decision and mostly because of dumb luck. The good decision was to move all of our savings into simple interest-bearing accounts. Zero market risk. We make about three percent no matter what. In good years, we can make about 4.5 percent. We did this several years ago because we’re chicken investors, which this time proved to be smart.
But mostly dumb luck. My heart goes out to all those people who are being hammered by Wall Street greed and the empty promises of deregulation. Since most of my friends are of about the same age, a lot of them have to be facing the same concerns we have. I hope all of them turn out to be as lucky.
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