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I was busy baking cookies and washing up dishes when the phone rang. As I juggled dish towels, phone cord and running kids, the voice on the other end told me that she was a client from more than a year ago and promptly started updating me on the financial status of their family.

l was congratulating her and her husband for their diligence and hard work when we got to the reason for her call. They had just found out about a ‘Wonderful’ investment opportunity and they wanted my opinion of the company and the situation. Usually, I totally revolt at informing individuals what to do with THEIR money. Firstly, I am not a trained financial professional and always defer to such people in these sorts of situations. Secondly, I do not know all the hopes, dreams and goals you have as a person for your money, so why should I provide you direction on what to do with YOUR money?

Nevertheless, considering that I had taught this family before, I listened pleasantly as she breathlessly told me of this amazing financial opportunity and how they were seriously considering taking the $5,000 they had worked to save for over a year and invest it with this one company. I therefore smoothly questioned, “Okay, but have you and your husband maxed out your IRA contributions for this year?” There was a pregnant pause on the other end before she meekly said, “Um. No.” “Well, before I would spend dime one on any investment, I would make certain that I had made use of the maximum allowable contributions to all the tax advantaged accounts the federal government gives us.”

This is the point, my frugal friend. I know it isn’t sexy and bold and exciting, but the accounts which are IRAs, 401k’s and 403b’s are a wonderful and steady approach to invest in your future. Before you go for riskier investments, proceed with what works very first! Go with the Obvious! Are you performing the obvious? Are you investing with accounts which are tax advantaged for you? If you don’t even have a retirement account open, then make your first investment goal that you open one this year.

Mr. Schwab answered, “Buy index funds and ETFs. That may not seem like enough action for a 25-year old, but it’s the wisest thing to complete. Put most of your energy into your work and learn to communicate. I believe the individuals who become truly successful are those who sense what others are feeling and how to make them at ease.”

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Tagged with: investing • investment • money • socially responsible investing • Sustainable investing

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