It’s time for another edition of Dollar and Cents. This is where I answer one of your questions.
I stumbled upon your Youtube videos after searching for a Scott Trade tutorial and you do a great job it’s all very helpful. I’m a recent Binghamton University Grad and just passed my CPA, but I’m a novice investor and have the opportunity to start now. My grandmother recently passed, and her will bequeathed my sister and I $10,000 each.
I’m looking to open a Scottrade account and take a more aggressive approach with stocks since I’m young. We aren’t telling my sister of the money though because she’ll end up spending it in an instant. What can I do with her share to mitigate risk and make sure the principal is there for her in say, 5 years, when she might be ready to use it to start a business or something.
Also, any advice for what might benefit me would be very helpful and much appreciated. Thanks so much, hope to hear from you soon.
With each Dollars and Cents video we want to provide some follow up links where you can get some additional information on the topic. If you are interested in learning more on investing an inheritance, safe places to store your money, and the best places to open up a brokerage or savings account, here are some good reads:
- Top 5 Saving Accounts Online – If you need a place to store that inheritance money that is safe, FDIC insured, and will generate some interest then an online savings account is a great place to start.
- Reader Question: What to Do With an Inheritance? – I tackled another reader’s question about inheritances a few years ago.
- 10 Best Low Risk Investments for High Return – Risking your inheritance in the stock market is a bad idea. Instead you should be looking for low risk investments that earn high yields. Here’s a list of 10 for you to consider.
- Best Online Stock Broker Sign Up Bonuses – If you do take some risk with a portion of your inheritance you might as well try to get as big of a sign up bonus as possible with your new broker. Here’s a list of all the current bonuses you can get. They range from as little as $25 to as much as $2,500.