Question for the Money Doctors

Question submitted on Aug 10, 2021.

Question

Hello,

I’m under 55
I have $45.000 in a money market at a financial institute
I No longer Wish to be a part of.

I am very interested in
EFT.
I’m very confused Watching YouTube and talking to people
I was referred to
Robin Hood

What are your suggestions?
Thanks so much!

Sincerely,
,

Christina

Answer

You can certainly move your money to another financial institution.   I suggest being careful of what you see on the internet and getting advice from people who may not understand your situation.   I would also be cautious of following popular fads or trends.

How you invest your money will be based upon your risk tolerance and financial goals.

Coming to https://www.360financialliteracy.org/ is a great start to get educated.

Posting questions to Money Doctors are also a good start.

Your local community college and possible your city's Parks & Recreation Department may have credible unbiased classes about financial planning.   

Be careful of the internet because most of what you see are from people trying to sell you something that may not be appropriate for you.

Please trust your gut - if it sounds too good to be true, it most likely is.

If you want financial help, get referrals from people you trust.

Visit www.aicpa.org/findacpapfs to find a personal financial specialist near you.

For additional information visit //www.360financialliteracy.org/