I have been helping my mom with her finances and the estate that my dad left. She’s got a number of investment accounts but doesnt understand them and is not comfortable with leaving her money in the stock market. She wants to invest in real estate or at the very least, consolidate her funds into one account that she can understand and be able to access and use. She has trouble even managing her checking accounts (she has 2) so I’ve been doing this for her. I went looking for a “financial advisor” thinking that they’d be able to help her but this is a field which concentrates on the stock market…of course they want to get her funds to invest.
So my question, what type of professional can help her? Her accountant is just an accountant, we need someone a bit more specialized. Any advice would be appreciated!
How much money are we talking about here? Is your mum willing to re-marry, and more importantly, a Pakistani muslim? Any photos? (of the estate she inherited please)
utd, thank you for the info...i hope that type maybe can help. we all want mom to use her money rather than "estate plan" and financial advisors are stock-market based...so maybe an elder law type of person would be best. we'll give it a shot and see what they say.
ashy, thats very cute lol!! My mom is a real cutie but has had some tough times....you gotta be able to deal with her. Are you a good cook? She's of dutch descent, not a desi or a muslim but accepting of those views - IF you happen to be a good cook lol! she's been there done that so twould be up to you in that department. She has a nice portfolio, but you know what they say about those dutchies - she LOVES a good bargain and even better, a good garage sale lol! So you gotta be willing also to ferry around the area to those garage sales man.
I do plan to tell Mom of your offer ashy! I think it will make her day!
I have been helping my mom with her finances and the estate that my dad left. She's got a number of investment accounts but doesnt understand them and is not comfortable with leaving her money in the stock market. She wants to invest in real estate or at the very least, consolidate her funds into one account that she can understand and be able to access and use. She has trouble even managing her checking accounts (she has 2) so I've been doing this for her. I went looking for a "financial advisor" thinking that they'd be able to help her but this is a field which concentrates on the stock market....of course they want to get her funds to invest.
So my question, what type of professional can help her? Her accountant is just an accountant, we need someone a bit more specialized. Any advice would be appreciated!
There are so many ways to invest. You need to invest in an area that you have some knowledge of, otherwise you could lose money as well as make money. Even the 'professionals' disagree with each other. The first place to start would be a financial advisor. The risk you are prepared to accept and the amount of time that you are looking to invest for are may limit your options. You could invest all your money into one thing or spread it into different investments.
If you have already decided to invest in the real estate sector then I think you should speak to a few real estate brokers in the area that you want to invest in and ask them for their advice. Find out the prices of the properties, the rentals achievable. What types of properties are most sought after and easy to let. The best localities for renting. The answers to these questions will give you an idea of of what to buy.
