Age suggestions for investments
9:14 p.m. Thursday, September 18, 2008
The Dow did an about-face today.
Rebounding from yesterday's 450-point loss, Wall Street made up most of that deficit by the close of trading.
But it will take far more than one good day to still the raging financial waters.
As scary it might seem, spending money might be the best idea in these tough times.
And age does matter in how and where you put that hard-earned cash.
If you're in your 20's, saving might not be an option. Instead, you should be paying off your debt.
The goal is that by your 30's, that debt will be paid off and you can move into a different strategy.
David Sollars from Washburn University says, "Be putting away as much as they can into different financial instruments, a different mix than at 25. You'll still be looking at equities and stocks, but you'll be looking at bonds and some fixed income assets for later on."
If you're getting closed to retirement, he says you should be out of the bond and fixed income type products. If you haven't made that transition, you should look at it.
As for whether we're going to have another Great Depression. Our expert says no because the government refused to help in 1929 in ways they are now.
Related story: Saving, real estate good ideas in this economy
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