What are some really good investment companies?
I have Fidelity for my retirement and my husband has Principal Funds for his because that's who our employers go through. We want to open another investment account to save money for a down payment for a house hopefully faster than the low rated savings and CD accounts would get us. Are these really good companies or are their better ones out there?
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Answer by Dave
Hi Kendra,
I'm not sure you are asking the right question. Within either "company" and especially Fidelity, there are thousands of FUNDS you can invest in. The investment company itself is not nearly as important (unless they historically overcharge with high fees) as are the funds you invest in. The question might be, "What are the best investments to help with saving for a home?" Even that question is someone ambiguous because if your saving for a home you won't want to tie your money up in a long term investment. I agree, CD's are paying next to nothing. You may also want to consider investments outside of a typical financial institution. Your end game is to have more money to buy a house. Investing today, whether long or short term is very risky and rates of return are low and I see them going lower and risk growing. Normally I would say start a business but in this climate I'm not so sure how good that advise would be. If it were me, I would try to "protect" the money I have (maybe CD but make sure it's FDIC insured- there are max limits). At the same time I would try to earn more. People laughed at me when I didn't "invest" in all kinds of great funds- I kept my $ FDIC insured earning a modest return BUT now most of those people are silent as their "investments" and $ are down about 40% whereas I earned a modest 3% but with "0%" loss on principal, less inflation, I am up 43%. I'm no investment expert but I would suggest that you think things through carefully and make your own decisions based on your specific needs; look at the big picture, near and long term horizon; tread carefully and diversify. FYI, often times the expert people "advising" you on how to invest your hard earned money have little in their own bank accounts. Most get paid on transactions not performance.
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Michelle McCarthy - Nuveen Investments
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