When I went to work, earned money and saved it through my employer, a 401(k) savings plan. With my 401(k), I wasn't allowed to get involved in speculative investments. In the early part, I mostly was in municipal bonds with guaranteed return.
Q. What is your best investment so far?
Residential real estate probably has been my biggest return. Outside of real estate, I had Phoenix Annuity that doubled in five years . . . in the early '90s.
Q. What is your worst investment so far?
Worst has been an annuity with Travelers Insurance Co.
Q. What have you learned about investing that you think all investors should know?
Don't trust anyone. Get half a dozen opinions. Check out what they're proposing with their competition. If you're a senior, deal with someone who is a certified senior financial adviser and probably someone who is independent, not tied into or compelled to represent a certain product.
Q. How are you invested now?
I'm mostly into annuities. Those annuities are in mutual funds . . . because of all the tax advantages. Seventy-five percent of my investments are in annuities. Probably 20 percent in real estate and 5 percent in miscellaneous.
Q. What changes, if any, have you made in your investments in the past year?
I had a universal life (insurance) policy I took out in 1989 and I did a 1035 exchange. I'm not paying any premium and I almost doubled my death benefit coverage.
Q. Do you think now is a good time to invest?
Probably so. I would say it is. The market is a bit on the downside. If you get into it, your chances are pretty good.
Q. What is your goal for investing?
I've reached my goal. I'm 68. I just want to make a reasonable return. I want a guaranteed return with no risk to my principal. When you're younger, you can take more risks.
Q. What is your biggest money concern right now?
The biggest thing is those annuities that I invested with Travelers.
Q. Where do you get your investment tips?
I attend a lot of seminars. If you're over 65, they're like wolves. I get one, two invitations a month. I try to educate myself. I make comparisons and get the best competitive product.
