clueless

so I got some money I want to invest long term to get maximum return. what kind of person (e.g. accountant, financial advisor, attorney, etc.) should I contact to get the best advice for what to do with my money?

[Jeff W]

Don't waste money on a professional.

Read a good book on asset allocation/index funds and implement the strategy. All About Asset Allocation by Rick Ferri is a good choice.

[dp13368]

High yield savings 4.5-5.5% (ING Direct, HSBC, Emigrant, and many others)

Low cost mutual and index funds FTW (I recommend vanguard)

[DesertCat]

Bogles got a new book "little book of commonsense investing" or something like that, which should be right up your alley. Then go to Vanguard.com and get started.

[gull]

I think financial advisors CAN add value. There are some extremely knowledgable and cheap financial advisors out there. Unfortunately, many finanial advisors lack the knowledge and morals that would benefit their clients the most.

I agree with the previous three posters - use index funds. The simplest way to get started would be to open up an account at Vanguard.com.

Specific advice is hard to give without details. How much money will you be investing? How long do you plan to invest it for? How comfortable do you feel risking money? Is this money for retirement? Are you able to take advantage of tax-deferred accounts like a Roth IRA?

[GoodCallYouWin]

Start a business.

[BradleyT]

Based on the graph you posted you should have no problems being able to contribute max to a SEP-IRA for 2007. So that's 40-45K in a tax-deferred account.

How much more do you want to invest? Are you comfortable with not touching this money for 40 years until you're 60+?

[RedJoker]

[ QUOTE ]
I think financial advisors CAN add value. There are some extremely knowledgable and cheap financial advisors out there. Unfortunately, many finanial advisors lack the knowledge and morals that would benefit their clients the most.

[/ QUOTE ]

Grim, if you plan on speaking to a financial adviser, make sure to hire one who charges an hourly rate or flat fee. If you get somebody who works for commissions or kickbacks their goals may not coincide with yours.

Shop around and if possible post their advice here for reaction. I agree that you should read some investment books to get some grounding before you start, there's a recommended reading list in the stickies to go along with the books already mentioned in this thread.

Best of luck.

[funkytown]

As a person who has owned and sold many businesses, my rule with extra money is invest in myself first. Whether it's buying your home,investment properties, or additional education, or technology to have the capacity to increase your earnings. After that's exhausted, read material by successful people and model their actions. After all, why try to re-invent the wheel? You're also very fortunate to have electronic access to most of the great thinkers in all areas. I'm a child of the 70's and research was a helluva lot more exhaustive then. Start with Peter Lynch- he's done ok.

[ImsaKidd]

Grim:

I cannot contribute much, i'm in the same boat as you (same age, less $$).

My plan is to get a vanguard index fund in the next few months. From what i've read, it outperforms 90% of individual investors. Obviously do your own research though.

I think it is really, really good you are getting some investments rather than using the $$ to gambool. Even though your BBV rep is wild and crazy, you are pulling some out to set up your future. Very responsible deicison.