Coastwise Capital Group
Laurie Itkin is a financial advisor and wealth manager at Coastwise Capital Group, an award-winning boutique money management firm in La Jolla, California, where she serves clients throughout the country. Through her separate company, The Options Lady, she serves as a Certified Divorce Financial Analyst (CDFA) and provides analysis of the financial and tax impacts of proposed settlement options being considered by divorcing couples.
Laurie is often quoted in the press and regularly appears as a personal finance and investment expert on television and radio. Her book, Every Woman Should Know Her Options: Invest Your Way to Financial Empowerment, became an Amazon best-seller in three categories. She has a talent for communicating arcane economic and investing subjects in language that everyone can understand and has a passion for educating and empowering women to become successful investors. Laurie volunteers as a pro-bono financial planner for the San Diego Financial Literacy Center and as a mentor to women launching new businesses through Hera Labs' business accelerator.
Laurie received a B.S. in economics with a concentration in finance from the Wharton School of the University of Pennsylvania. Laurie lives in San Diego and enjoys playing squash and pickleball and practicing yoga.
BS, Economics/Finance, University of Pennsylvania
Assets Under Management:
Nothing contained in this publication or any answer provided is intended to constitute legal, tax, securities or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security investment or instrument or to participate in any particular trading strategy. Investment advisory services provided by Coastwise Capital Group, LLC, a California registered investment advisor. For more information visit http://www.coastwisegroup.com.
How Brexit VOTE impacts Americans
PRINCE DIES WITHOUT A WILL
Investopedia Interview Laurie Itkin Nov 2016
I agree with the answers the other three advisors gave. I do want to emphasize that if you want the money to grow over time, earning "interest" in today's low interest rate environment could be quite frustrating. I encourage you to learn about dividend-paying stocks, real estate investment trusts (REITs), and corporate and government bonds. These securities carry more risk than a CD or high-yield savings account but without risk you can't grow your money.
The bottom line is you need to determine when you might need to access these funds and what you plan to use the funds for. If you plan to use the money for a down payment on a house in the next 12-months, for example, than you want to keep the money liquid.
If you are receiving a potentially life-changing amount of money, then it is worth your while to interview a couple of financial advisors who can help you invest the money wisely.
Generally, inheritances are considered "separate" property and not subject to division in divorce. However, state laws vary so make sure your mother checks with an attorney. The issue may be moot, however, if your stepdad spent down his inheritance. Do you know if there is a separate account with mone in it? Or when he received the inheritance did he deposit it into a joint account with your mother's name on it? These are circumstances an attorney will evaluate but I wouldn't get your hopes up.
Your first decision will be what type of account. If you don't want to pay taxes every year and let investment earnings compound until you withdraw money in retirement, consider a Roth IRA or Traditional IRA. If you have an old 401(k) from a previous employer you can roll that money into an IRA.
If you have money in a savings account and don't exceed a certain income threshold, you may want to open a Roth IRA.
You can look at the list of free educational resources on my website for more information about choosing specific stocks.
What exactly are you trying to "hedge?" Is your portfolio 100% stocks? 100% bonds? 100% gold? 100% real estate?
Are you afraid that Donald Trump will rise in the polls and that stocks will drop in fear of him becoming President? Do you believe that interest rates will rise after the election and fear that the price of your bonds will fall? Markets go up and down and any event can have a short or long term impact. It's impossible to predict.
If you are trying to hedge a long stock position, you can use options to partially hedge. For instance, you can sell call options against stocks you hold. Or you could possibly buy a put option on a major index. The combinations are endless. If you think volatility will increase, there are ETFs that move in the same or opposite direction of the VIX.
All of these are advanced strategies so please consult with a financial advisor who has expertise in hedging. In any case, a well-diversified portfolio that includes many asset classes that matches your time horizon (which is hopefully longer than November) is a good course of action.
I'm a fan of stocks that have consistently paid dividends over the years. Stock prices go up and down so it is nice to get consistent dividend income. You can do a Google search for companies that have consistently paid and raised dividends over time. You'll recognize many of them.
I recommend that each month you add more money to the account. Since Robinhood doesn't charge trade commissions, you are able to buy just a few shares at a time. If you are disciplined and keep adding a small amount of money every month, you can have exposure to all types of stocks -- both dividend-paying and growth stocks. In a few years you will have built a robust, diversified portfolio.