Hundreds of years ago, saving money was as simple as stashing gold coins in a leather pouch.
When you were a child, your piggy bank might have been the safest place to keep your money. But where's the best place to stash your money today?
Over the years, increasingly sophisticated choices have evolved, from bank passbook accounts and certificates of deposit (CDs) to stocks and bonds, mutual funds and annuities. But with all of the options out there, how can you decide which are best for you?
Mike Botkin, president of Preservation Financial and Insurance Services Inc., says the best way to better understand your options is to make a chart.
"Making a chart will help you better understand the advantages and drawbacks of today's most popular financial products," Botkin said.
According to Botkin, the vehicles you should look at are:
? Passbook accounts and CDs
? Real estate
? Common stock
? Treasury bonds
? Mutual funds
? Equity indexed annuities (EIA)
"As with any important matter, getting all the facts, pros and cons is critical to making the right decision," Botkin said.
Don't know where to start or what all of the pros and cons are for your particular situation? Call a financial professional you trust who can help you with all of the information you need, Botkin suggested. Or you can attend his next financial workshop and annuity presentation, "Ten Smart Ideas." It's free, there's absolutely no selling and lunch will be served after the workshop. Call (800) 303-8754 to reserve your seat.
Submitted by Mike Botkin for Preservation Financial and Insurance Services