Transcripts

Jane Bryant Quinn:
What I have learned from many years of experience is that you don't need that stuff, the little secret is that 99% of the stuff that Wall Street sells is too expensive, too complicated and it makes your broker rich, not you.

Jane Bryant Quinn, author of the book, Smart Simple Financial Strategies For Busy People…

There are some wonderful new types of mutual funds. One is called a target retirement fund, you pick the year more or less that you think you'll probably retire and there is a fund that is aimed toward that. And when you're younger that fund will almost be entirely in stocks as you get older and you approach your retirement years there will be a higher percentage of bond in that fund.

If you were to go to a personal financial advisor, says Jane…

He or she would charge you a large sum to allocate your money among stocks and bonds and to change them as to be more conservative as you got older. You can buy a target retirement fund that does all of this for you automatically at a minimal cost and you can buy them from Vanguard or Fidelity or T.Rowe Price, three wonderful mutual fund groups. It's the only fund you need and it's like having a built in professional advisor, I love these funds.

Tomorrow, more of Jane's simple financial strategies- I'm Mike Carruthers and that's Something You Should Know.