I need some financial advice for my parents. After yet another financial advisor problem, my parents have decided to have me become their financial advisor. The first guy had them neck deep in CISCO, despite their request for a moderate portfolio. The last guy had them in class A mutual funds at 5% fee. I have been trying to tell them about Vanguard, index funds, and details for years, and they are finally listening.
They have good pensions, social security, and rental income, and they tend to live below their means. They definitely have the millionaire minds. Their IRA nest egg is in the high six figures, and they really don't use or need the income from it. They basically look at is "their life savings", and an insurance policy against the other sources of income. So I am thinking something fairly conservative for volatility, just to keep my father's blood pressure in check.
Any suggestions for opening up a Vanguard account with a solid mix? I am thinking of a target of about 8% historical return.
Thanks in advance for anyone's help!
They have good pensions, social security, and rental income, and they tend to live below their means. They definitely have the millionaire minds. Their IRA nest egg is in the high six figures, and they really don't use or need the income from it. They basically look at is "their life savings", and an insurance policy against the other sources of income. So I am thinking something fairly conservative for volatility, just to keep my father's blood pressure in check.
Any suggestions for opening up a Vanguard account with a solid mix? I am thinking of a target of about 8% historical return.
Thanks in advance for anyone's help!