THIS ADVICE SOUNDS FISHY - Lemon Sole & Carrot Bundles

Do you ever just trust your investment decisions to the 'pros'?
Well let me start by saying that there are many, many good financial advisors out there that take their careers seriously and strive to provide a great service. Most of them in fact. And this blog does not attempt to smear this profession, but rather make you aware of why YOU should pay attention to this financial stuff.

Last weekend I took our sixteen year old daughter - Haley Estelle - to the local bank to discuss the bank account that they had set up for her. We went in to review the chequing account that was recommended as well as a more reasonable alternative to the same.

You see, Haley is the epitome of frugal (not cheap) with her hard earned money that she earns from her part-time job. She always seeks out a deal and only purchases those items that she deems 'must have' vs. 'wanna have'. I often wish that I had instilled her frugalness into my own spending habits.

The two issues of concern with the bank setting her up with a chequing account is that the interest that she receives is virtually nothing (.05%) but the bigger issue is that she has a chequing account. Because Haley is 16, she is not legally allowed to write a cheque. DUHHH!

So we go to the bank to meet with the personal banker (also a mutual fund specialist) to discuss a t-bill fund or a money market fund which will protect her capital, get her a slightly higher yield and teach her about the benefits of investing. Well you could imagine my surprise when the 'mutual fund specialist' advised that a t-bill account was a mutual fund, mutual funds fluctuate in value and due to the short time horizon (Haley is saving for university) that a t-bill account would not be recommended. WHAT? Furthermore, it was recommended that a global equity fund be taken into consideration as this fund had a 20%+ return over the last six months. WHAT? And to put the icing on the cake, I was reminded that because Haley is only sixteen ... she could only be the co-owner of the account which would have to be set up, 'in-trust-for'. To which I asked, "so why does Haley have a chequing account ... which she can not write cheques on until she is eighteen?"

Most of us know that investors/savers who wish to remove their money from the inherent - and sometimes crippling - risks of the global equity markets seek comfort in t-bills and/or money market instruments. 'Capital Preservation' is the underlying theme of these types of funds ... NOT 'Capital Appreciation' (which is achieved through equities) or potential capital losses.

So, if you're like Haley and you wish to park your hard earned money in an account that will give you higher yield then your chequing/savings account, ask your advisor about a t-bill or money market account. And if your (professional) advisor suggests an equity fund due to the higher potential return, do what we did. Walk out the door and find a new advisor.

Remember, before making a mutual fund investment you should read the prospectus, have a clear understanding of the investment objectives of the fund, and more importantly, of yourself.

Now, if you liked hearing about this 'fishy' experience, you're gonna love this recipe for Lemon Sole With Carrot Sticks. The key difference is, this is not fishy.

LEMON SOLE AND CARROT STICKS
This feeds 4 and takes about 40 minutes from start to finish.

4 medium sized carrots each cut into thin strips
1 1/2 cups of crumbly style seasoned stuffing (stove top works)
1/2 cup of melted butter
2 tbsp of lemon
A 'hit' of salt of pepper
1 lb (4 pieces) sole fillets -thawed and drained

Crank on the oven to 375 degrees and let it warm up while you place the carrots in a saucepan
with enough H20 to cover. Bring to a full boil and let them cook for about 8 minutes. While the ovens warming up and the carrots are cooking, combine all other ingredients (less the fish) in a bowl and set aside.
Now, take those fillets and lay them out separately, and wrap the fillets with equal portions of the carrots. Place the wrapped fillets, seam side down, in a baking dish, sprinkle with the stuffing mixture, cover and bake for 10 minutes. Uncover, and bake for another 8 minutes.

Now if you're going to try this recipe, why not mix it up with Meagan's Great ...Baked Tomates and/or Rocky's Broccoli? A great combination! (both Superfoods!)

And remember, it doesn't hurt to do your homework when it comes to investing your money. There is loads of information out there to help you wade through your options. It's free, it's easy and it could save you from making some really bad decisions with your hard earned dough.

Thanks for stopping by, and until next time, have fun DIGestingINvesting!

All the best!

Jeff