Couple gets a late start on saving money

Q. My husband is 68 and I am 59 years old. We are both retired. My husband collects veteran’s disability and Social Security income. This is our only income.

We have never had any kind of CDs or stocks, and we really don’t understand how they work. Are we too old to start trying to save money by doing this? What is the safest way? Or would we do OK just by putting, say, $200 in a savings account every month?

A. You’re 68 and 59 respectively and you never had any kind of CDs or stocks? Have you saved any money at all? Chances are you have been living from paycheck to paycheck. I would suggest that you try putting away $200 or more in a savings account every month.

The fact is, I am not sure how you’re going to survive with just the income you have now. You might wish to sit down with someone from one of the brokerage houses and explain your circumstance. Allow him or her to recommend some investments in stocks. It’s the only way you’re going to be able to build up any type of savings.

It really is almost too late, but don’t hesitate to put away at least $200 every month. I do wish you well.

Q. My partner and I are starting up a doughnut shop. We found a great location, but we’re novices at renting commercial property. What are the most important items to consider and questions to ask the prospective landlord?

A. You’ve asked for a lot of information in just a couple of lines. There are many questions to ask a prospective landlord, but it’s a very important conversation. This conversation should be supervised by someone either in the real-estate business with a load of experience or an attorney.

It would be foolish of me to try and list the most important items to discuss because even the smallest items can have considerable meaning. Don’t be bashful. By all means get some help to assist you along the way. You’ll be glad you did.

Send questions to bruce@brucewilliams.com. Questions of general interest will be answered in future columns. Owing to the volume of mail, personal replies cannot be provided. The Bruce Williams Radio Show can now be heard 24/7 via iTunes and at www.taeradio.com. It is also available at www.brucewilliams.com.

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