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He's got the answers Money Problems? Ask Mr. Jefferson!By Rick Horowitz Dear Billy Jeff: We're first-time writers, but long-time readers. We've always enjoyed the advice you give out in your newsletter, but we've never really been in a position to take advantage of it. Now we're hoping you can help us, too, the way you've helped so many others. My wife and I recently came into a bit of windfall -- not a huge sum of money, but enough to really make a difference for us after years of working hard and playing by the rules. Our question is what to do with the money to make it grow. Everybody we talk to says, "Ask Congressman Jefferson -- they don't call him 'Dollar Bill' for nothing!" So that's what we're doing. Any ideas for us? Lucky in Louisiana
You don't say exactly how much money you've come into, but it seems like it's definitely enough to make a big change in your lifestyle, so you'll want to be smart about how you handle it. Some people will tell you to stick it all in a bank account paying a modest rate of interest -- that's certainly a low-risk strategy, but then you're stuck with low returns, too, and what's the fun of that? And others are always on the prowl for the latest "hot" investment opportunity -- they'll tell you to throw your entire windfall at the first buzz-worthy tip to come along, no matter how risky it is. Here's what I say: Don't think "hot" -- think "cold." I find that a good-sized family freezer is the perfect place to sock away some cash, at least for the short run. It's got the advantage of convenience, first of all -- your money is practically within arm's reach at all times. And even though the loot may be frozen solid, it's perfectly "liquid" -- that is, you can get your hands on it in a hurry whenever the perfect opportunity does come along, foreign or domestic. You'll have no forms to fill out, and no messy records to clutter up your files -- just the cold, hard cash ready to go to work for you whenever you say. What could be better than that? Any of the leading freezer brands is fine, by the way. You just want to make sure that it's roomy enough that you can spread the money around. Wrap the bills in aluminum foil first -- no more than $10,000 per package, I'd suggest, to guarantee proper air flow -- and put each "cash pack" into an individual frozen-food container. Then label the top of each container with a brightly colored marking pen. Be sure each label is something you'll remember: "Billy Jeff's Favorite Lettuce," for instance, or "Nigerian Pick-Me-Up Gumbo." It doesn't matter what it is, as long as you can recognize it -- and nobody else can. Speaking of which, a final word of caution when storing cash the Billy Jeff way. It's always a good idea to make sure that the money you'll be storing is nice, healthy "free-range" cash. So steer clear of bills that appear to be marked in any manner, or that happen to have consecutive serial numbers. This may not be a coincidence, and you could be looking at a major case of freezer burn. That's the last thing you want when you've worked as hard as you have, for as long as you have, to get to where you are. Thanks for writing, and happy storage! P.S. You also said something about "playing by the rules." Are you sure you're from Louisiana? Posted 6/5/07. Get
all your questions answered right here at "Rick's"!
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Rick Horowitz
