Q. I need your advice on how to go about selecting the ten best growth and income producing mutual funds that would make a good investment for my daughters future. She is 27 years old and does not work because she can't hold down a job. She was in a car accident 9 years ago and was awarded some money for her illness. I want her to leave this money in these ten selected funds for at least 30 years. My first thought is that there may be a difference between what you would like and what will actually happen.
Kids are funny that way.
Some are responsible and plan and save. If we get serious about investing the money, I'd like to suggest another approach. First, avoid lists of the best ten funds. You can find such lists on a weekly, monthly, or quarterly basis in most of the personal finance magazines and the only thing you can be certain of is that the names on the list will change regularly. Your daughter could let this grow or withdraw from it at a rate up to about 5 percent a year.