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>r#'~' y, By George Rowand
Times-Democrat Staff Writer
f you suddenly received
k some money, what would
f you do with it?
According to financial advisers, it depends on your present situation, lifestyle and needs and expectations for the future.
So we decided to test that theory. We designed three hypothetical clients who walked in the door of three financial advisers and told them that they had recently received either $5,000, $10,000, $25,000 or $50,000.
Let’s see what their advice might be. Before any reader jumps the gun and thinks that he or she can just take the advice given our hypothetical individuals, let me give this warning: These counselors have given this advice based on the specific fact situations that we presented to them.
Their recommendations are not to be used for anybody else. In investing, one-size-fits-all is definitely not the rule. If any reader wants some help investing his or her money, sit down with an advisor and discuss plans, expectations, desires and — most importantly — risk tolerance.
Having disclaimed any and all legal responsibility for this paper and file writers of these articles, let’s see what they did with our hypothetical investors.
• Case #1 is a 29 year old named Mike. Mike works for himself doing body work on cars. He makes about $30,000 a year. Single, he lives in an apartment and earns enough to meet his needs. He does not carry a lot of credit card debt, and he’s paying $500 a month to pay off his year-old car. %
When good fortune came his way, Mike went to see Target Inc. in Clifton. Mary Ann Rollings and Bret Fields devised the plans for him. Mike does not need to touch the money for at least five
90.2%