In theory, the stock market is great.
Put a bunch of money in, and voila!, ten years later you're rich.
But most of us don't have money to make disappear for ten years.
We need it now, particularly after this hard-hitting global financial crisis.
If you have a fixed income, there is still hope.
You can have a slush fund that makes a bit of money - which is a much better option than throwing money into stocks that you should be keeping for household emergencies.
First, you need to figure out w hat you spend each month.
This includes necessities: food, shelter and transportation, but should also include the niceties: if you can't make it through a Friday without a latte, write it down.
You can't do effective financial planning without being honest about where your money goes.
A certified financial planner can help you with this first step and those that follow.
You need to factor in any sort of emergency funds that may be needed (child's cavity, vet bill, etc).
Then multiply your total monthly spending by 3-6, and you've got the number that would ideally be your savings.
What else needs to be put aside? An investment advisor can help you with that retirement nest egg and college savings for your kids.
Don't have kids? Those investment advisors can also help you plan to buy your first house, a new car, or even a nice vacation spot in Tahoe.
Whatever it is that you desire, working one on one with a registered financial planner can help you to realize your goals by making sound financial decisions, whether those be buying stocks, bonds, mutual funds or even traditional CDs.