In this episode, Goldstone Financial Group representatives took to Chicago’s streets to ask residents about their most pressing financial questions.

Anthony and Michael Pellegrino provide answers.

Are mutual funds the best place to invest my money?

Michael Pellegrino:

Mutual funds can be a great vehicle for investment, but they certainly aren’t the only one available. Every person’s financial needs, situation, and goals are different; one person might be better suited by investing in bonds or stocks – or maybe mutual funds are preferable. Muddling through the possibilities can be difficult for anyone who hasn’t worked in the financial sector for years, so I would highly recommend making an appointment with an experienced financial advisor to understand your options.

My husband’s retiring, how will an annuity help us?

Anthony Pellegrino:

First things first – there is no single annuity. They come in a variety; fixed annuities are high-interest and tax-deferred, while variable annuities have high fees and fixed hybrids limit downside risks. Another option might be an immediate annuity, which would offer money right away, but prevent investors from having cash access. Like any other investment, its suitability varies depending on the financial needs and situations of the investor.

That said, annuities tend to get a bad rap. Michael and I generally tend not to like them, but there are a few great options out there. You need to enlist an advisor to help you make the best choice for your particular set of circumstances.

Am I better investing in ETFs?

Michael Pellegrino:

Exchange Traded Funds (ETFs) do offer another option for investors. They came onto the investment scene in the last few years as an alternative to mutual funds. Like the latter investment type, ETFs allow investors to maintain multiple ownerships within one vehicle and thereby diversify their portfolio. ETFs also tend to have lower internal costs than mutual funds – but again, it’s best to consult a financial advisor before you settle on an investment plan.