Both my parents are immigrants in the US (legally), I am as well, we come from a background of very little education. I was able to get a bachelor's and get a good job, I educated myself in how to open a ROTH IRA and I'm contributing to my 401k. My parents are in their 50s and have no 401k, only savings accounts and I'm very stressed about their situation.
They lack the education so I will be taking care of investing their money and don't want to make any mistakes. They have around $50k saved, they are very responsible with their money, I will open a ROTH IRA for each of them but of course I can only put $8k per year so I am seeking for advice on what to do with the rest of the money.
My plan is to open them a taxable brokerage account, I am currently still educating myself on this so I would appreciate any advice on what the best strategy to grow their money is. This is money they won't touch until they retire in about 15 years.
I'm thinking on splitting the remaining of the money into:
1.S&P 500 ETF
2. Dividend Growth ETF
3. U.S. Bond Fund
Is this a good strategy?
Again, I am still learning all of this so sorry in advance if I don't understand all the terms. I truly appreciate any advice!