Talk to a financial professional. Yeah, its nice to see what your buddies are doing, but your risk aversion is most likely different than mine. the goals of your investments are also going to differ and the best way to do any of this is to talk to a professional. If by chance you have USAA, they're pretty damn good at helping you figure out what is right for you even if you do not use any of their financial services. Additionally a Certified Financial Planner is an advocate for you, as opposed to an investment broker who only wants to make their own money. Yes a CFP is going to make a fee, but the more holistic approach that they take is one I found both assuring and informative.

My personal investments are modest at best, by my goals are to provide for my children and also for myself and better half. The widow I have for those goals are again, going to be unique to me.

Here's a decent place to start if you're looking for a CFP

www.fpanet.org