1.4 million net worth - financial advising?

[Anonymous]

Early 40s, two kids, finally hit some stride in our careers and with good home equity have a net worth that makes me feel like we could be doing 'more' to grow our money. In the past, checked in with a no-fee advisor every couple years for a slight tune-up. A few friends have people who more actively invest for them (but won't look at you until you have $1m plus in net worth).

Is this worth it? What do such people do? Any recommendations? Neither DH or I are 'money' people and mainly just try to save as much as we can. Thanks!

[Anonymous]

Are you including your home in your net worth? If so, I wouldn't bother. If not, then a wealth advisor is useful. I wouldn't go high fee, but they can help you grow money and avoid taxes

[Anonymous]

I have never used one. can you break down 1.4 number?

[Anonymous]

Anonymous wrote:Are you including your home in your net worth? If so, I wouldn't bother. If not, then a wealth advisor is useful. I wouldn't go high fee, but they can help you grow money and avoid taxes

How do you recommend evaluating/finding someone? What are the typical fee structures?

[Anonymous]

So basic setup first.

https://i.imgur.com/lSoUQr2.png

https://www.reddit.com/r/personalfinance/wiki/index/

Bogleheads. Buy a mutual fund and wait $3M.

$1.4 isn't enough to do anything "interesting" unless you want to be an entrepreneur or an angel investor I'm other people's specific small businesses.

[Anonymous]

Anonymous wrote:So basic setup first.

https://i.imgur.com/lSoUQr2.png

https://www.reddit.com/r/personalfinance/wiki/index/

Bogleheads. Buy a mutual fund and wait $3M.

$1.4 isn't enough to do anything "interesting" unless you want to be an entrepreneur or an angel investor I'm other people's specific small businesses.

At $1.4, there is a good chance that you have bond investments. Getting tax free munis without an advisor is a pain. Vanguard offers California funds, but good luck getting Virginia or Maryland

[Anonymous]

Anonymous wrote:Early 40s, two kids, finally hit some stride in our careers and with good home equity have a net worth that makes me feel like we could be doing 'more' to grow our money. In the past, checked in with a no-fee advisor every couple years for a slight tune-up. A few friends have people who more actively invest for them (but won't look at you until you have $1m plus in net worth).

Is this worth it? What do such people do? Any recommendations? Neither DH or I are 'money' people and mainly just try to save as much as we can. Thanks!

The question really is how much you have liquid that you can actually invest.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Early 40s, two kids, finally hit some stride in our careers and with good home equity have a net worth that makes me feel like we could be doing 'more' to grow our money. In the past, checked in with a no-fee advisor every couple years for a slight tune-up. A few friends have people who more actively invest for them (but won't look at you until you have $1m plus in net worth).

Is this worth it? What do such people do? Any recommendations? Neither DH or I are 'money' people and mainly just try to save as much as we can. Thanks!

The question really is how much you have liquid that you can actually invest.

+1. that's why i asked op to break down 1.4 but she hasn't.

[Anonymous]

Anonymous wrote:

Anonymous wrote:So basic setup first.

https://i.imgur.com/lSoUQr2.png

https://www.reddit.com/r/personalfinance/wiki/index/

Bogleheads. Buy a mutual fund and wait $3M.

$1.4 isn't enough to do anything "interesting" unless you want to be an entrepreneur or an angel investor I'm other people's specific small businesses.

At $1.4, there is a good chance that you have bond investments. Getting tax free munis without an advisor is a pain. Vanguard offers California funds, but good luck getting Virginia or Maryland

Hard to get excited over 0.4% (8% tax of 5% coupon) of the muni bond portion of my portfolio.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Early 40s, two kids, finally hit some stride in our careers and with good home equity have a net worth that makes me feel like we could be doing 'more' to grow our money. In the past, checked in with a no-fee advisor every couple years for a slight tune-up. A few friends have people who more actively invest for them (but won't look at you until you have $1m plus in net worth).

Is this worth it? What do such people do? Any recommendations? Neither DH or I are 'money' people and mainly just try to save as much as we can. Thanks!

The question really is how much you have liquid that you can actually invest.

+1. that's why i asked op to break down 1.4 but she hasn't.

I was working! Sorry. About 900k to invest.

[Anonymous]

No OP but I'd like to play.
$2M in 401Ks and in Fidelity. Of that, I think $500K is not in retirement.
no debt.
I'm embarrassed to say this, but in retirement, we migth be holding about $300K in cash.
Yes, my finances are joint with husband.

[Anonymous]

Anonymous wrote:No OP but I'd like to play.
$2M in 401Ks and in Fidelity. Of that, I think $500K is not in retirement.
no debt.
I'm embarrassed to say this, but in retirement, we migth be holding about $300K in cash.
Yes, my finances are joint with husband.

Advisors can't manage your 401k only taxable accounts usually. And it is a waste of money anyway.

[Anonymous]

The only person who is really going to look out for your money is you. It’s not that complicated but it’s worth being a little bit educated. Check out the Bogleheads guide to investing as a decent place to start.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So basic setup first.

https://i.imgur.com/lSoUQr2.png

https://www.reddit.com/r/personalfinance/wiki/index/

Bogleheads. Buy a mutual fund and wait $3M.

$1.4 isn't enough to do anything "interesting" unless you want to be an entrepreneur or an angel investor I'm other people's specific small businesses.

At $1.4, there is a good chance that you have bond investments. Getting tax free munis without an advisor is a pain. Vanguard offers California funds, but good luck getting Virginia or Maryland

Hard to get excited over 0.4% (8% tax of 5% coupon) of the muni bond portion of my portfolio.

I've got plenty at 7 and 8% that I've picked up over the years. Unless local municipalities go belly up, they'll keep on paying

[Anonymous]

You don't start building wealth by giving it away by hiring someone. The much bigger net worth people can do it because they get a better deal and probably other advice.
I'm guessing the $900k is mostly invested, not 'to invest'. What is it invested in?
Do you need to know where to invest some of the cash and what's more to come?
The idea is to keep it simple and not add yet another person to your circle, and not mess with the fund already invested. Moving money around triggers taxes, penalties, fees.
Put it in Voo, Vti and done.