Managing own money

[Anonymous]

Anonymous wrote:DH and I have always managed our own money, OP. DH uses TurboTax for taxes. You could do that. We have more than 20M in various brokerage accounts and Roth IRAs. It's not complicated. We know exactly what we want to invest in, and handpick our stocks. I wouldn't put too much trust in someone who wants to steer you towards one or another of investment options. They're not multi-millionaires themselves, are they, so what do they know?

You can read about it on your own, just by Googling and cross-referencing sources and using your noggin.

BUT

You do need an estate attorney to figure out your will, advanced directives, and decide on whether and which trust fund you want for your children. That's a must!

Wow, PP, this is impressive!

[Anonymous]

Anonymous wrote:

Anonymous wrote:DH and I have always managed our own money, OP. DH uses TurboTax for taxes. You could do that. We have more than 20M in various brokerage accounts and Roth IRAs. It's not complicated. We know exactly what we want to invest in, and handpick our stocks. I wouldn't put too much trust in someone who wants to steer you towards one or another of investment options. They're not multi-millionaires themselves, are they, so what do they know?

You can read about it on your own, just by Googling and cross-referencing sources and using your noggin.

BUT

You do need an estate attorney to figure out your will, advanced directives, and decide on whether and which trust fund you want for your children. That's a must!

Wow, PP, this is impressive!

How much money you have has nothing to do with your level of knowledge when it comes to investing. And implying that you should be picking stocks is just horrible advice.

[Anonymous]

Anonymous wrote:I have a fidelity wealth manager. He and his teams services are free (not that I need them for much I manage my money myself but I double check tax implications etc with them before I make a move)

You do understand that they are actually not free right? The revenue has to come out from somehwere, such as recommending Fidelity funds or other products that they get commission from.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have a fidelity wealth manager. He and his teams services are free (not that I need them for much I manage my money myself but I double check tax implications etc with them before I make a move)

You do understand that they are actually not free right? The revenue has to come out from somehwere, such as recommending Fidelity funds or other products that they get commission from.

It might be free. We have Schwab account and are self directed. Our balance is above their threshold so it allows use to consult with one of their advisors for free. We don’t get the full services they offer (like tax strategies) but we have a tax accountant for that. The Schwab advisor has not pushed Schwab accounts and we pay no AUM.

[Anonymous]

How has your managed funds performed? Have they done better than index fund returns?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have a fidelity wealth manager. He and his teams services are free (not that I need them for much I manage my money myself but I double check tax implications etc with them before I make a move)

You do understand that they are actually not free right? The revenue has to come out from somehwere, such as recommending Fidelity funds or other products that they get commission from.

Wrong. It’s free. I don’t have a single Fidelity ‘product’ in my portfolio and I have millions. I’m in stocks and various ETFs. I’m fully self directed. But I have a wealth management dude I can call (actually I can text him these days) and ask questions. It seems you don’t understand how institutional custodians work.

[Anonymous]

Across all accounts, including retirement, 529 plans, and brokerage accounts, I put everything into VTSAX or whatever version of that is available, and it has worked very well for me over the past 20 years. I have mid-seven figures across the accounts. I also have cash-flowing real estate that is a hedge against a market collapse, and I keep 2 years' worth of reserves in cash equivalents.

Unless you have enough money to get into VC and private equity and take advantage of tax planning, it's unlikely that a money manager will do better for you than my straightforward approach. I pay minuscule fees for VTSAX.

[Anonymous]

Anonymous wrote:Across all accounts, including retirement, 529 plans, and brokerage accounts, I put everything into VTSAX or whatever version of that is available, and it has worked very well for me over the past 20 years. I have mid-seven figures across the accounts. I also have cash-flowing real estate that is a hedge against a market collapse, and I keep 2 years' worth of reserves in cash equivalents.

Unless you have enough money to get into VC and private equity and take advantage of tax planning, it's unlikely that a money manager will do better for you than my straightforward approach. I pay minuscule fees for VTSAX.

Agree. Need 8 figures to make it worth it. I’m not jumping into PE or doing massive tax loss harvesting with anything less than that.

[Anonymous]

I used to use Betterment which has a roboadvisor because XH set that up. I switched over to self management and it’s easy. I am mostly only doing S&P and a small allocation to “fun” semi-gambling stocks. I recommend Bogleheads and socialcapofficial.