How Many With $1Million+ Manage Own Money/File own Taxes
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Anonymous
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The adjacent thread on Fisher Investments got me to thinking - how many of you with $1 million or more of investable assets manage their own money and figure their own taxes? So often, I hear "my money manager" this and "my tax guy" that that I wonder how much of it is a self-esteem thing (wow, I have so much money I need advisors) or lack of confidence (I can't handle this on my own.)
For my money (pun intended), I think it's fairly easy to handlle oneself. On the investment side, you can buy a few major index funds; and on the tex side, TurboTax or one of the others have great programs for even fairly complex situations (business ownership, rentals, etc.) Plus, at least with Fidelity, if you have $500k or more, you can get a free annual "check-up" to help rebalance your portfolio and evaluate how you're progressing toward goals. What say you all? |
Anonymous
| We do. |
Anonymous
| DH is a partner in a large international law firm. He has to file returns in so many states and countries, it's well-worth the money for us to not have to do it all ourselves. We have better uses for our time. |
Anonymous
| We do here. Just normal income and assets. |
Anonymous
| We have someone do our taxes and also have a money manager. |
Anonymous
| I do it all myself. On occasion I have had consultations with financial professionals but the good ones leave me feeling I am on track and don't need more help and the bad ones leave me feeling I wasted my money talking to them. |
Anonymous
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We do. But it's index funds,, and we only buy, never sell, so
The only tax issues are some basic qualified dividends. |
Anonymous
| We do, at $5m NW. All basic index funds and stocks or retirement accounts. The only tricky thing was the backdoor Roth paperwork but I finally figured it out. Maybe if we had rental real estate we'd hire someone, but I like figuring out taxes... |
Anonymous
| I did until it got too complicated. Yes, it is certainly possible; you can see from the above responses that it isn't the $ amount that defines the ability to do it. We have tax filings in many states, several companies, rental properties, businesses (k1s), partnerships, etc. It is extremely complicated and the returns are lengthy. I did it on my own when I had a few of those things, but not all of them. |
Anonymous
| Oh, and I have not used a financial advisor before but will be getting one in the next few months at the advice of (hee hee) "my people." - true. It is time, though... |
Anonymous
| We manage our own money which I find fun. We pay to have our taxes done because I do not find that fun. |
Anonymous
Which ones are good and which ones are bad? |
Anonymous
| We use Betterment and do our own taxes. It's really not too complicated. |
Anonymous
| We do our own management of investments and taxes because DH likes to do it. We have done a "big picture" session with a financial advisor on an occasional basis but they do not manage any of our money. (have about $4 mil) |
Anonymous
| I do our investments, but I have a good CPA do our taxes. Our investable assets are a little north of $4 million. |