Money

1:1 financial advice?

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Mar 10

I grew up comfortably middle class. My parents worked hard so that we didn’t have to worry. But they didn’t necessarily have the financial savvy to make their money work for them. I’ve pretty much adopted their approach - focus on earning more and save as much as I can.

Now I find myself in the fortunate position where I’m making more than I imagined. I really want to sit down with someone and get advice on how to handle a portfolio that I feel ill-equipped to handle.

I’m skeptical of money managers who are pushing products and probably aren’t making these decisions themselves. Are there other services that offer just a second pair of eyes to give some financial advice?

TC: $600k

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  • Facebook / DesignXXX porno
    Max out 401k. Invest in SPY. Buy a house as soon as you can, and stop paying rent. There isn’t more to the game
    Mar 106
    • Microsoft TechMAGA
      What do you once you payoff mortgage after saving with a frugal life?
      Mar 10
    • Glu Mobile tDFS35
      Buy rental properties.
      Mar 10
    • Pinterest tihdbyr
      What is SPY
      Mar 10
    • Intuit z9nkay
      Spy is an etf for the s&p 500
      Mar 10
    • MINDBODY Nygma
      There’s way more than what xxx says. OP, what you are looking for is a financial advisor. You’re spot on that it is very important and tough to find the right one. Trust one only when you have dependable references. It would be better if you google some thoughts around what to look for in an advisor and decide what’s important for you.
      Mar 10
    • United Wholesale Mortgage
      zpyM13

      United Wholesale Mortgage

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      zpyM13more
      You can find a reputable financial advisor. They will be able to tailor investment plans for you. I would look for someone closer to a broker than a rep for a particular annuity firm.
      Mar 10
  • Microsoft HdnF84
    Recommend investing in a financial advisor, fee for service . I did so 15 years ago with USAA. The plan was 2000 bucks and a great road map to wealth. Total NW: 6.5m, TC:500k
    Mar 102
    • Facebook / Product
      xKVE61

      FacebookProduct

      PRE
      Google
      xKVE61more
      why do you recommend that?
      Mar 10
    • Amazon / Product
      🤪☺️

      AmazonProduct

      BIO
      Engineering + Analytics + Tech Entrepreneurship
      🤪☺️more
      Can you share your roadmap please?
      Mar 10
  • Microsoft / Product
    Rewards

    MicrosoftProduct

    BIO
    I'm a kick ass program manager, working to make customer's dream come true. Expert in system design & architecture.
    Rewardsmore
    You have $600k TC? calculate how much you need for your FIRE.

    Something like this: https://www.chrishogan360.com/riq/

    Invest and Spend wisely. Target investing SPY. Buy Rental properties if you / when have time for hassle and expect cash flow. Get rid of mortgage ASAP and buy everything with Cash (no mortgage)
    Mar 102
    • Facebook tGTv63
      But everything cash isn't the most prudent advice
      Mar 10
    • United Wholesale Mortgage
      zpyM13

      United Wholesale Mortgage

      PRE
      General Motors
      zpyM13more
      Lost me at the last line there.
      Mar 10
  • New tCot26
    As a former financial advisor and lawyer for many years I feel you. Couple of thots:
    1) find a fee only financial planner who can help probe your mid to long term goals and develop a plan. You only pay them for the plan. Downside is the plans often start by asking when you wish to retire. I turn the plan on its head and plan to an event such as having enough cash cushion to withstand illness or no work for 2-3 years.
    2) most portfolio folks charge 1% or thereabouts and dont beat the market index. Ive hired many and fired them all except one who is a contrarian. Much of the investing you can do yourself if you are a reader of macro news and dont trade in and out. If you must hire someone, force them to show you their results for past 10 years. Do not hire anyone who says it will take time to do as well as similar portfolios. That makes no sense, is an excuse for poor performance
    Mar 101
    • eBay / IT
      manorama

      eBayIT

      BIO
      Coder
      manoramamore
      Can you explain how you base your investments on macro news ?
      Mar 10
  • Glassdoor / Productmango17
    Bogleheads.org
    Mar 101
    • Intel VNB
      ^ This
      Mar 10
  • Gigamon / Eng
    done

    GigamonEng

    BIO
    what's th is
    donemore
    600k ?? What the.. what level r you ? What did you do to get there? Yoe?
    Mar 101
    • Facebook / Product
      xKVE61

      FacebookProduct

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      ic6...8 yoe
      Mar 10
  • Facebook / Product
    xKVE61

    FacebookProduct

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    Still want to spend a couple hours with someone asking questions. I also constantly worry I’m doing something obviously dumb that I can’t see myself.
    Mar 101
    • Indeed rage a lot
      Find a fiduciary. Vanguard is a good place to start.
      Mar 10
  • LinkedIn ThinkJosh
    Follow these investing basics yourself, and do not spend a dime on financial advisors: www.firetobiz.com/investing-basics
    Mar 100
  • Quora TfdN74
    Look for a fixed fee financial adviser that costs $1-3k based on your situation. Subscribe to r/personalfinance r/financialindependence and r/fatfire.
    Find your at-work like minded group of folks (mailing lists, groups, chat channels). Happy to share more random aggregated advice if helpful.
    Mar 100
  • Microsoft Sup007
    What’s SPY?
    Mar 101
    • Expedia Vita44
      Index stock fund
      Mar 10
  • Microsoft
    wyba qnbab

    Microsoft

    PRE
    Google, Amazon
    wyba qnbabmore
    What’s your level at Facebook?
    Mar 100
  • New / OtherAuntHilda
    I am in corporate finance but have advised folks on personal finance. Happy to look into your finanaces and advise. Of course, this is complementary but don't confuse that with 'anything free isn't worth it'. It's just that I enjoy it.
    Mar 100
  • Intel Intc100$
    It all depends on what is your target achievement goals and your current age. Most of the work needs to be tailored based on individual situations. Write down your goals (not financial targets, but life goals such as when you want to retire and how you want to have your future life) , then draw and connect dots backwards. Once you feel you have enough money, money should not be the reason for your worry.... But your questin shows otherwise.
    Mar 100

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