I have been very bad at managing personal finances. But I want to change that. I was thinking of getting a personal finance advisor who can tailor something for my needs. I have done some prelim research. I have heard good things about Vanguard financial advisors. But these are not dedicated advisors. It can be a different person everytime you talk. This guy from Northwestern Mutual reached out and is offering a suite of good services. My bank JP Morgan also has personal financial advisors. And then there are robo advisors. What do you recommend? I do not plan on settling in the US. I am moving back for sure in 4-5 years. #personalfinance #investments TC 350k L5
1% and above is crime. No advisor is worth that much!!
Net worth?
Anyone who works as a financial advisor was not smart enough to be a quant. You should reconsider hiring them if you have the technical ability to learn yourself.
Ability… and time. I think it’s ok for a tech worker to delegate that to a pro and focus on their career. Especially when you have a couple of millions in the bank. Things get scary fast.
That is true. If OP really wanted to focus and had alot on his plate, it's a perfectly fine way to go about it. Most tech workers I know aren't super busy, and can learn something like financial management easily in their spare time though.
DIY or Vanguard… I would absolutely stay away from northwestern mutual.
Heard crazy stories about northwestern. Hard to sign out without penalty or something
DIY by buying only vanguards target retirement funds. You pay a tiny fee for auto rebalancing. Set and forget. Don’t touch in the next 20yrs
Watch out for expense ratios. A 2% expense ratio on 10million at retirement is 200k $
Check the fee for the vanguard target retirement funds. It’s like 0.08% for the 2065 fund. You could probably get to 0.06% if you get the underlying funds yourself. https://investor.vanguard.com/mutual-funds/profile/fees/vlxvx
Honestly speaking you should invest in bogleheads three fund lazy portfolio style. It’s hands off and has good trade off on risk vs returns. Financial advisors can take absolute fees or relative to your portfolio. The latter will eat into your gains. Also they might recommend you products which they get commission for and need not necessarily best for your investment style.
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Let me do it. I’ll get you 50% returns.
Hahaha I should have seen this coming! On a serious note, I suck at this big time. I can take any gyaan you have for me
Depends highly on how much you have saved already and your lifestyle. As a rule of thumb save 50% of gross income. Out of that 50% depending on risk appetite invest in ETFs on monthly basis and DONT TOUCH IT. Use 10-15% to play around with and stock select if you’d like but not more then that.