Just sold our house and realized that after the proceeds my spouse and I have ~$1M between 401ks, stocks, index funds, and savings accounts. We're ~30. Up until now all I've done is max out out our 401ks and stick other excess money into a NASDAQ index fund. We plan on having our first kid in 2 years and were spending ~7k/month including ~3k mortgage & home insurance. We have to rent for the next year. We want to pay for our kids education. Don't have any lavish lifestyle goals, just would like to have relative independence and a good environment for our kids. Any advice on how we should proceed? Some things in particular I'm wondering are: Should we use a financial advisor? Hourly or is it worth paying them full time? Should we diversify our investments more or literally just stick it all in an index fund like I've been doing? How long should I keep optimizing for income in my job? At what point does it just not matter how much my salary is? TC 316 #fire
Dual income or single income household?
Dual, spouse is ~60k right now, will likely make ~120k after a few years
Nice flex
Hey idk I figure there are people on Blind who have been in this situation and that know better than me
Prostitutes and blow
My Blind bros are here ππ€
Give it to me.
Probably I will post in Blind for flexing
Thatβs why you donβt post such questions on blind, you will get dumb answers. Good Financial advisors are hard to find, if you have a referral and know the history and track record of some advisor, they are worth it otherwise etf are the way to go. In order to diversify buy etfs for real estate or commodities
Invest in a broad index fund such as VTSAX. Btw, Nasdaq is a high risk investment. I wouldnβt recommend it.
Set a goal. When do you want to retire? How much do you need to retire? Then work backwards from there. Diversifying is always great, but unless you plan on managing double digit millions or more, youβre probably fine just investing in index funds.
Why did you sell the house? π€
We have to move for my spouse's work (medicine). House had appreciated massively and we figured we'd rather take the money and invest it rather than deal with any hassle of renting it out