adiggs
Well-Known Member
I did something like this. When I started thinking maybe it was time last summer, then I figured out an answer on my own that got pretty detailed. The detail was primarily around cash flow by account as I've got most of a decade until I have access to retirement accounts.Thanks! Sounds good, I ask because this feels way over my head. Do ask my financial advisor as well as my tax person too (now needed), but the aspect of having multiple opinions is helpful IMO.
Then I talked to my Fidelity financial advisor as that was a free service through my employer. I like free. They got me into detailed expenses planning (that tool is available on the Fidelity site, and I'm pretty sure it's free and accessible to anybody, with or without an account, though don't hold me to that last bit ). That advisor was too polite to say so, but was clearly thinking that I was hair-on-fire risky by being roughly 100% TSLA. Then again the results were good. Their recommendation was diversification of course - take my outstandingly lucky winnings off the table.
And then I talked to a second financial advisor in the context of them taking over investing decisions with a portion of our portfolio. Less detailed planning here, but more discussion and advice around the larger plan, and a repeat of the first advice - take the winnings off the table.
I listened to all of it. And I really did learn many useful things from the advisors and I'm glad that I talked to them. And then I made my own decision about how we would proceed (I'm the financial manager in my family - I enjoy doing this stuff else we'd have turned this over to a financial manager by now). That by the way is key to any decision making - the less and less fun that you find this stuff, the more and more that you'll want to turn this over to somebody else to do. Even if it costs you $ - in effect part of what you're buying is your time away from this thing that doesn't interest you or that you find interesting / fun.