I'm an attending, four years out of residency. I've been a long time casual reader of the blog and listener of the podcast. Here are my finances broadly:
My income 165-300K throughout my career
Non-physician spouse income 100-200K varies per year as an he is an independent contractor
My question is the following:
Now that we have some money leftover, I'd like to start investing it in a taxable account. However, I don't know how to do it myself.
Should I look for a step-by-step guide of how to open an account? From what I've learned from WCI, I should invest in low cost index funds, such as with Vanguard, but how do I do that?
I don't want to hire an advisor who tries to oversee all of your cash flow, as I think we already have a good handle on things and have been responsible so far. Are there advisors who would just set up a taxable account for me and I can do monthly transfers. Does it look like I need more help and should I actually hire someone to manage all of our accounts?
Thank you!
My income 165-300K throughout my career
Non-physician spouse income 100-200K varies per year as an he is an independent contractor
- We have a house with mortgage of 440K
- My car is paid off, his car has 25K (partial deduction as a work expense)
- My student loans are 25K at 1.6% and I have no plan to pay for them off while the interest is this low
- We have been maxing out our retirement accounts for the past 4 years. I max out my employer 401K, and he maxes out both the employer and employee portion of his retirement account. The money is invested in Target date funds. We have also been maxing out our (backdoor) Roth IRAs for several years. Currently all are with Fidelity
- We have a 529 account for my daughter and we have an automatic monthly contribution. We have a goal to contribute to some of her education but no number were trying to reach, or cover her entire education.
- I have own occupation disability insurance.
- My husband is not interested in getting disability insurance.
- We do not have life insurance, although we have discussed getting term life insurance and are not certain we want to get it.
- Do not have umbrella insurance.
My question is the following:
Now that we have some money leftover, I'd like to start investing it in a taxable account. However, I don't know how to do it myself.
Should I look for a step-by-step guide of how to open an account? From what I've learned from WCI, I should invest in low cost index funds, such as with Vanguard, but how do I do that?
I don't want to hire an advisor who tries to oversee all of your cash flow, as I think we already have a good handle on things and have been responsible so far. Are there advisors who would just set up a taxable account for me and I can do monthly transfers. Does it look like I need more help and should I actually hire someone to manage all of our accounts?
Thank you!
Comment