Oh dear, the novice is at it again. On a slow night shift I finally had some time to sit down and do my own version of PoF's spreadsheet of his portfolio and I am blown away by how complex and off base my own is. I'm 40 and hope to be FI by 50 with options to go part time or retire fully if I can't find a way to love my job again (struggling with job satisfaction but that's a side topic). Based on the Vanguard questionairre I should be 80% stocks and 20% bonds (not sure how to fit in REITs and "other" investments since I don't totally understand them).
As my portfolio currently stands I have:
45% Stocks (32% US, 13% Int'l)
26% Bonds
24% cash (Yes, you read that correctly...I know, I'm aghast too)
5% REITs
In 5 accounts including taxable, HSA, 2 Roths, and my 401K (not counting my defined benefits because I still have NO IDEA how that money is invested...and it's 13% of my portfolio...emailed my partnership's financial guy to get info because it is nonexistent on Schwab's site) I have over 36 THIRTY SIX! Different allocations! This is nuts, absolutely nuts, for a novice with limited understanding to have something so complex.
Specific questions:
1. Who should I turn to for advice on how to simply and move things around? If I call the various companies holding my money I feel like I need to know what I want to do or they will lead me astray. I don't particularly want a financial planner for the same reasons. Advice from you experts is much appreciated. Reading Andrew Tobias for extra help.
2. How much cash should one have on hand who needs ~30K a quarter for taxes? (In my defense, I'm also hoarding cash for a backyard remodel, but once that is done I need to get rid of some of it)
3. I've got an old Roth with USAA and of all my investments it have the highest ERs (up to 1.13%). Can I move that money into Vanguard without penalties? I'm planning to call USAA to discuss but want to ask non biased sources.
PS. For what it's worth, bulk of my money is in 401K with Schwab. New taxable and HSA are invested in Vanguard funds. 2 Roths...one with USAA and one with Schwab (overly complicated, might I add)
Help!
As my portfolio currently stands I have:
45% Stocks (32% US, 13% Int'l)
26% Bonds
24% cash (Yes, you read that correctly...I know, I'm aghast too)
5% REITs
In 5 accounts including taxable, HSA, 2 Roths, and my 401K (not counting my defined benefits because I still have NO IDEA how that money is invested...and it's 13% of my portfolio...emailed my partnership's financial guy to get info because it is nonexistent on Schwab's site) I have over 36 THIRTY SIX! Different allocations! This is nuts, absolutely nuts, for a novice with limited understanding to have something so complex.
Specific questions:
1. Who should I turn to for advice on how to simply and move things around? If I call the various companies holding my money I feel like I need to know what I want to do or they will lead me astray. I don't particularly want a financial planner for the same reasons. Advice from you experts is much appreciated. Reading Andrew Tobias for extra help.
2. How much cash should one have on hand who needs ~30K a quarter for taxes? (In my defense, I'm also hoarding cash for a backyard remodel, but once that is done I need to get rid of some of it)
3. I've got an old Roth with USAA and of all my investments it have the highest ERs (up to 1.13%). Can I move that money into Vanguard without penalties? I'm planning to call USAA to discuss but want to ask non biased sources.
PS. For what it's worth, bulk of my money is in 401K with Schwab. New taxable and HSA are invested in Vanguard funds. 2 Roths...one with USAA and one with Schwab (overly complicated, might I add)
Help!
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