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Started By
Message
Investment advice needed...
Posted on 9/7/11 at 8:47 pm
Posted on 9/7/11 at 8:47 pm
I am 32 years old, married, and have 2 year old twins...One boy and one girl...I own (no mortgage) a $250k house...I have $150k in the bank...I have no debt of any kind and save about $3k/mth in the bank...I work my own business that current puts asside $25k/year into an investment account for me.
If you were me, what direction would you go with investments? IRA? Roth IRA? Viaticals? Mutual funds?
I just want to see what most would suggest in a situation like mine?
If you were me, what direction would you go with investments? IRA? Roth IRA? Viaticals? Mutual funds?
I just want to see what most would suggest in a situation like mine?
This post was edited on 9/7/11 at 8:49 pm
13
Posted on 9/7/11 at 8:53 pm to dallaslsufan
quote:
I own (no mortgage) a $250k house...I have $150k in the bank...I have no debt of any kind and save about $3k/mth in the bank...I work my own business that current puts asside $25k/year into an investment account for me.
If that is really true then you can afford hookers and blow.
Posted on 9/7/11 at 8:58 pm to dallaslsufan
Keep it up brother. You gonna be RICH BITCH!!!
On a serious note...You need to go see a Financial Adviser.
On a serious note...You need to go see a Financial Adviser.
This post was edited on 9/7/11 at 9:00 pm
Posted on 9/7/11 at 9:32 pm to dallaslsufan
quote:
32 years old
quote:
.I own (no mortgage) a $250k house
quote:
$150k in the bank
quote:
$3k/mth in the bank
quote:
$25k/year into an investment account for me.
Posted on 9/7/11 at 9:37 pm to dallaslsufan
quote:
I just want to see what most would suggest in a situation like mine?
Two chicks at one time.
Posted on 9/7/11 at 9:44 pm to Buddapank
Max Roth IRA - vanguard target retirement fund
Go find a financial advisor.
You are out of the scope of message board help. However, you can ask us questions about what the FA tells you.
Go find a financial advisor.
You are out of the scope of message board help. However, you can ask us questions about what the FA tells you.
Posted on 9/7/11 at 10:03 pm to dallaslsufan
Can't be hard to find a financial adviser that deals with high net worth clients in Dallas, that place is full of money. If you don't know any, ask your attorney, or some other professional whose opinion you trust.
Posted on 9/7/11 at 10:55 pm to kfizzle85
Anyone else find it very surprising someone with that much money saved up does not have some sort of financial advisor.
This post was edited on 9/7/11 at 11:16 pm
Posted on 9/7/11 at 11:06 pm to saderade
with a bank account like that, you should be giving us advice.
Posted on 9/8/11 at 12:18 am to TheHiddenFlask
I'm assuming the guy is fairly bright to have those finances aligned like that. So I'm not sure he HAS to do the financial advisor thing. I wouldn't. I'd probably spend that money on estate planning. Set up a trust...
Max out roth ira's for you and your wife every year.
Start up 529 savings plans for all the kids' college.
Purchase enough life insurance to cover your wife and kids at their current lifestyle. Go with variable and invest the savings.
Whatever's left over? Obviously depends on your risk appetite. I like stocks, so I'd go up to 50% even with your circumstances. You could obviously go lower. Then jump into some broad market index funds with low fees.
I don't know...just a few thoughts off the top of my head. Good luck.
Max out roth ira's for you and your wife every year.
Start up 529 savings plans for all the kids' college.
Purchase enough life insurance to cover your wife and kids at their current lifestyle. Go with variable and invest the savings.
Whatever's left over? Obviously depends on your risk appetite. I like stocks, so I'd go up to 50% even with your circumstances. You could obviously go lower. Then jump into some broad market index funds with low fees.
I don't know...just a few thoughts off the top of my head. Good luck.
Posted on 9/8/11 at 12:44 am to dallaslsufan
Dude, you and I are in similar situations. I was thinking about posting the same question in here because I was once burned by a shite-tay financial planner and would only use one as a last resort.
As a compare and contrast, here is what I've got going:
33, married, 6 year old, 3 year old.
Own a small biz, avg income $200-250k last 5 years.
$150k in bank.
$150k in retirement, mix of annuity (see financial planner reference above), 401k, IRAs.
Save $5k/month.
$3k/month mortgage (owe $500k on a $900k house...bought it last year - previous owner paid $1.3M in 2001 for it and ended up defaulting).
I live in Northern California and the house debt is the only turd in the bowl so to speak. Even dropped a solar system on the house earlier this year to eliminate the monthly power bills. Paid cash for it and the ROI works out to 22%. Would love to find similar returns to that (wouldn't we all).
As a compare and contrast, here is what I've got going:
33, married, 6 year old, 3 year old.
Own a small biz, avg income $200-250k last 5 years.
$150k in bank.
$150k in retirement, mix of annuity (see financial planner reference above), 401k, IRAs.
Save $5k/month.
$3k/month mortgage (owe $500k on a $900k house...bought it last year - previous owner paid $1.3M in 2001 for it and ended up defaulting).
I live in Northern California and the house debt is the only turd in the bowl so to speak. Even dropped a solar system on the house earlier this year to eliminate the monthly power bills. Paid cash for it and the ROI works out to 22%. Would love to find similar returns to that (wouldn't we all).
Posted on 9/8/11 at 6:38 am to TheHiddenFlask
quote:
Investment advice needed...
Max Roth IRA - vanguard target retirement fund
I doubt that someone with that kind of cheese at his age will fall below the income limit for a Roth. He'll, he will probably be screwed out of the deductibility of a traditional as well. Just a guess though.
Posted on 9/8/11 at 7:05 am to dallaslsufan
Look at setting up a SEP IRA through the business. You can throw more money into it and take the deductions. Go see a CFP.
You need to see someone about getting a good investment strategy together. Not just buy cheap index funds.
You need to see someone about getting a good investment strategy together. Not just buy cheap index funds.
Posted on 9/8/11 at 7:08 am to Janky
I make about $110k/year. I am very frugal and my wife is a stay at home mom. I have seen a few financial planners and they always make me uncomfortable.
Posted on 9/8/11 at 8:47 am to Buddapank
quote:
I make about $110k/year.
Oh, you should be fine on the Roth. How many employees do you have?
Posted on 9/8/11 at 8:58 am to dallaslsufan
quote:
I am 32 years old, married, and have 2 year old twins...One boy and one girl...I own (no mortgage) a $250k house...I have $150k in the bank...I have no debt of any kind and save about $3k/mth in the bank...I work my own business that current puts asside $25k/year into an investment account for me.
If you were me, what direction would you go with investments? IRA? Roth IRA? Viaticals? Mutual funds?
I just want to see what most would suggest in a situation like mine?
Put your money in a vanguard account. Wait for the Dow to fall to a certain point. Move all your chips in. Take your chips out when they hit point B. Wait for your next move all in again. We financially collapse about every 18 months now.
Posted on 9/8/11 at 9:16 am to Buddapank
quote:
I have seen a few financial planners and they always make me uncomfortable.
yep. I'm currently trying to convert my pre-med/nurse educated stay at home wife into my financial expert... its not working.
Posted on 9/8/11 at 10:49 am to dallaslsufan
What are your financial/long term goals?
Now is the best time ever to get into real estate. You could build a nice portfolio of commercial or residential rental properties if that interests you. Lot of amazing deals out there.
Now is the best time ever to get into real estate. You could build a nice portfolio of commercial or residential rental properties if that interests you. Lot of amazing deals out there.
Posted on 9/8/11 at 11:10 am to dallaslsufan
Ask around for references for a financial planner who charges by the hour. Not one of the "free" ones who push whole life, annuities, and front loaded American Funds on their clients so they can cash in on commissions.
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