Personal Finance Advice and Education! (3 Viewers)

[Redwes25]

So I consider the pension separate from our investment portfolio, but feel confident with a higher equity allocation in retirement, possibly 80/20.

I think this is a better way to think of it than i have been. I'm not sure it should replace a bond allocation, but instead allow for more risk leading to and into retirement like you say. In a way I suppose that's kind of the same thing, but another layer of diversity. Perhaps a pension allows for (just spitballing) an 80/20 instead of 70/30 or 60/40 with similar risk without one.

Staying close to 100% equities minus EF and dry powder for the next 3-5 years and then begin to derisk towards an 80/20 split doesn't seem unreasonable or reckless. Thanks for your thoughts.

If I were you I would think about starting to build to the 80/20 split earlier. Wouldn't want to sell big chunk in a down market but slowly building to 20% makes sense - like 2 to 3% per year.

 

[Payne]

Ok, I am just going to throw this out there. Obviously, a financial advisor appt might be in my future.

51 years old. I have a good amount of money in my 401k, which was transitioned from a Profit-Sharing plan after my company was acquired.
Wife has a traditional 401k also with a fair amount of money in it.
We each have a Roth IRA with a much smaller amount.

Currently we have our dollars spread out over several mutual funds. We have done very well just letting things ride.

Should we be doing something else?

Well, what’s your goal? How close are you to that goal. Much different answer here if you are hoping/planning to retire at 55 than at 67.

Great question. My 401k is currently managed by Empower. Using their tool and entering 59 as my retirement age, it states I am at 100% of my goal.

I understand your question, but I was looking for more high-level, basic advice. This is probably why an appt with an advisor would be wise.
I knew enough 20 years ago to just sit it and forget it, but as I get closer, I wonder if there are things I should be doing that I'm not.

 

[The Longtime Lurker]

So I consider the pension separate from our investment portfolio, but feel confident with a higher equity allocation in retirement, possibly 80/20.

I think this is a better way to think of it than i have been. I'm not sure it should replace a bond allocation, but instead allow for more risk leading to and into retirement like you say. In a way I suppose that's kind of the same thing, but another layer of diversity. Perhaps a pension allows for (just spitballing) an 80/20 instead of 70/30 or 60/40 with similar risk without one.

Staying close to 100% equities minus EF and dry powder for the next 3-5 years and then begin to derisk towards an 80/20 split doesn't seem unreasonable or reckless. Thanks for your thoughts.

If I were you I would think about starting to build to the 80/20 split earlier. Wouldn't want to sell big chunk in a down market but slowly building to 20% makes sense - like 2 to 3% per year.

Makes sense, i like that approach and I'm in no rush. I'm starting to think about the draw down vs accumulation as we get closer and a slow transition is a good plan. 100% equities was never the plan and i was 80/20 for a long time, but covid and the recent turmoil had me chasing the deals at the expense of the fixed income portion of my portfolio. Then i got to thinking maybe it's not necessary with a pension, but i think it's still beneficial and seems most that commented agree. Thanks for the reply.

 

[-OZ-]

So I consider the pension separate from our investment portfolio, but feel confident with a higher equity allocation in retirement, possibly 80/20.

I think this is a better way to think of it than i have been. I'm not sure it should replace a bond allocation, but instead allow for more risk leading to and into retirement like you say. In a way I suppose that's kind of the same thing, but another layer of diversity. Perhaps a pension allows for (just spitballing) an 80/20 instead of 70/30 or 60/40 with similar risk without one.

Staying close to 100% equities minus EF and dry powder for the next 3-5 years and then begin to derisk towards an 80/20 split doesn't seem unreasonable or reckless. Thanks for your thoughts.

If I were you I would think about starting to build to the 80/20 split earlier. Wouldn't want to sell big chunk in a down market but slowly building to 20% makes sense - like 2 to 3% per year.

That’s what we’re doing. The only question right now is when to start and how fast to get to the desired allocation. There isn’t a “right” answer imo.

 

[matttyl]

Ok, I am just going to throw this out there. Obviously, a financial advisor appt might be in my future.

51 years old. I have a good amount of money in my 401k, which was transitioned from a Profit-Sharing plan after my company was acquired.
Wife has a traditional 401k also with a fair amount of money in it.
We each have a Roth IRA with a much smaller amount.

Currently we have our dollars spread out over several mutual funds. We have done very well just letting things ride.

Should we be doing something else?

Well, what’s your goal? How close are you to that goal. Much different answer here if you are hoping/planning to retire at 55 than at 67.

Great question. My 401k is currently managed by Empower. Using their tool and entering 59 as my retirement age, it states I am at 100% of my goal.

I understand your question, but I was looking for more high-level, basic advice. This is probably why an appt with an advisor would be wise.
I knew enough 20 years ago to just sit it and forget it, but as I get closer, I wonder if there are things I should be doing that I'm not.

Have enough cash on hand to get through an emergency (6 months of expenses if possible). Don’t have any high interest debt. Do Roth as much as you can, HSA as well if eligible. After that, it all depends on what you want to do - what your goal is, to know how to best utilize different account structures.

 

[Sand]

Ok, I am just going to throw this out there. Obviously, a financial advisor appt might be in my future.

51 years old. I have a good amount of money in my 401k, which was transitioned from a Profit-Sharing plan after my company was acquired.
Wife has a traditional 401k also with a fair amount of money in it.
We each have a Roth IRA with a much smaller amount.

Currently we have our dollars spread out over several mutual funds. We have done very well just letting things ride.

Should we be doing something else?

Well, what’s your goal? How close are you to that goal. Much different answer here if you are hoping/planning to retire at 55 than at 67.

Great question. My 401k is currently managed by Empower. Using their tool and entering 59 as my retirement age, it states I am at 100% of my goal.

I understand your question, but I was looking for more high-level, basic advice. This is probably why an appt with an advisor would be wise.
I knew enough 20 years ago to just sit it and forget it, but as I get closer, I wonder if there are things I should be doing that I'm not.

Just remember a FA will typically want 1% of your 4% withdrawal rate. If you can find a fixed fee person that may be more economical.

On the practical stuff 59 leaves you 6 years until Medicare. Do you have retiree medical through your company? If not you need to figure out that coverage. Easiest way to do that is build up enough money in a regular brokerage account to control your income until 65 so you can get subsidies with an ACA plan. Having the ability to control your taxable income can end up saving you a lot. So not knowing anything other than a couple sentences there that's what I'd look into.

 

[Payne]

Ok, I am just going to throw this out there. Obviously, a financial advisor appt might be in my future.

51 years old. I have a good amount of money in my 401k, which was transitioned from a Profit-Sharing plan after my company was acquired.
Wife has a traditional 401k also with a fair amount of money in it.
We each have a Roth IRA with a much smaller amount.

Currently we have our dollars spread out over several mutual funds. We have done very well just letting things ride.

Should we be doing something else?

Well, what’s your goal? How close are you to that goal. Much different answer here if you are hoping/planning to retire at 55 than at 67.

Great question. My 401k is currently managed by Empower. Using their tool and entering 59 as my retirement age, it states I am at 100% of my goal.

I understand your question, but I was looking for more high-level, basic advice. This is probably why an appt with an advisor would be wise.
I knew enough 20 years ago to just sit it and forget it, but as I get closer, I wonder if there are things I should be doing that I'm not.

Have enough cash on hand to get through an emergency (6 months of expenses if possible). Don’t have any high interest debt. Do Roth as much as you can, HSA as well if eligible. After that, it all depends on what you want to do - what your goal is, to know how to best utilize different account structures.

Have cash on hand. Do have some debt including some parental student loans for daughters. Should have hit the 529 more.
Looking back I would have preferred a better balance between our 401k's and 529's.
My wife likes to say "we made our kids rich".

I am no longer able to fund an HSA. My company was merged (closed) shortly after we were acquired, and I lost my job in 2023.
Do not have an HD HSA plan at new employer. However, I do have about $15k currently sitting in my HSA account.

 

[Payne]

Ok, I am just going to throw this out there. Obviously, a financial advisor appt might be in my future.

51 years old. I have a good amount of money in my 401k, which was transitioned from a Profit-Sharing plan after my company was acquired.
Wife has a traditional 401k also with a fair amount of money in it.
We each have a Roth IRA with a much smaller amount.

Currently we have our dollars spread out over several mutual funds. We have done very well just letting things ride.

Should we be doing something else?

Well, what’s your goal? How close are you to that goal. Much different answer here if you are hoping/planning to retire at 55 than at 67.

Great question. My 401k is currently managed by Empower. Using their tool and entering 59 as my retirement age, it states I am at 100% of my goal.

I understand your question, but I was looking for more high-level, basic advice. This is probably why an appt with an advisor would be wise.
I knew enough 20 years ago to just sit it and forget it, but as I get closer, I wonder if there are things I should be doing that I'm not.

Just remember a FA will typically want 1% of your 4% withdrawal rate. If you can find a fixed fee person that may be more economical.

On the practical stuff 59 leaves you 6 years until Medicare. Do you have retiree medical through your company? If not you need to figure out that coverage. Easiest way to do that is build up enough money in a regular brokerage account to control your income until 65 so you can get subsidies with an ACA plan. Having the ability to control your taxable income can end up saving you a lot. So not knowing anything other than a couple sentences there that's what I'd look into.

Can you elaborate or direct me to where I can educate myself in regard to the highlighted above.
How is a brokerage account funded? Cash in bank?

My old 401k is just sitting there. I believe my options are I can leave it, transfer it to new 401k or move to traditional IRA.

Appreciate everything.

 

[Sand]

Ok, I am just going to throw this out there. Obviously, a financial advisor appt might be in my future.

51 years old. I have a good amount of money in my 401k, which was transitioned from a Profit-Sharing plan after my company was acquired.
Wife has a traditional 401k also with a fair amount of money in it.
We each have a Roth IRA with a much smaller amount.

Currently we have our dollars spread out over several mutual funds. We have done very well just letting things ride.

Should we be doing something else?

Well, what’s your goal? How close are you to that goal. Much different answer here if you are hoping/planning to retire at 55 than at 67.

Great question. My 401k is currently managed by Empower. Using their tool and entering 59 as my retirement age, it states I am at 100% of my goal.

I understand your question, but I was looking for more high-level, basic advice. This is probably why an appt with an advisor would be wise.
I knew enough 20 years ago to just sit it and forget it, but as I get closer, I wonder if there are things I should be doing that I'm not.

Just remember a FA will typically want 1% of your 4% withdrawal rate. If you can find a fixed fee person that may be more economical.

On the practical stuff 59 leaves you 6 years until Medicare. Do you have retiree medical through your company? If not you need to figure out that coverage. Easiest way to do that is build up enough money in a regular brokerage account to control your income until 65 so you can get subsidies with an ACA plan. Having the ability to control your taxable income can end up saving you a lot. So not knowing anything other than a couple sentences there that's what I'd look into.

Can you elaborate or direct me to where I can educate myself in regard to the highlighted above.
How is a brokerage account funded? Cash in bank?

My old 401k is just sitting there. I believe my options are I can leave it, transfer it to new 401k or move to traditional IRA.

Appreciate everything.

What I mean by brokerage is just post-tax monies. Money in a bank, savings account, regular brokerage account. Not a Roth, 401k, IRA, etc. So building up monies outside your retirement accounts. Since that money has already been taxed it isn't income when you use it (401k, regular IRA is regular income when you take it out after 59.5 years old - before that it's regular income plus a 10% penalty).

Since that money is already taxed and doesn't have to be regular income like a 401k withdrawal does you can do some cool things with it - take out enough 401k/IRA monies to get to the standard deduction (and maybe a bit more) and then use regular money for expenses. To the IRS this means you earned 30k this year and if you need ACA insurance you'd get pretty good subsidies. It's all a money shell game to (legally!) keep as much money in your pocket and out of the IRS's hands as possible.

 

[matttyl]

Ok, I am just going to throw this out there. Obviously, a financial advisor appt might be in my future.

51 years old. I have a good amount of money in my 401k, which was transitioned from a Profit-Sharing plan after my company was acquired.
Wife has a traditional 401k also with a fair amount of money in it.
We each have a Roth IRA with a much smaller amount.

Currently we have our dollars spread out over several mutual funds. We have done very well just letting things ride.

Should we be doing something else?

Well, what’s your goal? How close are you to that goal. Much different answer here if you are hoping/planning to retire at 55 than at 67.

Great question. My 401k is currently managed by Empower. Using their tool and entering 59 as my retirement age, it states I am at 100% of my goal.

I understand your question, but I was looking for more high-level, basic advice. This is probably why an appt with an advisor would be wise.
I knew enough 20 years ago to just sit it and forget it, but as I get closer, I wonder if there are things I should be doing that I'm not.

Have enough cash on hand to get through an emergency (6 months of expenses if possible). Don’t have any high interest debt. Do Roth as much as you can, HSA as well if eligible. After that, it all depends on what you want to do - what your goal is, to know how to best utilize different account structures.

Have cash on hand. Do have some debt including some parental student loans for daughters. Should have hit the 529 more.
Looking back I would have preferred a better balance between our 401k's and 529's.
My wife likes to say "we made our kids rich".

I am no longer able to fund an HSA. My company was merged (closed) shortly after we were acquired, and I lost my job in 2023.
Do not have an HD HSA plan at new employer. However, I do have about $15k currently sitting in my HSA account.

Reading your answers below, I think it again comes back to what do you want to do? You’re 51, and currently working. When would you like to retire? If after 59.5, you’ll have (penalty free) access to your 401k. If before that, you’ll need to adjust your plan, possibly incorporating a brokerage account (after tax bucket). If you’re planning on closer to 65/67, then you’ll not only have access to your 401k, but also social security. Lots of factors to consider.

Personally, my plan is to be financially independent as quickly as possible, within reason. I’m younger than you (wife and I still in early 40s), with a kid in the 3rd grade - but as my job centers around health insurance sales - one government shift and I could be out of a job, or at least out of that particular income stream. I’d like to be able to go do something because I want to, not because I have to, by age 55 or so. Because of that I’m trying to use all three types of “buckets” for money - pretax (traditional 401k and IRA), tax free (Roth and HSA) as well as after tax (brokerage) as each work differently in both accumulation rules as well as distribution rules when it comes to taxes. Your results could vary, and likely do.

 

[Peggy]

So I consider the pension separate from our investment portfolio, but feel confident with a higher equity allocation in retirement, possibly 80/20.

I think this is a better way to think of it than i have been. I'm not sure it should replace a bond allocation, but instead allow for more risk leading to and into retirement like you say. In a way I suppose that's kind of the same thing, but another layer of diversity. Perhaps a pension allows for (just spitballing) an 80/20 instead of 70/30 or 60/40 with similar risk without one.

Staying close to 100% equities minus EF and dry powder for the next 3-5 years and then begin to derisk towards an 80/20 split doesn't seem unreasonable or reckless. Thanks for your thoughts.

If I were you I would think about starting to build to the 80/20 split earlier. Wouldn't want to sell big chunk in a down market but slowly building to 20% makes sense - like 2 to 3% per year.

That’s what we’re doing. The only question right now is when to start and how fast to get to the desired allocation. There isn’t a “right” answer imo.

I prefer getting to your desired allocation right away. That way you can rebalance in the current volatile market selling high and buying low. I've rebalanced twice in the last two months.

 

[Peggy]

Ok, I am just going to throw this out there. Obviously, a financial advisor appt might be in my future.

51 years old. I have a good amount of money in my 401k, which was transitioned from a Profit-Sharing plan after my company was acquired.
Wife has a traditional 401k also with a fair amount of money in it.
We each have a Roth IRA with a much smaller amount.

Currently we have our dollars spread out over several mutual funds. We have done very well just letting things ride.

Should we be doing something else?

Well, what’s your goal? How close are you to that goal. Much different answer here if you are hoping/planning to retire at 55 than at 67.

Great question. My 401k is currently managed by Empower. Using their tool and entering 59 as my retirement age, it states I am at 100% of my goal.

I understand your question, but I was looking for more high-level, basic advice. This is probably why an appt with an advisor would be wise.
I knew enough 20 years ago to just sit it and forget it, but as I get closer, I wonder if there are things I should be doing that I'm not.

Just remember a FA will typically want 1% of your 4% withdrawal rate. If you can find a fixed fee person that may be more economical.

On the practical stuff 59 leaves you 6 years until Medicare. Do you have retiree medical through your company? If not you need to figure out that coverage. Easiest way to do that is build up enough money in a regular brokerage account to control your income until 65 so you can get subsidies with an ACA plan. Having the ability to control your taxable income can end up saving you a lot. So not knowing anything other than a couple sentences there that's what I'd look into.

Can you elaborate or direct me to where I can educate myself in regard to the highlighted above.
How is a brokerage account funded? Cash in bank?

My old 401k is just sitting there. I believe my options are I can leave it, transfer it to new 401k or move to traditional IRA.

Appreciate everything.

Yes, brokerage is just cash at a bank that let's you invest it. It's a taxable account though so you can't just buy and sell without tax consequences like you can in a retirement account. If you have the cash you'd want to use that in retirement first though, usually, why the retirement accounts grow tax sheltered.

If you transfer your 401K to a regular IRA you wouldnt be able to do backdoor roth conversations any longer. But you do want it somewhere where you can invest it how you see fit.

I wouldn't pay a financial advisor, the basics and fundamentals are pretty easy to learn. There are a bunch of book recommendations in the Retire Early thread.

 

[-OZ-]

So I consider the pension separate from our investment portfolio, but feel confident with a higher equity allocation in retirement, possibly 80/20.

I think this is a better way to think of it than i have been. I'm not sure it should replace a bond allocation, but instead allow for more risk leading to and into retirement like you say. In a way I suppose that's kind of the same thing, but another layer of diversity. Perhaps a pension allows for (just spitballing) an 80/20 instead of 70/30 or 60/40 with similar risk without one.

Staying close to 100% equities minus EF and dry powder for the next 3-5 years and then begin to derisk towards an 80/20 split doesn't seem unreasonable or reckless. Thanks for your thoughts.

If I were you I would think about starting to build to the 80/20 split earlier. Wouldn't want to sell big chunk in a down market but slowly building to 20% makes sense - like 2 to 3% per year.

That’s what we’re doing. The only question right now is when to start and how fast to get to the desired allocation. There isn’t a “right” answer imo.

I prefer getting to your desired allocation right away. That way you can rebalance in the current volatile market selling high and buying low. I've rebalanced twice in the last two months.

Understood, and that makes sense if it works for you. For me, while I’m buying I don’t mind if things go on sale. I want the best return for my target. While in retirement, stability becomes important.

 

[jm192]

Had a decent sized money market fund on Vanguard. Threw it all into VXUS yesterday. Portfolio has gotten way lopsided with like 70% VOO/VTI.

My new aim has been to clean up which assets are in which account to make it simpler to tax loss harvest in the taxable account.

We've got like no bonds. Just our I-bonds purchases.

 

[b-snatchers]

I am starting to listen to podcasts regarding financial advice - mostly geared towards retirement. My favorite right now is Jill on Money because she answers callers questions and isn't trying to get you to join their financial institution like other shows.

Just wondering what others like for podcasts and if there are any additional recommendations of podcasts I can listen to that are similar.

 

[Runkle]

I am starting to listen to podcasts regarding financial advice - mostly geared towards retirement. My favorite right now is Jill on Money because she answers callers questions and isn't trying to get you to join their financial institution like other shows.

Just wondering what others like for podcasts and if there are any additional recommendations of podcasts I can listen to that are similar.

Partial to The Money Guy show for newbies. It gets very repetitive after a while, though... they keep hammering the same points: time in the market beats timing the market, dollar cost average, etc. They have a thing called the "financial order of operations" which lays out exactly where your money should be going in steps: first-save enough to cover your deductibles. Then max out your employer match. Then pay off high-interest debt, then build an emergency fund, contribute to a Roth IRA, then max out your other retirement funds, etc. Once you get the hang of their spiel you can dip out. They also take questions and address current topics. They are a financial planning firm so every episode ends with a pitch to sign on, but, they're clear that most people don't need it until they've got multiple millions to manage.

 

[-OZ-]

Just wondering what others like for podcasts and if there are any additional recommendations of podcasts I can listen to that are similar.

I listen to far too many. Stacking Benjamin’s is an old standby. Two sides of FI was great in the early episodes. If you want to nerd out, risk parity has good stuff but if you don’t like sound bites you’ll hate it.

 

[Desert_Power]

Just wondering what others like for podcasts and if there are any additional recommendations of podcasts I can listen to that are similar.

I listen to far too many. Stacking Benjamin’s is an old standby. Two sides of FI was great in the early episodes. If you want to nerd out, risk parity has good stuff but if you don’t like sound bites you’ll hate it.

Two sides of FI is one of the only ones I listen to each episode of when they come out.

Wonder why you put the early qualifier on it as I’ve never listened to their archive.

 

[-OZ-]

Just wondering what others like for podcasts and if there are any additional recommendations of podcasts I can listen to that are similar.

I listen to far too many. Stacking Benjamin’s is an old standby. Two sides of FI was great in the early episodes. If you want to nerd out, risk parity has good stuff but if you don’t like sound bites you’ll hate it.

Two sides of FI is one of the only ones I listen to each episode of when they come out.

Wonder why you put the early qualifier on it as I’ve never listened to their archive.

Might just be me, but I feel like their last few months haven’t been as good as previous episodes.

 

[Desert_Power]

Just wondering what others like for podcasts and if there are any additional recommendations of podcasts I can listen to that are similar.

I listen to far too many. Stacking Benjamin’s is an old standby. Two sides of FI was great in the early episodes. If you want to nerd out, risk parity has good stuff but if you don’t like sound bites you’ll hate it.

Two sides of FI is one of the only ones I listen to each episode of when they come out.

Wonder why you put the early qualifier on it as I’ve never listened to their archive.

Might just be me, but I feel like their last few months haven’t been as good as previous episodes.

They are very much in the post-FI/going through RE mindset right now. I find those conversations very interesting. YMMV, of course.

 

[Sand]

I am starting to listen to podcasts regarding financial advice - mostly geared towards retirement. My favorite right now is Jill on Money because she answers callers questions and isn't trying to get you to join their financial institution like other shows.

Just wondering what others like for podcasts and if there are any additional recommendations of podcasts I can listen to that are similar.

Partial to The Money Guy show for newbies. It gets very repetitive after a while, though... they keep hammering the same points: time in the market beats timing the market, dollar cost average, etc. They have a thing called the "financial order of operations" which lays out exactly where your money should be going in steps: first-save enough to cover your deductibles. Then max out your employer match. Then pay off high-interest debt, then build an emergency fund, contribute to a Roth IRA, then max out your other retirement funds, etc. Once you get the hang of their spiel you can dip out. They also take questions and address current topics. They are a financial planning firm so every episode ends with a pitch to sign on, but, they're clear that most people don't need it until they've got multiple millions to manage.

In other words please don't waste our time until we can extract big fees.

 

[jm192]

2nd HSA

I am starting to listen to podcasts regarding financial advice - mostly geared towards retirement. My favorite right now is Jill on Money because she answers callers questions and isn't trying to get you to join their financial institution like other shows.

Just wondering what others like for podcasts and if there are any additional recommendations of podcasts I can listen to that are similar.

Partial to The Money Guy show for newbies. It gets very repetitive after a while, though... they keep hammering the same points: time in the market beats timing the market, dollar cost average, etc. They have a thing called the "financial order of operations" which lays out exactly where your money should be going in steps: first-save enough to cover your deductibles. Then max out your employer match. Then pay off high-interest debt, then build an emergency fund, contribute to a Roth IRA, then max out your other retirement funds, etc. Once you get the hang of their spiel you can dip out. They also take questions and address current topics. They are a financial planning firm so every episode ends with a pitch to sign on, but, they're clear that most people don't need it until they've got multiple millions to manage.

In other words please don't waste our time until we can extract big fees.

Just my general impression to listening over the last few years: I think they're actually pretty decent dudes. I assume they make decent coin off the podcast. They really try to give you the information to do it yourself.

But to be fair, If you can manage 50K in investments, you can manage 10 million in investments.

If you're maintaining your investing plan and keeping your asset allocation, you're just always doing the same thing. This is a big reason I think Financial advisors that charge a % or AUM fee are a rip off. It's not like the money becomes harder to manage. You keep investing it. You let it sit there and grow. You occasionally tax loss harvest

 

[matttyl]

2nd HSA

I am starting to listen to podcasts regarding financial advice - mostly geared towards retirement. My favorite right now is Jill on Money because she answers callers questions and isn't trying to get you to join their financial institution like other shows.

Just wondering what others like for podcasts and if there are any additional recommendations of podcasts I can listen to that are similar.

Partial to The Money Guy show for newbies. It gets very repetitive after a while, though... they keep hammering the same points: time in the market beats timing the market, dollar cost average, etc. They have a thing called the "financial order of operations" which lays out exactly where your money should be going in steps: first-save enough to cover your deductibles. Then max out your employer match. Then pay off high-interest debt, then build an emergency fund, contribute to a Roth IRA, then max out your other retirement funds, etc. Once you get the hang of their spiel you can dip out. They also take questions and address current topics. They are a financial planning firm so every episode ends with a pitch to sign on, but, they're clear that most people don't need it until they've got multiple millions to manage.

In other words please don't waste our time until we can extract big fees.

Just my general impression to listening over the last few years: I think they're actually pretty decent dudes. I assume they make decent coin off the podcast. They really try to give you the information to do it yourself.

But to be fair, If you can manage 50K in investments, you can manage 10 million in investments.

If you're maintaining your investing plan and keeping your asset allocation, you're just always doing the same thing. This is a big reason I think Financial advisors that charge a % or AUM fee are a rip off. It's not like the money becomes harder to manage. You keep investing it. You let it sit there and grow. You occasionally tax loss harvest

Agreed, I think they are good dudes in general. Brian recent wrote a book which became a NYT best seller I believe. Their basic advice is pretty simple, the FOO (financial order of operations) similar to “the baby steps”, but I think is more mathematically sound and applies to more folks. It’s interesting how many people contact them with a question and their simple answer is right there in the FOO - like “I’d like to start a college savings plan for my child while paying off my 15% interest credit card, how much should I invest?” On the FOO, “high interest debt” is a step 3 deal while college savings is a step 8 deal.

All that said, their contest can be very repetitive - though I’ve been enjoying their recent line of podcasts “making a millionaire” where they take real people and do a financial checkup and give advice in real world situations. And these are real people, not the multi millionaires who already have all they will ever need. These are folks with a household income of around $100k with kids just trying to do the best they can.

 

[brun]

2nd HSA

I am starting to listen to podcasts regarding financial advice - mostly geared towards retirement. My favorite right now is Jill on Money because she answers callers questions and isn't trying to get you to join their financial institution like other shows.

Just wondering what others like for podcasts and if there are any additional recommendations of podcasts I can listen to that are similar.

Partial to The Money Guy show for newbies. It gets very repetitive after a while, though... they keep hammering the same points: time in the market beats timing the market, dollar cost average, etc. They have a thing called the "financial order of operations" which lays out exactly where your money should be going in steps: first-save enough to cover your deductibles. Then max out your employer match. Then pay off high-interest debt, then build an emergency fund, contribute to a Roth IRA, then max out your other retirement funds, etc. Once you get the hang of their spiel you can dip out. They also take questions and address current topics. They are a financial planning firm so every episode ends with a pitch to sign on, but, they're clear that most people don't need it until they've got multiple millions to manage.

In other words please don't waste our time until we can extract big fees.

Just my general impression to listening over the last few years: I think they're actually pretty decent dudes. I assume they make decent coin off the podcast. They really try to give you the information to do it yourself.

But to be fair, If you can manage 50K in investments, you can manage 10 million in investments.

If you're maintaining your investing plan and keeping your asset allocation, you're just always doing the same thing. This is a big reason I think Financial advisors that charge a % or AUM fee are a rip off. It's not like the money becomes harder to manage. You keep investing it. You let it sit there and grow. You occasionally tax loss harvest

Agreed, I think they are good dudes in general. Brian recent wrote a book which became a NYT best seller I believe. Their basic advice is pretty simple, the FOO (financial order of operations) similar to “the baby steps”, but I think is more mathematically sound and applies to more folks. It’s interesting how many people contact them with a question and their simple answer is right there in the FOO - like “I’d like to start a college savings plan for my child while paying off my 15% interest credit card, how much should I invest?” On the FOO, “high interest debt” is a step 3 deal while college savings is a step 8 deal.

All that said, their contest can be very repetitive - though I’ve been enjoying their recent line of podcasts “making a millionaire” where they take real people and do a financial checkup and give advice in real world situations. And these are real people, not the multi millionaires who already have all they will ever need. These are folks with a household income of around $100k with kids just trying to do the best they can.

Haven't seen them before. I have watched Caleb Hammer who does some entertaining financial audits, focusing on debt reduction. Found that The Money Guy show turned the tables on Caleb and audited him. Seemed like a legitimate and honest discussion.
https://youtu.be/JKeNDz0HNsQ?si=xb0ahtM_GBnie5Kk

 

[jm192]

2nd HSA has landed on Fidelity. Now just need the 401K moved from Schwab to Fidelity. But the HSA's were the bigger problem.

HSA Bank and Health Equity now both have their own investing platform. So you have to invest in their options. Health Equity has a monthly investing fee (at least on our employer plan). Our employer actually stopped using them recently. Not sure the reason. We switched to the Platinum plan in anticipation of having the twins. We're having Twins btw.

HSA Bank, I haven't seen their platform. Originally you invested through TD Ameritrate and then Schwab after the acquisition. They sent an e-mail a while back stating you would no longer be able to put money into Schwab. And all cash in Schwab would be kicked to your HSAB account. And you'd have the option to invest using their new "cutting edge" platform. I don't know what it looks like or what they charge to invest. But I'm sure it's closer to Health Equity than the freedom of Fidleity/Schwab.

 

[jm192]

I'm going to contact Schwab tomorrow to see if I can start the process to move our 401K. It's actually a decent 401K. But there's 50$ per year in fees. Which isn't a ton in the grand scheme. But I'm also paying about that for Fidelity through my current job. No sense in paying double fees.

Our schwab account--most of the investments have slightly higher expense ratios as well. It's a minor thing, another thing in favor of consolidating all of the money.

 

[matttyl]

2nd HSA

I am starting to listen to podcasts regarding financial advice - mostly geared towards retirement. My favorite right now is Jill on Money because she answers callers questions and isn't trying to get you to join their financial institution like other shows.

Just wondering what others like for podcasts and if there are any additional recommendations of podcasts I can listen to that are similar.

Partial to The Money Guy show for newbies. It gets very repetitive after a while, though... they keep hammering the same points: time in the market beats timing the market, dollar cost average, etc. They have a thing called the "financial order of operations" which lays out exactly where your money should be going in steps: first-save enough to cover your deductibles. Then max out your employer match. Then pay off high-interest debt, then build an emergency fund, contribute to a Roth IRA, then max out your other retirement funds, etc. Once you get the hang of their spiel you can dip out. They also take questions and address current topics. They are a financial planning firm so every episode ends with a pitch to sign on, but, they're clear that most people don't need it until they've got multiple millions to manage.

In other words please don't waste our time until we can extract big fees.

Just my general impression to listening over the last few years: I think they're actually pretty decent dudes. I assume they make decent coin off the podcast. They really try to give you the information to do it yourself.

But to be fair, If you can manage 50K in investments, you can manage 10 million in investments.

If you're maintaining your investing plan and keeping your asset allocation, you're just always doing the same thing. This is a big reason I think Financial advisors that charge a % or AUM fee are a rip off. It's not like the money becomes harder to manage. You keep investing it. You let it sit there and grow. You occasionally tax loss harvest

Agreed, I think they are good dudes in general. Brian recent wrote a book which became a NYT best seller I believe. Their basic advice is pretty simple, the FOO (financial order of operations) similar to “the baby steps”, but I think is more mathematically sound and applies to more folks. It’s interesting how many people contact them with a question and their simple answer is right there in the FOO - like “I’d like to start a college savings plan for my child while paying off my 15% interest credit card, how much should I invest?” On the FOO, “high interest debt” is a step 3 deal while college savings is a step 8 deal.

All that said, their contest can be very repetitive - though I’ve been enjoying their recent line of podcasts “making a millionaire” where they take real people and do a financial checkup and give advice in real world situations. And these are real people, not the multi millionaires who already have all they will ever need. These are folks with a household income of around $100k with kids just trying to do the best they can.

Haven't seen them before. I have watched Caleb Hammer who does some entertaining financial audits, focusing on debt reduction. Found that The Money Guy show turned the tables on Caleb and audited him. Seemed like a legitimate and honest discussion.
https://youtu.be/JKeNDz0HNsQ?si=xb0ahtM_GBnie5Kk

Yes, they are very friendly with one another - likely to feed off of each others audiences. My wife loves listening to Caleb, but she doesn’t get much financial information out of it since the vast majority on his show is in massive debt and isn’t yet at a place where they can invest. The exceptions are the only fan ladies who have massive incomes, but they are also just on his show to grow their own audience.

 

[-OZ-]

2nd HSA

I am starting to listen to podcasts regarding financial advice - mostly geared towards retirement. My favorite right now is Jill on Money because she answers callers questions and isn't trying to get you to join their financial institution like other shows.

Just wondering what others like for podcasts and if there are any additional recommendations of podcasts I can listen to that are similar.

Partial to The Money Guy show for newbies. It gets very repetitive after a while, though... they keep hammering the same points: time in the market beats timing the market, dollar cost average, etc. They have a thing called the "financial order of operations" which lays out exactly where your money should be going in steps: first-save enough to cover your deductibles. Then max out your employer match. Then pay off high-interest debt, then build an emergency fund, contribute to a Roth IRA, then max out your other retirement funds, etc. Once you get the hang of their spiel you can dip out. They also take questions and address current topics. They are a financial planning firm so every episode ends with a pitch to sign on, but, they're clear that most people don't need it until they've got multiple millions to manage.

In other words please don't waste our time until we can extract big fees.

Just my general impression to listening over the last few years: I think they're actually pretty decent dudes. I assume they make decent coin off the podcast. They really try to give you the information to do it yourself.

But to be fair, If you can manage 50K in investments, you can manage 10 million in investments.

If you're maintaining your investing plan and keeping your asset allocation, you're just always doing the same thing. This is a big reason I think Financial advisors that charge a % or AUM fee are a rip off. It's not like the money becomes harder to manage. You keep investing it. You let it sit there and grow. You occasionally tax loss harvest

Agreed, I think they are good dudes in general. Brian recent wrote a book which became a NYT best seller I believe. Their basic advice is pretty simple, the FOO (financial order of operations) similar to “the baby steps”, but I think is more mathematically sound and applies to more folks. It’s interesting how many people contact them with a question and their simple answer is right there in the FOO - like “I’d like to start a college savings plan for my child while paying off my 15% interest credit card, how much should I invest?” On the FOO, “high interest debt” is a step 3 deal while college savings is a step 8 deal.

All that said, their contest can be very repetitive - though I’ve been enjoying their recent line of podcasts “making a millionaire” where they take real people and do a financial checkup and give advice in real world situations. And these are real people, not the multi millionaires who already have all they will ever need. These are folks with a household income of around $100k with kids just trying to do the best they can.

Have you tried the Pete the planner podcast? You might like it. Also money for couples with rahmit Sethi. I stopped listening to him a while ago but he dies the case study approach.

 

[jm192]

Fidelity is down this morning. Confirmed on Reddit others are having the same issue. Kind of an annoying day to have an issue. Should have invested the HSA money on Friday.

 

[-OZ-]

Markets looking sexy this morning.

Still not back to the highs but hopefully nobody pulled their investments out last month.

 

[Runkle]

I am starting to listen to podcasts regarding financial advice - mostly geared towards retirement. My favorite right now is Jill on Money because she answers callers questions and isn't trying to get you to join their financial institution like other shows.

Just wondering what others like for podcasts and if there are any additional recommendations of podcasts I can listen to that are similar.

Partial to The Money Guy show for newbies. It gets very repetitive after a while, though... they keep hammering the same points: time in the market beats timing the market, dollar cost average, etc. They have a thing called the "financial order of operations" which lays out exactly where your money should be going in steps: first-save enough to cover your deductibles. Then max out your employer match. Then pay off high-interest debt, then build an emergency fund, contribute to a Roth IRA, then max out your other retirement funds, etc. Once you get the hang of their spiel you can dip out. They also take questions and address current topics. They are a financial planning firm so every episode ends with a pitch to sign on, but, they're clear that most people don't need it until they've got multiple millions to manage.

In other words please don't waste our time until we can extract big fees.

The pitch is very much along the lines of "when you do need advice from someone who's seen it all and done it a thousand times, you don't need to come to us, but what you do want to look for is a fee-only fiduciary"