I have to ask- what do you and/or your DH do for a living?
And is the company hiring?
Your budget looks great! If you think your assets are too liquid why not talk to your financial advisor about your options. I assume with that much money you do have one right?
I have to ask- what do you and/or your DH do for a living?
And is the company hiring?
Your budget looks great! If you think your assets are too liquid why not talk to your financial advisor about your options. I assume with that much money you do have one right?
Yes and no. We need a new advisor, but we need someone to have full discretion over the accounts because I'm restricted in what financial products I can buy/trade because of my job, and we haven't found that person yet.
a lot of things look a bit low to me, but maybe you are paying for extras out of slush and not accounting for them? Or maybe you really don't splurge a lot and that's why you're in such a good position.
I hope you can find a good planner, because you should definitely have one. Maybe it will help your H to hear better options for his cash from a 3rd party.
Annnd, with that I'm out because this is way out of my league.
Your budget looks great! If you think your assets are too liquid why not talk to your financial advisor about your options. I assume with that much money you do have one right?
Yes and no. We need a new advisor, but we need someone to have full discretion over the accounts because I'm restricted in what financial products I can buy/trade because of my job, and we haven't found that person yet.
I would make this a priority. Having a quality advisor handling all aspects of your portfolio is crucial.
I am crying for you thinking of all the opportunities you missed this year by sitting in cash. You are at a level where you can still hold enough to feel comfy while taking advantage of investments. It's a both/and game not an either/or.
Yes and no. We need a new advisor, but we need someone to have full discretion over the accounts because I'm restricted in what financial products I can buy/trade because of my job, and we haven't found that person yet.
I would make this a priority. Having a quality advisor handling all aspects of your portfolio is crucial.
I am crying for you thinking of all the opportunities you missed this year by sitting in cash. You are at a level where you can still hold enough to feel comfy while taking advantage of investments. It's a both/and game not an either/or.
I was hoping you'd weigh in. Believe me, I'm right there with you. We have a meeting to speak with someone new in January. I've been pushing for this for a while. We're invested, but still have way too much cash.
I'm sure your firm has clients like me who, for instance, need permission before buying stocks. My boss/colleagues say this can be circumvented through discretionary accounts. Any thoughts on that?
I'm sure your firm has clients like me who, for instance, need permission before buying stocks. My boss/colleagues say this can be circumvented through discretionary accounts. Any thoughts on that?
We sure do! 100% of our accounts are fully discretionary meaning we make all buy/sell decisions.
Exact procedure varies a little bit based on your particular workplace and your compliance department but what we usually do is submit a copy of our "Investment Management Agreement" to compliance. This is the contract signed between each client and our firm laying out the terms of our agreement and clearly explains that the client is not making the decisions. This usually gets you out of pre-clearance obligations although you will most likely still have to submit quarterly statements to your firm (we just set them up as a statement recipient)
Please feel free to send me a pm if you want to chat more or ask questions off-board. I am pretty familiar with this subject.
2. I've allowed myself to lose my sense of what things should cost. I hate that about myself.
obviously you're doing extremely well considering your monthly expenses v. income! I love seeing how the "big dogs" actually live.
can you talk a little more about this? I'm curious.
I just feel like I don't look at prices. For instance, I buy gas when I need it, I don't look at the price or look for the cheapest gas station. I buy the foods I like, I don't see if another brand of the same thing is cheaper. I need to pay more attention.
I'm sure your firm has clients like me who, for instance, need permission before buying stocks. My boss/colleagues say this can be circumvented through discretionary accounts. Any thoughts on that?
We sure do! 100% of our accounts are fully discretionary meaning we make all buy/sell decisions.
Exact procedure varies a little bit based on your particular workplace and your compliance department but what we usually do is submit a copy of our "Investment Management Agreement" to compliance. This is the contract signed between each client and our firm laying out the terms of our agreement and clearly explains that the client is not making the decisions. This usually gets you out of pre-clearance obligations although you will most likely still have to submit quarterly statements to your firm (we just set them up as a statement recipient)
Please feel free to send me a pm if you want to chat more or ask questions off-board. I am pretty familiar with this subject.
Thank you! I might take you up on that. Yes, my firm gets reporting on all our accounts.
You guys are fine, why feel bad about not having to price shop if you don't have or remember to? Don't stress!
I am never surprised to hear a person in finance sitting on a pile of cash. I cannot tell you how many of my former co-workers were and still are in the same position as you. You guys are doing the right thing by finding an advisor!
obviously you're doing extremely well considering your monthly expenses v. income! I love seeing how the "big dogs" actually live.
can you talk a little more about this? I'm curious.
I just feel like I don't look at prices. For instance, I buy gas when I need it, I don't look at the price or look for the cheapest gas station. I buy the foods I like, I don't see if another brand of the same thing is cheaper. I need to pay more attention.