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How many totally manage their own nest egg?
11-15-2019, 04:45 PM
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#1
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Full time employment: Posting here.
Join Date: Sep 2017
Posts: 816
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How many totally manage their own nest egg?
I am curious ... how many folks totally manage their finances themselves ... no FA or service?
We currently have a FA (Raymond James) managing just my IRA. (~$440K).
I also have a 401k and pension that I will be getting plus my wife has a 403B and pension. His fee is 1.3%. I am not excited about that and am thinking of moving everything into Vanguard index funds when I retire next year ... no FA. I would like to be a hands-off investor.
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11-15-2019, 04:46 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,000
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This needs a poll...
To answer the question, I do.
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Numbers is hard
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11-15-2019, 04:49 PM
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#3
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Recycles dryer sheets
Join Date: Apr 2016
Posts: 191
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Using index funds makes self-management possible - all you'll really need to do, after determining which funds and your allocation to them, is to re-balance periodically.
I manage all our finances myself, but, importantly, I've also identified a FA my wife could work with after my death, should I die before her. This is a person I trust and who is familiar with my approach.
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11-15-2019, 04:51 PM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 37,931
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We do. Seems like most here do.
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Retired since summer 1999.
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11-15-2019, 04:54 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Jan 2018
Location: Elyria, OH
Posts: 1,937
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I agree that a poll would be more helpful. Otherwise, yes, I manage our finances and investments without any outside assistance.
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11-15-2019, 04:54 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Aug 2014
Location: Chicago West Burbs
Posts: 2,996
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I do for both DW and myself.
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11-15-2019, 04:55 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2008
Posts: 12,566
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Have never had a FA. We do have a CPA to do our taxes. Every year I say "This year we'll do them ourselves!" and then something happens to shake my confidence.
__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
Even a blind clock finds an acorn twice a day.
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11-15-2019, 04:55 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2017
Location: City
Posts: 10,308
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We have never paid anyone to run our money and certainly would never pay 1.3%.
Here is a chart that I use with my investment class:
Buy and read "The Coffeehouse Investor" by Bill Schultheis and "The Bogleheads' Guide to Investing" by Larimore et al and you will know more than your FA.
Re moving everything to Vanguard Index Funds "next year," you should be there now. Why wait a year, which will almost certainly cost you at least 2% in underperformance? That's more than his fee.
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11-15-2019, 05:04 PM
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#9
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Recycles dryer sheets
Join Date: Jul 2019
Posts: 415
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I manage all of my own finances. A few years ago I moved all of my larger accounts over to Vanguard. I use the main indexes and branch out to some specialised funds for diversity. They offer good tools for research and I love the fact that I only have to look at one screen for my financial picture. Why pay someone for something that I can do.
Just remember to KISS (Keep It Simple Stupid)
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11-15-2019, 05:06 PM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2012
Location: Seattle
Posts: 5,991
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I pay a fund manager 4% a year to manage our portfolio. He just happens to be me.
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11-15-2019, 05:13 PM
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#11
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Recycles dryer sheets
Join Date: Mar 2016
Location: SoCal
Posts: 353
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with the help of good people on this forum and boglehead I am now managing my own account with just 3 funds.
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11-15-2019, 05:17 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Oct 2013
Location: Cholula
Posts: 1,595
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Solo.
__________________
“Before you criticize someone, walk a mile in their shoes. That way, you’ll be a mile from them, and you’ll have their shoes.” – Jack Handey
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11-15-2019, 05:19 PM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
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DIY.... but I am a retired CPA and worked in the finance industry... but it's not rocket science and I think that anyone with a good head on their shoulders can easily DIY.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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11-15-2019, 05:26 PM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,197
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Quote:
Originally Posted by vipertom1970
with the help of good people on this forum and boglehead I am now managing my own account with just 3 funds.
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Exactly the same for me. (Plus CD's)
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TGIM
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11-15-2019, 05:27 PM
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#15
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Recycles dryer sheets
Join Date: Jul 2008
Location: .
Posts: 398
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Quote:
Originally Posted by REWahoo
This needs a poll...
To answer the question, I do.
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+1
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"If things go wrong, don't go with them" -Roger Babson
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11-15-2019, 05:30 PM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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I can't afford a financial advisor, though I told my wife that if I get too senile to go to Vanguard and pay the 0.3%
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11-15-2019, 05:31 PM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Even index funds have managers.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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11-15-2019, 05:32 PM
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#18
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Recycles dryer sheets
Join Date: Jul 2018
Posts: 327
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Quote:
Originally Posted by vipertom1970
with the help of good people on this forum and boglehead I am now managing my own account.
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I had a FA but after a couple of years when he was making more money off my funds than me. We parted ways but i got a few more than 3 funds.
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11-15-2019, 05:32 PM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2017
Location: City
Posts: 10,308
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Quote:
Originally Posted by ziggy29
Even index funds have managers.
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Computers, mostly. And index funds don't have advisors, which is the OP's context.
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11-15-2019, 05:38 PM
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#20
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,468
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Quote:
Originally Posted by albireo13
I am curious ... how many folks totally manage their finances themselves ... no FA or service?
We currently have a FA (Raymond James) managing just my IRA. (~$440K).
I also have a 401k and pension that I will be getting plus my wife has a 403B and pension. His fee is 1.3%. I am not excited about that and am thinking of moving everything into Vanguard index funds when I retire next year ... no FA. I would like to be a hands-off investor.
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I have never had an FA, a service, or even advice. I am almost entirely self taught. Well, except when I was 5-6 years old my now dead father told me to always diversify. Took me a while to figure that one out. Later when I was first starting out my big brother told me about Vanguard. Then I found "Vanguard Diehards" on the Morningstar site, and when it went a bit crazy I followed over to the (then new) Bogleheads website that splintered off of it. I got most of my understanding of investing from reading and studying books on the Bogleheads book list. That's it in a nutshell. I am a buy and hold index fund investor, with Vanguard and the TSP (=401K).
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Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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