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So new mix will be the following:
Vanguard Institutional Index (S&P 500) - 20%
Vanguard Total International Stock Index Fund;Investor -25%
Vanguard REIT Index Fund;Institutional - 5%
Vanguard Mid-Cap Index Fund;Institutional -10%
Vanguard EM Fund - 10%
Templeton Emerging Markets Fund - 10%
Vanguard Total Bond Market Index Fund - 10%
Vanguard Small Cap Index Fund - 10%
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Not too bad. A few changes I'd suggest.
1) Ditch templeton EM fund. Stick with the low-cost vanguard fund. EM in a market allocation makes up around 20% of foreign holdings - you are significantly overweight to EM. That may be intentional and its not wrong, but make sure you understand why you are doing it.
2) Increase REIT slice to 10% and possibly 15% - excellent diversifier - offers equity-like returns with low correlations to large-cap funds.
Some may say midcaps are optional. When you look at returns, midcaps are highly correlated to large cap stocks and thus offer very little correlation benefit. Some would hold just s&p and small cap, perhaps in a 70/30 ratio to overweight smalls. I think this is just an academic exercise - no need to change what you're doing.
Also, perhaps the most important thing. Don't treat your 401k as a separate portfolio IF you have other accounts - Roths, taxable, etc. You should strive to treat all your money as ONE portfolio rather than X portfolios.
Last but not least. At 24, you have your head in the right place. Work hard at funding your retirement accounts and you'll be a rich man before you know it. I started when I was your age (man I sound old, I'm only 28) and I have already far surpassed where I thought I'd be just 4 years later.
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