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    Should I consult a financial planner?

    I am 43M, married, no kids, 37F spouse.

    Wife can't be bothered with finances. Pretty much all my decisions. I want to make sure I don't make any mistakes, and if I pass away, want my wife to have a comfortable life. We are both in good health.

    We reached a pretty big milestone – $2m net worth (including real estate).

    • Cash assets – $29,781.62
    • Various investments – $1,681,666.65
    • Mortgage – (-$220,636.04)
    • Real Estate (primary and rental) – $544,622.00

    I am wondering if now would be a good time to consult a financial planner and make sure there are no blind spots.

    My big concerns are these –

    • My entire portfolio is VTSAX and FXAIX. I went all Jim Colins. How can I structure my portfolio to be more diversified?

    • Review my insurance. Home, auto, health etc.

    • We are going through IVF. If our efforts work, I am going to be a dad in my 40s. Scary. How do I navigate this?

    • Take care of aging parents.

    Those are just the big picture items. Any thoughts?

    Should I consult a financial planner?
    byu/DevelopmentOwn4977 inpersonalfinance



    Posted by DevelopmentOwn4977

    4 Comments

    1. thedancingwireless on

      Personally I think the sidebar has everything you need BUT A one-time consult with a fee only fiduciary would run you a couple thousand bucks and put your mind at ease. Sidebar has info on finding and selecting one.

    2. DaMiddle on

      Go on Early Retirement or Bogleheads and learn to do it yourself and save $20,000/year for the rest of your life.

    3. exconsultingguy on

      Nothing unique about your situation – everything you’re worried about has been done and documented thousands of times. Either you pay someone to tell you everything is ok or not (and trust them because they’re more than likely not going to teach you) or learn a bit about finances and decide for yourself.

      I’d keep everything as is and revisit this when you’re closer to retirement. You’re still in the accumulation phase and I don’t see any major actions you need to take.

    4. BouncyEgg on

      > How can I structure my portfolio to be more diversified?

      By adding things you do not already hold. You don’t need to pay a FA to figure that out.

      —

      Consider reviewing the PF Wiki, section on Investing.

      * https://www.reddit.com/r/personalfinance/wiki/index#wiki_investing

      —

      I like this chart by u/apollosmith which highlights the funds necessary to construct a comprehensive and well diversified portfolio.

      * https://smithplanet.com/stuff/BogleheadFunds.svg

      > Review my insurance. Home, auto, health etc.

      Consult with a few independent insurance brokers in your area. Yes, they’re incentivized to sell you stuff, but you don’t have to go with the first person you meet with. Talk to a bunch of them. The biggest benefit is that they can shop *multiple* insurers on your behalf and give you quotes. As you gather quotes, you can compare them and decide what is worth it. And you’ll get a general sense of which broker is steering you in a direction that makes sense to you.

      > We are going through IVF. If our efforts work, I am going to be a dad in my 40s. Scary. How do I navigate this?

      No different than what you’re doing now.

      Follow the Prime Directive and then if there is anything remaining, save/invest for the Child’s future.

      —

      Sounds like you are asking about a framework for what to do with money.

      Start with reviewing the Prime Directive in the PF Wiki. It will answer your question and many other questions you didn’t realize you should be asking.

      * https://www.reddit.com//r/personalfinance/wiki/commontopics

      —

      See u/billthecatt’s comment here which elegantly goes over various options for child saving/investing.

      * https://www.reddit.com/r/personalfinance/comments/104tjyn/first_child_seeking_guidance_to_begin_a_nest_egg/j36u2dm/

      > Take care of aging parents.

      Take care of yourself/family/retirement first.

      Then if there is left over, write in a line item expense in your budget called “Aging Parents’ Retirement” and allocate income to it as you see fit.

      > Those are just the big picture items. Any thoughts?

      Nothing you’ve identified requires a FA.

      If you want one, that’s fine. But it would be higher yield to review the PF Wiki before you do.

      * https://www.reddit.com/r/personalfinance/wiki/

      Especially the section on FAs.

      * https://www.reddit.com/r/personalfinance/wiki/financialadvisors

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