2021 Check Up. 31 Years Old. NW $5M.
2021 Check Up. 31 Years Old. NW $5M.
Hi everyone! I hope folks are staying safe during the pandemic. I thought it was a good time to go through my portfolio and see if anything needs some tinkering. I'm adding some screenshots of my portfolio details below. Overall I'd love a gut check on if there's anything out of the ordinary that needs immediate attention, and whether there are some things I can improve on.
Tax Filing Status: Married.
State of Residence: NY
Age: 31 (No kids)
I was curious if there's anything completely out of the ordinary? Here's what the buckets mean:
Equity (Funds): Index funds plus retirement accounts. Primarily VTI plus maybe 5% bonds. Pretty aggressive I know.
Cash: Downpayment and emergency fund. Ideally this would be $300k downpayment and $100k emergency, but it's a bit levered up right now in case I owe taxes next month.
Equity (Individual): Individual tech stocks I've accumulated over time. Some from previous employers. Think Apple, Amazon, Tesla, etc.
Art: This is my hobby fund. The assets here are highly liquid if I ever need to sell. I don't expect everyone to love this, but this is my "sports car".
Crypto: HODL
We also max out our IRA/401K each year, have umbrella policy, etc.
Tax Filing Status: Married.
State of Residence: NY
Age: 31 (No kids)
I was curious if there's anything completely out of the ordinary? Here's what the buckets mean:
Equity (Funds): Index funds plus retirement accounts. Primarily VTI plus maybe 5% bonds. Pretty aggressive I know.
Cash: Downpayment and emergency fund. Ideally this would be $300k downpayment and $100k emergency, but it's a bit levered up right now in case I owe taxes next month.
Equity (Individual): Individual tech stocks I've accumulated over time. Some from previous employers. Think Apple, Amazon, Tesla, etc.
Art: This is my hobby fund. The assets here are highly liquid if I ever need to sell. I don't expect everyone to love this, but this is my "sports car".
Crypto: HODL
We also max out our IRA/401K each year, have umbrella policy, etc.
Re: 2021 Check Up. 31 Years Old. NW $5M.
I mean the elephant in the room is 31 years old and $5 million, so as long as you stick to a substantial portion in index funds and don't do anything rash, you'll be fine, right? I guess it depends on what you need for spending too.
To be morbid, maybe you should even be starting to look at estate tax planning, if not now then 10-15 years from now? The exemption drops to $5 million+inflation in 2026 under current law.
With regard to the individual stocks, art, and cryptocurrency, it seems like you know what you're getting into.
Why no international?
To be morbid, maybe you should even be starting to look at estate tax planning, if not now then 10-15 years from now? The exemption drops to $5 million+inflation in 2026 under current law.
With regard to the individual stocks, art, and cryptocurrency, it seems like you know what you're getting into.
Why no international?
Re: 2021 Check Up. 31 Years Old. NW $5M.
Not enough info. What funds are you invested in? On the surface, it seems like you're doing ok, but until there's a more detailed picture, its impossible to say.
Re: 2021 Check Up. 31 Years Old. NW $5M.
I like the asset allocation. If I were in your shoes I would spend time on estate planning. Do you ever expect to have children? What is your desire for your estate upon your death? You may not have an answer now, but I would spend time thinking, reading and writing on these questions.nycguy19 wrote: ↑Mon Apr 05, 2021 1:59 pm Hi everyone! I hope folks are staying safe during the pandemic. I thought it was a good time to go through my portfolio and see if anything needs some tinkering. I'm adding some screenshots of my portfolio details below. Overall I'd love a gut check on if there's anything out of the ordinary that needs immediate attention, and whether there are some things I can improve on.
Tax Filing Status: Married.
State of Residence: NY
Age: 31 (No kids)
I was curious if there's anything completely out of the ordinary? Here's what the buckets mean:
Equity (Funds): Index funds plus retirement accounts. Primarily VTI plus maybe 5% bonds. Pretty aggressive I know.
Cash: Downpayment and emergency fund. Ideally this would be $300k downpayment and $100k emergency, but it's a bit levered up right now in case I owe taxes next month.
Equity (Individual): Individual tech stocks I've accumulated over time. Some from previous employers. Think Apple, Amazon, Tesla, etc.
Art: This is my hobby fund. The assets here are highly liquid if I ever need to sell. I don't expect everyone to love this, but this is my "sports car".
Crypto: HODL
We also max out our IRA/401K each year, have umbrella policy, etc.
Do you have debt of any type, including margin loans or short equity positions? I would eliminate it.
What is your opinion on philanthropy?
Re: 2021 Check Up. 31 Years Old. NW $5M.
What is the difference between equity (individual) and equity (funds)? We do mutual funds here at Bogleheads. Dump the crypto stuff and keep it simple... VTSAX/VTIAX (or ETF equivalents). Crypto junk is highly speculative and too volatile. Art is not part of NW, that's just collectible stuff for fun, like cars.nycguy19 wrote: ↑Mon Apr 05, 2021 1:59 pm Hi everyone! I hope folks are staying safe during the pandemic. I thought it was a good time to go through my portfolio and see if anything needs some tinkering. I'm adding some screenshots of my portfolio details below. Overall I'd love a gut check on if there's anything out of the ordinary that needs immediate attention, and whether there are some things I can improve on.
Tax Filing Status: Married.
State of Residence: NY
Age: 31 (No kids)
I was curious if there's anything completely out of the ordinary? Here's what the buckets mean:
Equity (Funds): Index funds plus retirement accounts. Primarily VTI plus maybe 5% bonds. Pretty aggressive I know.
Cash: Downpayment and emergency fund. Ideally this would be $300k downpayment and $100k emergency, but it's a bit levered up right now in case I owe taxes next month.
Equity (Individual): Individual tech stocks I've accumulated over time. Some from previous employers. Think Apple, Amazon, Tesla, etc.
Art: This is my hobby fund. The assets here are highly liquid if I ever need to sell. I don't expect everyone to love this, but this is my "sports car".
Crypto: HODL
We also max out our IRA/401K each year, have umbrella policy, etc.
-TheDDC
Rules to wealth building: 75-80% VTSAX piled high and deep, 20-25% VTIAX, 0% given away to banks.
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Re: 2021 Check Up. 31 Years Old. NW $5M.
I guess I'd be concerned about your savings rate. At 31, there are not that many years before retirement and/or age-related infirmity catch up to you. $5 million is a good start but at this rate you are probably going to need to rely pretty heavily on SS income.nycguy19 wrote: ↑Mon Apr 05, 2021 1:59 pm Hi everyone! I hope folks are staying safe during the pandemic. I thought it was a good time to go through my portfolio and see if anything needs some tinkering. I'm adding some screenshots of my portfolio details below. Overall I'd love a gut check on if there's anything out of the ordinary that needs immediate attention, and whether there are some things I can improve on.
Tax Filing Status: Married.
State of Residence: NY
Age: 31 (No kids)
I was curious if there's anything completely out of the ordinary? Here's what the buckets mean:
Equity (Funds): Index funds plus retirement accounts. Primarily VTI plus maybe 5% bonds. Pretty aggressive I know.
Cash: Downpayment and emergency fund. Ideally this would be $300k downpayment and $100k emergency, but it's a bit levered up right now in case I owe taxes next month.
Equity (Individual): Individual tech stocks I've accumulated over time. Some from previous employers. Think Apple, Amazon, Tesla, etc.
Art: This is my hobby fund. The assets here are highly liquid if I ever need to sell. I don't expect everyone to love this, but this is my "sports car".
Crypto: HODL
We also max out our IRA/401K each year, have umbrella policy, etc.
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Re: 2021 Check Up. 31 Years Old. NW $5M.
Where's the real estate? Where's the gold? You have no hard assets.
Re: 2021 Check Up. 31 Years Old. NW $5M.
ElJefeDelQueso wrote: ↑Mon Apr 05, 2021 3:40 pm I guess I'd be concerned about your savings rate. At 31, there are not that many years before retirement and/or age-related infirmity catch up to you. $5 million is a good start but at this rate you are probably going to need to rely pretty heavily on SS income.
Re: 2021 Check Up. 31 Years Old. NW $5M.
What are your yearly expenses? Renting an apartment I assume? Things look pretty darn good.
Re: 2021 Check Up. 31 Years Old. NW $5M.
You’re doing very well. Even if your work equity, art, and crypto eventually go to zero, you are doing very well.
So keep up the good work. But you’re not in easy street. Now you have to live with the stress of “not screwing this up”. Like you’re streaking down the court to make the game winning lay up, just don’t miss....
You are very far ahead of the game. If you haven’t already done it, news the time to get really smart on how to manage your entire financial life. Figure out how taxes and estates work, etc etc.
So keep up the good work. But you’re not in easy street. Now you have to live with the stress of “not screwing this up”. Like you’re streaking down the court to make the game winning lay up, just don’t miss....
You are very far ahead of the game. If you haven’t already done it, news the time to get really smart on how to manage your entire financial life. Figure out how taxes and estates work, etc etc.
Re: 2021 Check Up. 31 Years Old. NW $5M.
Well done for getting to $5mn at a young age! May I ask, how’d you do it?
I’d consider diversifying the Equity (funds) outside of just VTI - perhaps add in a bit of international or EM etc. Increase tour bond allocation? Don’t know your risk profile but I’d consider dialling the risk level down a bit simply to bank more of the gains.
Ditto for the tech stocks - perhaps limit those to 10% of the portfolio and should they continue to rise, continue diversifying into a broader portfolio?
Personally think it’s great if art (how btw is this “liquid”?) and crypto are your thing, as they are only 10% of your portfolio - but realize they can also go to zero.
At this level should tax laws change (and I believe they may be!) in NYS you may also want to think about tax/estate planning. Do you have plans for kids?
So overall think about putting some limits on the individual sleeves (10% each or whatever), think how you can diversify, and consider getting life insurance / the right house/apt etc in case you are thinking about kids.
I’d consider diversifying the Equity (funds) outside of just VTI - perhaps add in a bit of international or EM etc. Increase tour bond allocation? Don’t know your risk profile but I’d consider dialling the risk level down a bit simply to bank more of the gains.
Ditto for the tech stocks - perhaps limit those to 10% of the portfolio and should they continue to rise, continue diversifying into a broader portfolio?
Personally think it’s great if art (how btw is this “liquid”?) and crypto are your thing, as they are only 10% of your portfolio - but realize they can also go to zero.
At this level should tax laws change (and I believe they may be!) in NYS you may also want to think about tax/estate planning. Do you have plans for kids?
So overall think about putting some limits on the individual sleeves (10% each or whatever), think how you can diversify, and consider getting life insurance / the right house/apt etc in case you are thinking about kids.
Re: 2021 Check Up. 31 Years Old. NW $5M.
Time to approach an estate + tax attorney for planning. Maybe time to dip into real estate.
For the entire feudal history of the world, real assets are the true force during wars. Today with current inequality, it is not much different.
For the entire feudal history of the world, real assets are the true force during wars. Today with current inequality, it is not much different.
When in doubt, http://www.bogleheads.org/forum/viewtopic.php?f=1&t=79939
Re: 2021 Check Up. 31 Years Old. NW $5M.
Tighten your belt a bit to increase your savings rate. Cut cable.
You can catch up! It will be painful but worth it in the end.
You can catch up! It will be painful but worth it in the end.
51% US / 34% ex-US / 15% “bond”
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Re: 2021 Check Up. 31 Years Old. NW $5M.
Whatever you are doing, keep doing it.
Re: 2021 Check Up. 31 Years Old. NW $5M.
This LOL
Last edited by bpg1234 on Mon Apr 05, 2021 5:06 pm, edited 1 time in total.
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Re: 2021 Check Up. 31 Years Old. NW $5M.
I'm curious how you went from about $1 million less than two years ago to the current net worth?
Re: 2021 Check Up. 31 Years Old. NW $5M.
This exactly.
Just don’t cross the streams.
Unless that’s what you’ve been doing, then do exactly that. Except more.
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Re: 2021 Check Up. 31 Years Old. NW $5M.
Me as well. Since they seem to be in tech, my guess would be the combination of an IPO and some great stock appreciation.CloseEnough wrote: ↑Mon Apr 05, 2021 5:03 pm I'm curious how you went from about $1 million less than two years ago to the current net worth?
Re: 2021 Check Up. 31 Years Old. NW $5M.
OP, here is your NW progression based on your BH posts:
July 2019 -> $1.5m
April 2020 -> $4m
April 2021 -> $5m
Both stocks and crypto have really boomed in the last 11 months but your portfolio gained only 25% and that assumes zero new contributions. I must say you aren't doing well investing wise.
July 2019 -> $1.5m
April 2020 -> $4m
April 2021 -> $5m
Both stocks and crypto have really boomed in the last 11 months but your portfolio gained only 25% and that assumes zero new contributions. I must say you aren't doing well investing wise.
Diversification is protection against ignorance - WB.
Re: 2021 Check Up. 31 Years Old. NW $5M.
The good news is when you reach age 50 you can take advantage of the catch-up extra contribution in your 401k and IRA. If you can somehow survive until then I think you'll be in OK shape
Re: 2021 Check Up. ???????????
There’s nothing shown here to help answer the big picture questions, since equites (stock) in Roth accounts means something very different than equity in tax-deferred. Instead of showing how much you have in each asset, it would be more useful to see how much of each asset is in Taxable, Tax-deferred, and Roth.
In other words, if this was all in Roth, I’d say ‘Terrific, keep doing what you’re doing’. But if this is all in tax-deferred, I’d say ‘There are some problems looming here’.
In other words, if this was all in Roth, I’d say ‘Terrific, keep doing what you’re doing’. But if this is all in tax-deferred, I’d say ‘There are some problems looming here’.
Last edited by celia on Mon Apr 05, 2021 6:26 pm, edited 1 time in total.
A dollar in Roth is worth more than a dollar in a taxable account. A dollar in taxable is worth more than a dollar in a tax-deferred account.
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Re: 2021 Check Up. 31 Years Old. NW $5M.
I think you’re doing great. Keep it up.
In addition to estate planning, maybe think about having kids while you have energy and reducing work-stress if that’s a factor.
I would also be careful to not let the individual/crypto/etc creep up to too high of a %. I would aim for 90%+ to be 3-fund.
In addition to estate planning, maybe think about having kids while you have energy and reducing work-stress if that’s a factor.
I would also be careful to not let the individual/crypto/etc creep up to too high of a %. I would aim for 90%+ to be 3-fund.
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh
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Re: 2021 Check Up. 31 Years Old. NW $5M.
Wow folks. This is supposed to be a safe place to talk about money. The OP's post seems sincere and legitimate. Being successful should not make a person an outcast at bogleheads.
OP, you are doing great. Jealousy does weird things to people.
Good luck!
OP, you are doing great. Jealousy does weird things to people.
Good luck!
Re: 2021 Check Up. 31 Years Old. NW $5M.
31 years old with over 5 million in serious assets!. Only 1 reason to be asking us if you are OK.
You are OK.
You are OK.
"Earn All You Can; Give All You Can; Save All You Can." .... John Wesley
Re: 2021 Check Up. 31 Years Old. NW $5M.
I removed several off-topic posts. As a reminder, see: General Etiquette
Our experienced members should read: Please Do Not Bite the NewcomersWe expect this forum to be a place where people can feel comfortable asking questions and where debates and discussions are conducted in civil tones.
...At all times we must conduct ourselves in a respectful manner to other posters. Attacks on individuals, insults, name calling, trolling, baiting or other attempts to sow dissension are not acceptable.
Re: 2021 Check Up. 31 Years Old. NW $5M.
+1 to those suggesting you talk to an estate planning / tax lawyer. You have a lot of assets, which also makes you a great target. You need to protect your a$$.
At a minimum, I hope you have an umbrella policy, preferably with $5 million in coverage.
At a minimum, I hope you have an umbrella policy, preferably with $5 million in coverage.
Re: 2021 Check Up. 31 Years Old. NW $5M.
I think the thing that stands out to everyone is that there is absolutely no need to post dollar numbers, yet that seems to be the most prominent thing highlighted. No real facts are provided (spending habits, special circumstances) except a very young age, and the question is, “Am I doing okay?”
Absolutely no one in their right mind would say the OP is not doing "okay." And everyone absolutely knows that Bogleheads are going to say "dump the individual stocks and crypto.”
The post may be sincere. It’s just that there's only one way a Boglehead could answer with the information given. And everyone knows that.
OP you’re doing fine.
JT
P.S. Dump the individual stocks and the cryptos. You didn’t think you were going to escape that, did you?
Absolutely no one in their right mind would say the OP is not doing "okay." And everyone absolutely knows that Bogleheads are going to say "dump the individual stocks and crypto.”
The post may be sincere. It’s just that there's only one way a Boglehead could answer with the information given. And everyone knows that.
OP you’re doing fine.
JT
P.S. Dump the individual stocks and the cryptos. You didn’t think you were going to escape that, did you?
Re: 2021 Check Up. 31 Years Old. NW $5M.
Thanks, everyone for the feedback. I agree, my post wasn't as detailed nor focused as it should have been. I actually copy/pasted much of it from the last thread I started. Totally my mistake. Reading the original post back, I understand the criticism received.
I'll try to follow up with more specifics that folks have mentioned.
I'll try to follow up with more specifics that folks have mentioned.
Great call out. Regarding April 2020 NW, much of that was including unrealized gains from a tech IPO that I ended up realizing late last year, which is dropped my NW considerably, but the increase in the markets lifted things back up to what they are today.Samosa22 wrote: ↑Mon Apr 05, 2021 5:33 pm OP, here is your NW progression based on your BH posts:
July 2019 -> $1.5m
April 2020 -> $4m
April 2021 -> $5m
Both stocks and crypto have really boomed in the last 11 months but your portfolio gained only 25% and that assumes zero new contributions. I must say you aren't doing well investing wise.
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Re: 2021 Check Up. 31 Years Old. NW $5M.
Looks pretty bleak man. Have you considered a side hustle or taking on a roommate? Also worth considering second hand clothes, bulk ramen purchases and cutting your own hair.
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Re: 2021 Check Up. 31 Years Old. NW $5M.
It's over $5 Million more than I had at 31. Heck, almost $6 million more. Your biggest problem is figuring out what you want to do with the last 2/3 of your life.nycguy19 wrote: ↑Mon Apr 05, 2021 1:59 pm Hi everyone! I hope folks are staying safe during the pandemic. I thought it was a good time to go through my portfolio and see if anything needs some tinkering. I'm adding some screenshots of my portfolio details below. Overall I'd love a gut check on if there's anything out of the ordinary that needs immediate attention, and whether there are some things I can improve on.
Tax Filing Status: Married.
State of Residence: NY
Age: 31 (No kids)
I was curious if there's anything completely out of the ordinary? Here's what the buckets mean:
Equity (Funds): Index funds plus retirement accounts. Primarily VTI plus maybe 5% bonds. Pretty aggressive I know.
Cash: Downpayment and emergency fund. Ideally this would be $300k downpayment and $100k emergency, but it's a bit levered up right now in case I owe taxes next month.
Equity (Individual): Individual tech stocks I've accumulated over time. Some from previous employers. Think Apple, Amazon, Tesla, etc.
Art: This is my hobby fund. The assets here are highly liquid if I ever need to sell. I don't expect everyone to love this, but this is my "sports car".
Crypto: HODL
We also max out our IRA/401K each year, have umbrella policy, etc.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy |
4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course
Re: 2021 Check Up. 31 Years Old. NW $5M.
I am 21 years old with only a 10 million net worth. How will I cope?
AA: 40/41/19 - equities/positive return-zero volatility/bonds
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Re: 2021 Check Up. 31 Years Old. NW $5M.
You are doing very well. Congratulations!
Your "sports car" is more expensive than all my cars (over the course of my lifetime) combined
And if I were you, I wouldn't consider my "sports car" as part of my portfolio.
I would look at my cash -- what does "but it's a bit levered up right now in case I owe taxes next month" mean? Don't you know if you'll owe taxes?
What's your goal in life? Early retirement? Go from $5M to $50M?
Your "sports car" is more expensive than all my cars (over the course of my lifetime) combined
And if I were you, I wouldn't consider my "sports car" as part of my portfolio.
I would look at my cash -- what does "but it's a bit levered up right now in case I owe taxes next month" mean? Don't you know if you'll owe taxes?
What's your goal in life? Early retirement? Go from $5M to $50M?
Re: 2021 Check Up. 31 Years Old. NW $5M.
Buy $500,000 worth of gold and bury it in the back yard.
Just in case.
Just in case.
Re: 2021 Check Up. 31 Years Old. NW $5M.
How much of this is your company stock? What’s the capital gains owing?nycguy19 wrote: ↑Mon Apr 05, 2021 9:37 pm Thanks, everyone for the feedback. I agree, my post wasn't as detailed nor focused as it should have been. I actually copy/pasted much of it from the last thread I started. Totally my mistake. Reading the original post back, I understand the criticism received.
I'll try to follow up with more specifics that folks have mentioned.
Great call out. Regarding April 2020 NW, much of that was including unrealized gains from a tech IPO that I ended up realizing late last year, which is dropped my NW considerably, but the increase in the markets lifted things back up to what they are today.Samosa22 wrote: ↑Mon Apr 05, 2021 5:33 pm OP, here is your NW progression based on your BH posts:
July 2019 -> $1.5m
April 2020 -> $4m
April 2021 -> $5m
Both stocks and crypto have really boomed in the last 11 months but your portfolio gained only 25% and that assumes zero new contributions. I must say you aren't doing well investing wise.
Honestly, whenever I see big numbers with company stock, I cut the amount down by at least 20-32% (depending on your state of residence) of the capital gains owing. As it’s just not possible to hold they kind of equities indefinitely as you can with index funds, in which case you can just ignore the capital gains for the purposes of retirement planning (save for the withdrawals).
Lastly, mind your marriage. That can become a big financial risk if you don’t put in the work there.
Re: 2021 Check Up. 31 Years Old. NW $5M.
The only company stock left is really what's under "Equity (Work)". I'll be selling as soon as it hits LTCG, which will be a little later this year. There's a bit from old employers in "Equity (Tech)", but's it's a pretty small allocation.mrspock wrote: ↑Mon Apr 05, 2021 10:24 pmHow much of this is your company stock? What’s the capital gains owing?nycguy19 wrote: ↑Mon Apr 05, 2021 9:37 pm Thanks, everyone for the feedback. I agree, my post wasn't as detailed nor focused as it should have been. I actually copy/pasted much of it from the last thread I started. Totally my mistake. Reading the original post back, I understand the criticism received.
I'll try to follow up with more specifics that folks have mentioned.
Great call out. Regarding April 2020 NW, much of that was including unrealized gains from a tech IPO that I ended up realizing late last year, which is dropped my NW considerably, but the increase in the markets lifted things back up to what they are today.Samosa22 wrote: ↑Mon Apr 05, 2021 5:33 pm OP, here is your NW progression based on your BH posts:
July 2019 -> $1.5m
April 2020 -> $4m
April 2021 -> $5m
Both stocks and crypto have really boomed in the last 11 months but your portfolio gained only 25% and that assumes zero new contributions. I must say you aren't doing well investing wise.
Honestly, whenever I see big numbers with company stock, I cut the amount down by at least 20-32% (depending on your state of residence) of the capital gains owing. As it’s just not possible to hold they kind of equities indefinitely as you can with index funds, in which case you can just ignore the capital gains for the purposes of retirement planning (save for the withdrawals).
Lastly, mind your marriage. That can become a big financial risk if you don’t put in the work there.
Re: 2021 Check Up. 31 Years Old. NW $5M.
you know I think you just might make it
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Re: 2021 Check Up. 31 Years Old. NW $5M.
Then PM me your address.
Just kidding.
Regards,
If liberty means anything at all it means the right to tell people what they do not want to hear. -George Orwell
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Re: 2021 Check Up. 31 Years Old. NW $5M.
What exactly are you concerned about?
Re: 2021 Check Up. 31 Years Old. NW $5M.
Congrats on achieving a high network at such a young age.nycguy19 wrote: ↑Mon Apr 05, 2021 1:59 pm Hi everyone! I hope folks are staying safe during the pandemic. I thought it was a good time to go through my portfolio and see if anything needs some tinkering. I'm adding some screenshots of my portfolio details below. Overall I'd love a gut check on if there's anything out of the ordinary that needs immediate attention, and whether there are some things I can improve on.
Tax Filing Status: Married.
State of Residence: NY
Age: 31 (No kids)
I was curious if there's anything completely out of the ordinary? Here's what the buckets mean:
Equity (Funds): Index funds plus retirement accounts. Primarily VTI plus maybe 5% bonds. Pretty aggressive I know.
Cash: Downpayment and emergency fund. Ideally this would be $300k downpayment and $100k emergency, but it's a bit levered up right now in case I owe taxes next month.
Equity (Individual): Individual tech stocks I've accumulated over time. Some from previous employers. Think Apple, Amazon, Tesla, etc.
Art: This is my hobby fund. The assets here are highly liquid if I ever need to sell. I don't expect everyone to love this, but this is my "sports car".
Crypto: HODL
We also max out our IRA/401K each year, have umbrella policy, etc.
Where are your tangible assets (Primary residence, Real Estate, etc.)? Having 95% of your net worth in equities is pretty risky. Unless you have them on paid exhibit, your Art is not producing a revenue stream. And your cash is being consumed by inflation every year.
Wealth is not about having a lot of money; it's about having a lot of options.
Re: 2021 Check Up. 31 Years Old. NW $5M.
Congrats. You have obviously been very successful.
Long term investment planning is in service to life goals, seems like a good time to revisit your goals and then align your future investing with those goals. Your choices and actions to date have put you in a very exclusive club and give you the opportunity to pursue multiple pathways forward, but only your goals can clarify that path.
Long term investment planning is in service to life goals, seems like a good time to revisit your goals and then align your future investing with those goals. Your choices and actions to date have put you in a very exclusive club and give you the opportunity to pursue multiple pathways forward, but only your goals can clarify that path.
I own the next hot stock- VTSAX
Re: 2021 Check Up. 31 Years Old. NW $5M.
1100 S. Ocean Blvd., Palm Beach, Florida
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Re: 2021 Check Up. 31 Years Old. NW $5M.
Would love to hear more about the art.
Is this invested through a third-party? Are you physically buying the art? Paintings?
Is this invested through a third-party? Are you physically buying the art? Paintings?
Re: 2021 Check Up. 31 Years Old. NW $5M.
I know nothing about art but I was reading something not long ago where the average price appreciation over the decades was quite high. I guess if you know what you are doing, it is a good investment. Maybe much better than the market will be over the next decade (more than a few have negative returns over the next decade similar to the 2000-9 decade).
Good luck.
Good luck.
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If you think something is important and it doesn't involve the health of someone, think again. Life goes too fast, enjoy it and be nice.
- HMSVictory
- Posts: 1715
- Joined: Sun Nov 01, 2020 6:02 am
- Location: Lower Gun Deck
Re: 2021 Check Up. 31 Years Old. NW $5M.
31 years old and worth $5M...... I'm impressed to say the least. I'd go for $50M by 40! Clearly you are highly skilled at something!
Stay the course!
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- Posts: 1531
- Joined: Thu Aug 06, 2020 8:46 am
Re: 2021 Check Up. 31 Years Old. NW $5M.
Honestly, this is like the worst humble brag post I've seen on here. What's "out of the ordinary" is that you have a higher net worth than 99% of people at any age, let alone at age 31. Anyone with that level of NW should be offering advice, not asking for it!
In all seriousness, there is nothing actionable that I can suggest other than the usual 'diversify", "get out of crypto", "art is not a great investment" BH tropes. You didn't specify any details about your specific investments, your income, your tax bracket, etc. If you want real advice, there is a template for asking for portfolio advice. I think it is in one of the pinned posts. I suggest you use that. Otherwise, you are going to get lots of useless rubbish posts, like you are already seeing (my post included).