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I just hit $200k NW and it’s been 7 months since I made my post (link below) about hitting $100k NW in Dec ‘21.
I’m just mind-blown since it took me 2.5 years to get the first $100k and it’s snowballed from there. I’ve gone from $82.5k TC to $238k TC plus a $20k appreciation on a house I bought at the beginning of the year
Can’t really talk about finances with friends/family so this is the only place I can share milestones like this haha…we’ll see if I can hit $300k by EOY
https://joinfishbowl.com/post_muypy45qoy
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Based on your question "Do it for me" should be your choice. Not being mean.
Honestly just need the confirmation. Thank you!
I would consider the target date fund. It is much easier than doing it yourself (just one fund to worry about, so no decisionmaking), and it doesn't cost as much as the professional management. You probably have too little money to justify paying for a management service anyway. Pick a target date fund corresponding to when you will be 65, and then reevaluate when you have 100k saved, or you have learned more about how/when/why to invest.
My usual suggestion if you don’t know what to do is to just use the target date funds, if they have low expenses. If you don’t want international equity, put everything in a sp 500 index or total market index fund. Do not pay for management assistance.
Super helpful! Thank you everyone!
If you’re not familiar with IPG, their 401k program is with Empower.
The options are pretty def explanatory in the descriptions. I always do it myself, and started based on similar descriptions. It’s not rocket science, but does take a base level of comfort with risk.
1) you pay someone to “actively” manage your investments based on your goals. This is higher cost for the same returns probably as the other two categories. It’s hands off.
2) use a target date fund (fund that adjusts risk as you get older). Set and forget
3) pick a few index funds, then set and forget for the next decade.
If you don’t know what target date funds are, what index funds are, the difference among Roth and Traditional and After Tax 401ks, how to think about your short and long term goals, or what % you can safely contribute each month…D1 is right that active management, at least to start, is maybe right for you. Otherwise, do your research on Google.
Do it yourself. Pick a large cap, a mid cap, a small cap and a tech fund, 25% each. This will outperform the target date funds which are too conservative in my opinion. This will be a well diversified portfolio. I have been a licensed securities rep for 30 years
And the only thing you can control is fees. Since indexes over time have show that they beat the majority of managed funds, it seems to me that it makes sense to use them