Need an 8 figure thread
millionaires
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Last: 1 mo ago by 62strat
Aggie09Derek said:
Need an 8 figure thread
Agreed but it would just be me and a few others. I'm fine with that but this boards envy would be intolerable.
Youbet
YouBet said:Aggie09Derek said:
Need an 8 figure thread
Agreed but it would just be me and a few others. I'm fine with that but this boards envy would be intolerable.
Depends, do the two numbers to the right of the decimal point count toward the 8 figures?
YouBet said:Aggie09Derek said:
Need an 8 figure thread
Agreed but it would just be me and a few others. I'm fine with that but this boards envy would be intolerable.
I'm 10 years late to this thread but I'll give you my story
I started my own business at age 35, grew it tremendously then sold it to an international, publicly traded firm
In the years before I sold it, I invested the profits into commercial real estate, office and industrial.
The rents off those now net me six figures annually
Further, in my late twenties I was able to invest in some private equity shares of a company, that has grown incredibly over the last 20 years
I'm 45 years old
I've never followed the trend of pinching every penny, driving old cars, not eating out. etc. I drive new, expensive cars, have toys like boats, motorcycles, 2nd home. I just work really really hard to live the lifestyle I want to live. I pay cash for everything, I have no debt. I have diversified investments.
But the greatest investment I ever made was in myself when I quit my safe secure job and started my own business. It gave me the courage to take risks and turned me into a life long entrepreneur
I started my own business at age 35, grew it tremendously then sold it to an international, publicly traded firm
In the years before I sold it, I invested the profits into commercial real estate, office and industrial.
The rents off those now net me six figures annually
Further, in my late twenties I was able to invest in some private equity shares of a company, that has grown incredibly over the last 20 years
I'm 45 years old
I've never followed the trend of pinching every penny, driving old cars, not eating out. etc. I drive new, expensive cars, have toys like boats, motorcycles, 2nd home. I just work really really hard to live the lifestyle I want to live. I pay cash for everything, I have no debt. I have diversified investments.
But the greatest investment I ever made was in myself when I quit my safe secure job and started my own business. It gave me the courage to take risks and turned me into a life long entrepreneur
What a crazy thread. How the times have changed. I don't know the first thing about investing. Nothing. I have a financial advisor with Northwestern who tells me what to do and I negligently just follow. I am 45, married, with two kids. Partner in a law firm. Looks like my net worth is $3.5mill, no debt. Not saying much as "$600k is the new $3 million". House is $1.4 mill of that net. Two nine year olds, both have $125k each in their 529's. Probably going to have to work until I'm 70.
You may want to check on the NWM and move to Vanguard Pas
You're likely getting eaten alive by fees with NWM. The portfolio plans they've tried to sell me are just baskets of publically traded ETFs/Mutual Funds.
You'd be better off sticking your money in a target retirement fund at Vanguard or Fidelity if you're not comfortable figuring out how to allocate your portfolio by yourself.
You'd be better off sticking your money in a target retirement fund at Vanguard or Fidelity if you're not comfortable figuring out how to allocate your portfolio by yourself.
“There is no red.
There is no blue.
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And there is you.”
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There is no blue.
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And there is you.”
“As government expands, Liberty contracts” - R. Reagan
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Hungry Ojos said:
Probably going to have to work until I'm 70.
Wait...what!? 1.9Mish in retirement/liquid assets (i excluded house and 529s) is 76k/yr at 4% drawdown. If that was all in retirement I'd call that pretty close to "enough" considering it's gonna grow for 20 years before you start drawing from it. Assuming you have great comp and reasonable expenses (1/4-1/3 of comp?) i would think you're only a few years from having enough non-retirement savings that you could quit and live very comfortably until time to start drawing from retirement. Of course i know your buckets are probably not that cut and dried, but i don't see a scenario here where you have to work until you're 70
Hungry Ojos said:
What a crazy thread. How the times have changed. I don't know the first thing about investing. Nothing. I have a financial advisor with Northwestern who tells me what to do and I negligently just follow. I am 45, married, with two kids. Partner in a law firm. Looks like my net worth is $3.5mill, no debt. Not saying much as "$600k is the new $3 million". House is $1.4 mill of that net. Two nine year olds, both have $125k each in their 529's. Probably going to have to work until I'm 70.
Or you could retire now if you restructured your life and you really wanted to, but it doesn't look like you want to so there is that.
How does this work? I hate to sound so stupid, but this is all greek to me. Do I have an agent for that?Pepper Brooks said:
You're likely getting eaten alive by fees with NWM. The portfolio plans they've tried to sell me are just baskets of publically traded ETFs/Mutual Funds.
You'd be better off sticking your money in a target retirement fund at Vanguard or Fidelity if you're not comfortable figuring out how to allocate your portfolio by yourself.
Every time I talk to my agent he seems to act like I'm not even close. That's where I got that line "$600,000.00 is the new $3 million", I guess meaning that $3mill isn't enough. He also wants me to continue to dump a bunch of money into the 529's but the kids are 9 and we already have $125k in each one and it seems to me, that after it accrues over the next nine years, it should be a lot more. But he seems to think it's not really close, targeting what college is estimated to be in 9 years.Premium said:Hungry Ojos said:
What a crazy thread. How the times have changed. I don't know the first thing about investing. Nothing. I have a financial advisor with Northwestern who tells me what to do and I negligently just follow. I am 45, married, with two kids. Partner in a law firm. Looks like my net worth is $3.5mill, no debt. Not saying much as "$600k is the new $3 million". House is $1.4 mill of that net. Two nine year olds, both have $125k each in their 529's. Probably going to have to work until I'm 70.
Or you could retire now if you restructured your life and you really wanted to, but it doesn't look like you want to so there is that.
Also keeps wanting me to add to the cash value on my whole life because he says "it isn't sexy, but it's about 5% risk free".
ETA: I have a Merril Lynch brokerage/money market account thing that has $382,130.84 in it to date, accruing at 5.2%. I've just been dumping draws and bonuses into it the last year because I was too scared to put it in the market, but what do y'all think about that? Just leave it alone? Keep adding to it? Do something else with it?
Your personal choice but you need to find a new financial advisor. I figured the last comment was coming around life insurance and do you know the feeds of your other underlying products including the stuff in your kids 529s ?
Is this what you were asking about? This is one of the 529s
Cyp0111 said:
Your personal choice but you need to find a new financial advisor. I figured the last comment was coming around life insurance and do you know the feeds of your other underlying products including the stuff in your kids 529s ?
I was about to say the same thing. Whole life is rarely the best product for you but it always is for the agent. There is a reason they push them hard. Better to have a 10-20 year term life policy especially if there isn't someone that is going the money from a life insurance policy to get by after your death. By then, the kids should be on their own and you have a nice nest egg to pass on to your heirs.
Guys, I VERY MUCH appreciate all of the advice, but I just realized I hijacked the thread and don't want to derail. Sorry for the personal posts, I will start a new thread so this one doesn't get clogged up. Thanks guys.
Hungry Ojos said:
Guys, I VERY MUCH appreciate all of the advice, but I just realized I hijacked the thread and don't want to derail. Sorry for the personal posts, I will start a new thread so this one doesn't get clogged up. Thanks guys.
I don't view this as a hijack. It is consistent with many conversations in this thread.
A) Go to either vanguard.com or fidelity.com and create an account
B) Assuming your funds are in an after tax/brokerage account, click the button to setup the same type of account on fidelity/vanguard and input the requested info. If you also have an IRA/other account type with NWM, setup the same type of IRA/other type as well.
C) Initiate an in kind asset transfer from NWM into your new account(s).
D) Invest the funds accordingly
It's very easy to do through their websites. I'm sure you can call and have someone set it up for you as an alternative. If the money is currently in some proprietary NWM security, you may have to sell(pay capital gains taxes) before the transfer can be done.
I prefer fidelity for what it's worth.
B) Assuming your funds are in an after tax/brokerage account, click the button to setup the same type of account on fidelity/vanguard and input the requested info. If you also have an IRA/other account type with NWM, setup the same type of IRA/other type as well.
C) Initiate an in kind asset transfer from NWM into your new account(s).
D) Invest the funds accordingly
It's very easy to do through their websites. I'm sure you can call and have someone set it up for you as an alternative. If the money is currently in some proprietary NWM security, you may have to sell(pay capital gains taxes) before the transfer can be done.
I prefer fidelity for what it's worth.
“There is no red.
There is no blue.
There is the state.
And there is you.”
“As government expands, Liberty contracts” - R. Reagan
There is no blue.
There is the state.
And there is you.”
“As government expands, Liberty contracts” - R. Reagan
Dude you need to get someone else you trust to help you asap. You're doing way too well in life to have this current agent hose you. I highly recommend you find some reputable sources and do some personal research. Nothing is more empowering than knowing you can do it on your own. I've got two guys that recommend stuff to me and i feel confident enough to say yes or no. Never blindly trust an advisor not even family. But again this advisor is taking you to the cleaners.
Also as a reference my kids around your kids age. I don't have half that in a 529 and don't want it there. Sure it's growing tax free but if they don't use it it's just added trouble. (And i don't think they'll need that much after growth) If they run out I'll just pull from brokerage. Stop letting him run up his tab on your dime.
Also as a reference my kids around your kids age. I don't have half that in a 529 and don't want it there. Sure it's growing tax free but if they don't use it it's just added trouble. (And i don't think they'll need that much after growth) If they run out I'll just pull from brokerage. Stop letting him run up his tab on your dime.
I know man, I just don't even know where to start. It seems like finding a new advisor is just going to end up the same as what I already have and I am way too ignorant to try and do it on my own. If y'all have a name or a referral I would be VERY appreciative
Sent you a pm
Hungry Ojos said:
I know man, I just don't even know where to start. It seems like finding a new advisor is just going to end up the same as what I already have and I am way too ignorant to try and do it on my own. If y'all have a name or a referral I would be VERY appreciative
Where do you live?
Doing it on your own is a great feeling of accomplishment, in addition to saving a ton of money you are paying someone to do very little work. I fired my advisor and am so glad I did.
cgh1999 said:Hungry Ojos said:
I know man, I just don't even know where to start. It seems like finding a new advisor is just going to end up the same as what I already have and I am way too ignorant to try and do it on my own. If y'all have a name or a referral I would be VERY appreciative
Where do you live?
I'm in Austin.
There are advisors on this board and others that can point you in the correct direction .
But most good advisors are only gonna want to work with folks who have REAL money though, right? In other words, the Northwestern Mutual and other big brokerage firms are for the regular folks, right?
lol, you trolling? You have $2MM in investments. You are the big fish they want.
txaggie_08 said:
lol, you trolling? You have $2MM in investments. You are the big fish they want.
Especially if you have that much money now and still plan to work.
See Pepper Brooks post as step 1. It's not hard. Fidelity or Vanguard will hold your hand and do all the transfer work for you for the most part.Hungry Ojos said:
But most good advisors are only gonna want to work with folks who have REAL money though, right? In other words, the Northwestern Mutual and other big brokerage firms are for the regular folks, right?
The hardest thing you will have to do is fire your NWM "advisor".
Once you get your money away from NWM and get it in your own accounts you can use any advisor to help you invest it. They don't have to manage your money directly at all. They just advise you what to do with it.
Worst case you can use Fidelity or Vanguard as your advisor if you wanted to and they are going to be cheaper than NWM anyway.
Good advisors don't necessarily require a minimum balance either. Mine does not and they are part of Goldman Sachs.
You won't get the private wealth managers at the bulge bracket like Goldman Sachs or Morgan Stanley firms but you don't need them. As said above, many quality managers will fall all over themselves to work with you.Hungry Ojos said:
But most good advisors are only gonna want to work with folks who have REAL money though, right? In other words, the Northwestern Mutual and other big brokerage firms are for the regular folks, right?
The bulge bracket firms do have advisors that will work with you but I still wouldn't use them. They are going to be a lot more expensive in general.
So they'll tell you what to buy or what specific mutual funds to invest in? How do they charge me for that service? Isn't that the same as just having a broker? I know it's pathetic, but I honestly have no idea.
My 2 cents.
As many have suggested, go with Vanguard or Fidelity. Call either of them and they will be able to guide you through the transfer process. You may be able to transfer all your accounts except your 401k. After that, if I were in your shoes, I would buy low cost total market index funds/etf and do nothing but, dollar cost averaging into those funds. Also, whole life isn't a good tool to build wealth. Term life is the way to go.
Or If you wanted financial advise, to help with all of this, look for CFP s who charge by the hour and get their perspective and recommendations. Take their suggestions but, do your research.Remember to not blindly trust anyone with your money. Good luck!
As many have suggested, go with Vanguard or Fidelity. Call either of them and they will be able to guide you through the transfer process. You may be able to transfer all your accounts except your 401k. After that, if I were in your shoes, I would buy low cost total market index funds/etf and do nothing but, dollar cost averaging into those funds. Also, whole life isn't a good tool to build wealth. Term life is the way to go.
Or If you wanted financial advise, to help with all of this, look for CFP s who charge by the hour and get their perspective and recommendations. Take their suggestions but, do your research.Remember to not blindly trust anyone with your money. Good luck!
How did you learn how to do all of that?
Hungry Ojos said:
So they'll tell you what to buy or what specific mutual funds to invest in? How do they charge me for that service? Isn't that the same as just having a broker? I know it's pathetic, but I honestly have no idea.
Flat annual fee. A good advisor is going to focus on much more than what to buy. It will be allocation strategy, tax strategy, estate planning, etc.
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