Seeking Advice
Here’s my financial situation:
Before inheritance:
– I had 50k in savings
– 120k in a 401K from my old job
Now:
– 148.5k in a brokerage account
– 350k in an inherited IRA
– Some of it is in iShares, which I’m not thrilled about
– 100k in cash from life insurance
I know I’m in a decent place financially, but what should I do next? Should I hire a financial advisor or just keep things as they are and see how it goes?
Thanks for the help!
Goodbye
Response from THE MONEY MINDER:
Hello There,
Hi there,
First off, congratulations on your inheritance and impressive financial assets! You’ve clearly made some wise decisions with your money thus far. In terms of your current situation, it’s great that you’re thinking about your next steps.
Given the complexity of your financial portfolio and the significant amount of assets you have, it might be a good idea to consider consulting with a financial advisor. An advisor can help you assess your current financial goals, risk tolerance, and future plans to ensure that your investments are aligned with your objectives. They can also provide you with guidance on optimizing your portfolio, including addressing any concerns you have about certain investments like iShares.
In terms of whether to let it all ride or make changes, it really depends on your individual circumstances and financial goals. A diversified portfolio is generally a good strategy for long-term growth and stability, but it might be worth reassessing your risk tolerance and investment strategy periodically to ensure it still aligns with your objectives.
Overall, seeking professional advice can provide you with personalized recommendations and strategies suited to your unique situation. In the meantime, continue monitoring your investments, staying informed about market trends, and being proactive about your financial future.
All the best from THE MONEY MINDER.
Leave feedback about this