Inside Out Money
052. Simplifying our finances - How we’re saving $20K by ditching robo-investing
Apr 8, 2024
Financial expert Greg discusses migrating investments from Wealthfront to Fidelity to save $20K+ in fees. They explain the benefits of receiving dividends, better portfolio control, and improved performance. The decision is driven by concerns over fees, underperformance, and a preference for simplicity through index funds. They also touch on optimizing investments, consolidating accounts, minimizing taxable events, and transitioning to traditional index funds for better financial structure.
37:40
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Quick takeaways
- Optimizing dividends for living expenses without selling stocks is a key reason for migrating investments to Fidelity.
- Assessing fees and performance to justify investment decisions and considering lower-cost options like index funds.
Deep dives
Reasons for Simplifying Finances
One of the main reasons discussed in the podcast for simplifying finances was the desire to access dividends more effectively. The podcast host shared her experience of being in a drawdown phase and wanting to utilize dividends for living expenses without having to sell off stocks. This led to the decision to move funds to Fidelity to have more control over dividend reinvestment and utilization. Additionally, they highlighted the importance of understanding one's personal financial situation and making informed choices based on individual needs and goals.
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