Afford Anything Ask Paula: Is Your DIY Investing Strategy Holding You Back?
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Aug 28, 2024 
Join Melissa, who’s gearing up for her prime earning years, as she explores the transition from DIY investing to using a robo-advisor for automated tax-loss harvesting. Hampton sparks a lively discussion on the generational tax benefits of Roth IRAs, while Joe shares key advice on navigating retirement accounts, especially for those inheriting IRAs. Together, they unpack the intricacies of saving for retirement and the emotional stakes involved in financial decision-making.
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Investing Approach Based on Portfolio Size
- Start with a total stock market index fund for long-term goals.
- Consider a robo-advisor or calculate the Efficient Frontier when your portfolio's movement exceeds your contributions.
Past Habits Predict Future Success
- Early financial success often indicates diligent saving and investing habits.
- Melissa's strong financial position suggests effective past choices.
Advanced Investing Strategies
- VTSAX is great for beginners, but consider the Efficient Frontier for higher portfolio values.
- Don't solely focus on VTSAX if you are experienced and have substantial assets.