Welcome, Andy.So I guess the big question now is: what's next? When/how do I leap self-managing? How can I maximize discipline and minimize emotions in the process. What tax considerations should I be thinking about?
Any and all wisdom would be most appreciated. Thanks in advance.
You ask the question, but I can see that you already know the answers. Trust yourself. You know 1.25% is not acceptable.
To be explicit, what's next is to transfer your portfolio to Fidelity, Vanguard, or Schwab. No manager needed. You don't need to sell your assets to do the transfer. Go to the new broker and fill out a transfer initiation form. Or call them and they will likely help you do it -- they want your business.
After that, you know you are going to eventually get rid of your individual stocks as you move to a 3-fund portfolio, a 2-fund portfolio if international is not your thing, some target date fund, or some other reasonable allocation. Selling will incur capital gains, so be prepared and possibly you may want to make it a multi-year project. But at 31, you want to start now in getting your money in the right passive investments. And capital gains at your age-31 salary will be better than capital gains at your age-51 salary, most likely.
You got this. Just pull the trigger. A year from now you will feel so relieved to have left ML and won't know what you were worrying about.
Statistics: Posted by MoreTaxes — Wed Jul 10, 2024 11:13 pm
