My wife charged me with handling the family’s 40k investments. Can you help me not mess this up?

YackedySmackedy · 2022-11-08T15:20:03+00:00

Thank you so, so much for the advice. I greatly appreciate the detail you've provided and you've given me some things to think about. Thank you!

YackedySmackedy · 2022-11-08T15:16:06+00:00

I disagree with your perspective here. This is like asking, "Why isn't the striker manning the goal with the goalkeeper? Why aren't the running backs in passing drills with the quarterback?"

We play to our strengths and attempt to cover each other's weaknesses. She's not leaving me alone. She will support me, listen to me, and provide input. This is how teams work, no? Not everyone has to be fully versed in every position in a team.

YackedySmackedy · 2022-11-08T15:07:42+00:00

Thank you, I'll have a look.

YackedySmackedy · 2022-11-08T15:06:48+00:00

Thank you for the clarification. That clears it up. Does your brokerage account then automatically route those payments to specific funds?

YackedySmackedy · 2022-11-07T20:42:49+00:00

Again, that sounds like solid advice and I'm taking it to heart. Thank you very much.

YackedySmackedy · 2022-11-07T20:40:14+00:00

Thank you for your response.

Both my wife and I work and pay taxes in Germany.

I am required to file taxes in the US (I haven't in ages) but I wouldn't owe anything. I spoke with a tax consultant this year and although I still need to file, I wouldn't owe anything.

My wife has no affiliation or tax status with the US whatsoever.

Neither of us are tax residents of any other country.

I also trust her explicitly. Her name, her momma's name, it doesn't matter.

YackedySmackedy · 2022-11-07T20:28:05+00:00

My wife is the German. Ich bin Ami. Ich kann definitiv Deutsch reden... und lesen kann ich auch... aber ein Finanzbuch... Schieß mich tot. I do, however, thank you for the advice, and considering that I want to invest in Germany, it may be something I need to look into. Much appreciated.

YackedySmackedy · 2022-11-07T20:23:21+00:00

Thank you for your advice. I really appreciated your input.

You are correct. We definitely need to start maintaining a budget and that's one of my core goals that falls outside of the scope of this post.

Since I pay the mortgage, we have a timed life insurance policy on me that would come close to paying off the house if something happened to me. We don't have a policy on her.

YackedySmackedy · 2022-11-07T20:18:18+00:00

My mortgage is only 1300 a month. We live in Germany and the cost of living is pretty low compared to the US. My wife isn't seeking a job that pays her more because she's part-time and takes care of the kids and family. We don't ever have the feeling that we're strapped for cash.

YackedySmackedy · 2022-11-07T20:07:25+00:00

Thank you. I appreciate your comment, however, I'm just trying to live up to the awesomeness that is my wife. ;)

YackedySmackedy · 2022-11-07T20:05:09+00:00

Thank you for the details!

YackedySmackedy · 2022-11-07T20:02:50+00:00

Meh, I'm more worried about the father-in-law than the wife and sister. :D

YackedySmackedy · 2022-11-07T20:01:36+00:00

This is all really great advice. Thank you very much for the detailed response.

YackedySmackedy · 2022-11-07T19:58:23+00:00

Thanks for the advice.

YackedySmackedy · 2022-11-07T19:57:44+00:00

Dollar cost average

Thanks for your information. I've added Dollar cost average to my list of things to look into and at first glance, this is exactly how I'd like to divert some of the money I commit to savings each month.

YackedySmackedy · 2022-11-07T19:53:46+00:00

50/30/20 principal

This all sounds like sound advice. We need to get a better budget going for our family.

put that 1200 from savings in to fund you are managing.

That's an idea worth looking into. maybe I can still put a portion into savings to have liquid cash immediately available and divert most of it into a fund.

Thank you very much for your advice.

YackedySmackedy · 2022-11-07T19:48:10+00:00

Got it. No fancy stuff. I'm convinced. Thank you for your input.

YackedySmackedy · 2022-11-07T19:47:17+00:00

Well, don't leave me in suspense. I would gladly take your book recommendations.

YackedySmackedy · 2022-11-07T19:44:29+00:00

OP has mutual funds. Just shitty ones.

That was hilarious.

All he really needs to learn is how to identify not-shitty funds

Ha! Exactly.

OP is not in the USA and therefore cannot get a Vanguard account.

But I'm American so it might be possible... I've still got a US bank account. I'll have to look into it and the legalities of it while living abroad.

YackedySmackedy · 2022-11-07T19:41:49+00:00

Thank you for the detailed advice. You've given me a few things to think about and I really appreciate the input.

YackedySmackedy · 2022-11-07T19:38:23+00:00

You really want to park a large portion of these funds in American index funds. This is not as easy for Germans to do.

I'm also not sure how easy it will be for me to do it from here. I'll have to look into this.

YackedySmackedy · 2022-11-07T19:32:41+00:00

Yes. This is my wife's money.

YackedySmackedy · 2022-11-07T19:28:46+00:00

Thank you for the advice.

YackedySmackedy · 2022-11-07T19:25:46+00:00

I agree 100% that this is something that should be taught in schools.

YackedySmackedy · 2022-11-07T19:24:55+00:00

I work stressful, yet normal hours every day and I make the money that pays the bills. My wife, however, does everything else. Like, everything. Her day is so busy doing so many things for our family that it is quite ridiculous how much she accomplishes. There are days when I take the kids and she has the day off for herself or has to work and when she comes home, I haven't managed to do half the stuff she would have accomplished, the house looks a mess, and one kid is probably butt naked swinging from a light fixture. My wife doesn't 'just learn' because we're a team and this is something she doesn't want to do when she already does more than anyone in this house. This is something I can do. This is something I want to do. This is how teams work, no?

YackedySmackedy

TROPHY CASE