A not so typical funding my Med School education thread. Advice needed.

[JohnFe]

I've been thinking about this for a while. I am certain that I'm going to apply this cycle because of FAP. Also, I'm probably not going to be qualified for it next cycle. Anyway, I'm thinking that I should delay applying to next year. Right now, I'm making 45~50k a year approximately and if next year I get certified and licensed as a CLS it can go up to 65~75k a year.

So here's the thing, I'm thinking of investing part of my income into some mutual fund or some legit place to invest.

So hypothetically, if I invest $5000 and $800 every month for 12 years. If all goes well:

Starting amount: $5,000.00
Years to invest: 12
Additional contributions: $800.00 per month
Hypothetical annual rate of return: 8.00% compounded annually
Total amount invested: $120,200.00
Ending investment balance: $202,573.00

I can pay off my debt by time I finish med school and residency.

Thoughts? Comments?

Thanks!

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[Umyo]

The plan sounds good on paper, but the market we are in right now seems like it could crash at a moments notice.

An 8% return is pretty high for a mutual fund. I'd like to know which one is giving that much?

 

[circulus vitios]

Where are you coming up with nearly $10,000 a year during medical school and residency where you will be making $0 and $50k a year, respectively?

 

[JohnFe]

Where are you coming up with nearly $10,000 a year during medical school and residency where you will be making $0 and $50k a year, respectively?

The amount you invest will give you a return/dividends. I will invest it again.

The plan sounds good on paper, but the market we are in right now seems like it could crash at a moments notice.

An 8% return is pretty high for a mutual fund. I'd like to know which one is giving that much?

I don't know I'm just researching this online. In best case scenario that is. I'm still skeptical about this though.

But saying I apply for 2014-2015 cycle.
I will make ~120k. IF this is the route I'm going to I might invest more and get more return in the future.

***Also as a disclaimer, I am by no means an expert in this area. If I make any error or give wrong information please correct me. Thank you***

 

[circulus vitios]

The amount you invest will give you a return/dividends. I will invest it again.

$5000 initial investment * 10% annual return = $500...pretty far from $9600, not to mention the short-term capital gains tax if it's held for exactly 1 year or less.

 

[JohnFe]

$5000 initial investment * 10% annual return = $500...pretty far from $9600, not to mention the short-term capital gains tax if it's held for exactly 1 year or less.

Sorry it is a conservative estimate. OF course I can invest more with my income. I didn't take that into account. Lastly, please read my disclaimer.

 

[pre med 2014]

This can't be right. Otherwise everyone would just do it.

 

[pre med 2014]

This can't be right. Otherwise everyone would just do it.

How will you be putting in 10K every year if you are no longer working?

 

[JohnFe]

This can't be right. Otherwise everyone would just do it.

How will you be putting in 10K every year if you are no longer working?

Your initial investments will generate money and I will just re-invest it again. Not a lot of people have money to invest anyway unless their parents invested it for them.

 

[ih371990]

Sounds good if you get that 8%, or anything close. But mutual funds take fees and do not guarantee 8%. You may end up losing money and having to pay fees.

What's the interest rate on your FAP? Maybe it'l be more beneficial to count it towards paying it off?

But a plan to manage your money > no plan. I'm sure you'll do your research. No one can tell you what to do with your money.

 

[JohnFe]

Sounds good if you get that 8%, or anything close. But mutual funds take fees and do not guarantee 8%. You may end up losing money and having to pay fees.

What's the interest rate on your FAP? Maybe it'l be more beneficial to count it towards paying it off?

But a plan to manage your money > no plan. I'm sure you'll do your research. No one can tell you what to do with your money.

Yup it is something to think about. I'm just looking at possible options to fund my future education. Now that I delve into it. There are hidden fees/charges and may not generate money. Stocks are more viable but also very volatile. Then again, everything is uncertain.

I don't know if we are at the same page on FAP. What I meant is the Fee Assistance Program by AAMC. I'm still considered economically disadvantaged base on last year tax return.

 

[Doctor Strange]

Yup it is something to think about. I'm just looking at possible options to fund my future education. Now that I delve into it. There are hidden fees/charges and may not generate money. Stocks are more viable but also very volatile. Then again, everything is uncertain.

I don't know if we are at the same page on FAP. What I meant is the Fee Assistance Program by AAMC. I'm still considered economically disadvantaged base on last year tax return.

FAP is based on your patents' income, not yours.

Sent from my Nexus 7 using SDN Mobile

 

[redpanda]

8% annual return is highly optimistic.

 

[Mt Kilimanjaro]

Where does the 800 a month come from?

FAP is parental income.

 

[pre med 2014]

Your initial investments will generate money and I will just re-invest it again. Not a lot of people have money to invest anyway unless their parents invested it for them.

Your initial investment is $5000 that is not a lot of money. An 8% annual return is $400 a year. That is not going to turn over into 200K

If you could invest 5000 and get 200K in 12 years everyone would do it.

Have you looked into liquid natural gas tankers? You want to invest in companies that are about to boom in LNG exports. Price is very low in the US and very high in Japan, Asia pacific area. Whoever Obama and his crony friends in the EPA cherry pick to license to build the ports are going to boom. There maybe you could double your money several times over in the next 10 years.

 

[pre med 2014]

Where does the 800 a month come from?

FAP is parental income.

He is saying from the investment. Which makes no sense since 8% annual means a $400 annual return. Assuming a 5000 initial deposit

 

[AdrianVeidt]

theoretically this could world

in reality lol no way. You're gonna have to become a mobster and break some kneecaps in order to get 8% return on an investment in this economy

 

[darkjedi]

There's so much fuzzy math going on here, I'm not even sure where to begin

Where are you expecting to get 800$ to invest a month while in medical school?

Additionally 8% on a mutual fund is INCREDIBLY optimistic.

The scenario you put form assumes that you have 5,000$ to begin with to put into a fund, that is going to earn 8% a year. On top of that you will contribute 800$ of your own money into the fund EVERY month. If you don't contribute an extra 800$/month, and just let the 5,000$ compound annually at 8% (that is you are reinvesting all the returns you gained as you claimed), you'll wind up at around $12,500 in 12 years.

 

[pathologyDO]

What confuses me about the OPs logic, is that he assumes 8% interest compounded annually, which means you get interest payments once a year. How does he figure he will get monthly dividends unless he is working to make that $800 monthly? How will he still work during medical school?

This just doesn't make sense.

 

[LaughingMan]

OP has money to invest into Funds yet is doing FAP?

 

[Ellie Arroway]

OP has money to invest into Funds yet is doing FAP?

Seriously. I had to take out an extra student loan for apps & interviews.

 

[Law2Doc]

There's so much fuzzy math going on here, I'm not even sure where to begin

Where are you expecting to get 800$ to invest a month while in medical school?

Additionally 8% on a mutual fund is INCREDIBLY optimistic.
....

agreed. Here's what will really happen. OP will put in $5k. He will go to med school and not be able to put in another dime. The fund will generate a return of 2-3% due to a sluggish economy. By the end of residency it will be up to about $20k, and his debt will be about $200k.

 

[JohnFe]

OP has money to invest into Funds yet is doing FAP?

My parents make <300% above poverty level, therefore I am eligible for FAP.

8% annual return is highly optimistic.

Now they I look more into. Yes it is.

Where does the 800 a month come from?

FAP is parental income.

From my siblings. They said that they can contribute for my education. (2 are nurses and 1 is a system analyst)

When I was applying for FAP, they ask for my tax return. Since I didn't make that much last year. (Only started working for 4 months). I was still eligible. I don't know if things have changed. But if it is based on my parents income, I can still be eligible then regardless. (I'll be making more than my parents BTW for the next tax return)

Your initial investment is $5000 that is not a lot of money. An 8% annual return is $400 a year. That is not going to turn over into 200K

If you could invest 5000 and get 200K in 12 years everyone would do it.

Have you looked into liquid natural gas tankers? You want to invest in companies that are about to boom in LNG exports. Price is very low in the US and very high in Japan, Asia pacific area. Whoever Obama and his crony friends in the EPA cherry pick to license to build the ports are going to boom. There maybe you could double your money several times over in the next 10 years.

I'm still researching this. I might go talk to a financial planner or an expert since I am not a business minded person.
And yes. I was very ignorant. Like I said in my disclaimer. Now that I look more into it. It is not idealistic.

He is saying from the investment. Which makes no sense since 8% annual means a $400 annual return. Assuming a 5000 initial deposit

Like I said, I can invest more. It is just a conservative estimate. I can invest 50k max if I will go at this route.

theoretically this could world

in reality lol no way. You're gonna have to become a mobster and break some kneecaps in order to get 8% return on an investment in this economy

LOL. I'm talking about "legit" ways to earn money while in medical school.

There's so much fuzzy math going on here, I'm not even sure where to begin

Where are you expecting to get 800$ to invest a month while in medical school?

Additionally 8% on a mutual fund is INCREDIBLY optimistic.

The scenario you put form assumes that you have 5,000$ to begin with to put into a fund, that is going to earn 8% a year. On top of that you will contribute 800$ of your own money into the fund EVERY month. If you don't contribute an extra 800$/month, and just let the 5,000$ compound annually at 8% (that is you are reinvesting all the returns you gained as you claimed), you'll wind up at around $12,500 in 12 years.

What confuses me about the OPs logic, is that he assumes 8% interest compounded annually, which means you get interest payments once a year. How does he figure he will get monthly dividends unless he is working to make that $800 monthly? How will he still work during medical school?

This just doesn't make sense.

Now that I know more about it, yes it is highly optimistic and most likely not gain much return. The 800$ is not coming from me but from my siblings as contribution/donation.


Like I said. I am just exploring things to fund my education. I didn't come from a wealthy family and just trying to minimize debt load.
***I just want to repeat as a disclaimer that I am not an expert in this area nor highly knowledgeable and may make mistakes. Please feel free to correct me and thanks for reading***

 

[Law2Doc]

My parents make <300% above poverty level, therefore I am eligible for FAP.



Now they I look more into. Yes it is.



From my siblings. They said that they can contribute for my education. (2 are nurses and 1 is a system analyst)

When I was applying for FAP, they ask for my tax return. Since I didn't make that much last year. (Only started working for 4 months). I was still eligible. I don't know if things have changed. But if it is based on my parents income, I can still be eligible then regardless. (I'll be making more than my parents BTW for the next tax return)



I'm still researching this. I might go talk to a financial planner or an expert since I am not a business minded person.
And yes. I was very ignorant. Like I said in my disclaimer. Now that I look more into it. It is not idealistic.



Like I said, I can invest more. It is just a conservative estimate. I can invest 50k max if I will go at this route.



LOL. I'm talking about "legit" ways to earn money while in medical school.





Now that I know more about it, yes it is highly optimistic and most likely not gain much return. The 800$ is not coming from me but from my siblings as contribution/donation.


Like I said. I am just exploring things to fund my education. I didn't come from a wealthy family and just trying to minimize debt load.
***I just want to repeat as a disclaimer that I am not an expert in this area nor highly knowledgeable and may make mistakes. Please feel free to correct me and thanks for reading***

If you have $50k to invest nd siblings giving you $800 per month forever, just use all that towards tuition and borrow less. Your debt will be quite manageable at the end.

 

[JohnFe]

If you have $50k to invest nd siblings giving you $800 per month forever, just use all that towards tuition and borrow less. Your debt will be quite manageable at the end.

Not forever but as contributions while I am in school. I'm thinking about that too but I'm thinking of investments and make more money.
I'm currently on my Gap year + 1 year of working can generate around 100~120k. I'm not paying rent (still living with parents) and can save that money for 2 years of med school or invest it.

 

[pathologyDO]

Interest rates are 6.8% for stafford unsubsidized loans, and the gradPLUS loans are about 8%. In all honesty, you will be hard pressed to consistently get even 6.8% interest return on your mutual fund or stock investments.

If I were you, I would simply take the $800 monthly and use it for living expenses and take out less loan money.

 

[darkjedi]

Not forever but as contributions while I am in school. I'm thinking about that too but I'm thinking of investments and make more money.
I'm currently on my Gap year + 1 year of working can generate around 100~120k. I'm not paying rent (still living with parents) and can save that money for 2 years of med school or invest it.

This is an extremely financially poor decision. Don't invest with loans who's interest rates are 6.8 and 7.9%, that's ridiculous. Pay off your living expenses with the money you've saved up/the contributions you will be receiving. Don't take out extra loans you don't need to.

If personal finances are something you want to learn about, pick up some beginner personal finance books. It would be very unwise to start dabbling in investing when you have no clue about personal finances/financial markets.

 

[RuralPhysician8]

I have been reading and watching Dave Ramsey's compositions on wealth building. I would definitely check out his site...
http://www.daveramsey.com/home/

 

[yehhhboiii]

8% returns when all these investors are piling into treasuries and corporate bonds at less than 2%
sounds legit

 

[gmcguitar4]

Honestly, buy 5k worth of gold or a put on the DOW. The market is extremely unstable right now. We just accumulate more and more debt and it is not a sustainable system. I would not suggest a mutual fund at this point. Better to just keep that money and spend it on everyday things.

 

[Law2Doc]

Honestly, buy 5k worth of gold or a put on the DOW. The market is extremely unstable right now. We just accumulate more and more debt and it is not a sustainable system. I would not suggest a mutual fund at this point. Better to just keep that money and spend it on everyday things.

Well, an index mutual fund and putting money on the Dow can be essentially the same thing. But neither is going to net you 8% return with any comfort.

OP is in the enviable position of being able to simply borrow less, and without personal specialized financial information, which he seems not to have, that is his smartest play here.

 

[thesauce]

8% annual return is highly optimistic.

I agree. This may be a thing of the past. Certainly invest, but don't count on the high returns we once saw. True, we're in a particularly good period at the moment, but you can't time the market.

 

[darkjedi]

Well, an index mutual fund and putting money on the Dow can be essentially the same thing. But neither is going to net you 8% return with any comfort.

OP is in the enviable position of being able to simply borrow less, and without personal specialized financial information, which he seems not to have, that is his smartest play here.

Mutual funds are typically a waste of money, as the managers take very high commission rates. If you're looking to invest in something that mirrors the market, ETF's are the way to go as they minimize commission and are much easier to trade as they you can buy/sell them just like stocks.

 

[Sophocles]

There is no point in buying gold now, it's too expensive and volatile with the rest of the economy. I was selling precious metals in 09 and that was a great time to buy due to the unfortunate economic circumstances, but I wouldn't suggest anyone try to get in on it now-way too late, unless you are going to trade the resistance and support levels, but if you were that good you probably wouldn't be wasting time on SDN; same thing would apply to ETF's; if you don't spend the majority of your waking hours doing analysis and trying to get in before all of the power houses who already have set algorithms that trade within millisec, you're bound to lose money. I hope no one suggests penny stocks or the Forex market........ I'll leave it at that.

I would take a page out of Warren Buffet's book and realize that investing is for long-term. Understand your risks and loses, invest appropriately for your age and income, and stay in it for the long haul. People who try to make a quick buck usually end up losing, but there are few exceptions out there.

I agree with your decision to invest in mutual funds. I used to sell American Mutual Funds and have found them to be pretty honest, overall. You can stipulate the kind of spread that you want, choose which fund to buy in to, and mitigate any unnecessary churning-but if you look at the statistics, this doesn't occur all that often in AMF unless it is for the benefit of the client. Nevertheless, you have a lot of research to do before you invest a single dime of your hard earned money, and don't think that this will make you a gazzillionaire by the time you finish residency-it's just not going to happen.

 

[mcloaf]

Mutual funds are typically a waste of money, as the managers take very high commission rates. If you're looking to invest in something that mirrors the market, ETF's are the way to go as they minimize commission and are much easier to trade as they you can buy/sell them just like stocks.

Eh, I'd save the money and just index. ETFs are ok. Mutual funds are pretty much a scam IMO.

 

[JohnFe]

There is no point in buying gold now, it's too expensive and volatile with the rest of the economy. I was selling precious metals in 09 and that was a great time to buy due to the unfortunate economic circumstances, but I wouldn't suggest anyone try to get in on it now-way too late, unless you are going to trade the resistance and support levels, but if you were that good you probably wouldn't be wasting time on SDN; same thing would apply to ETF's; if you don't spend the majority of your waking hours doing analysis and trying to get in before all of the power houses who already have set algorithms that trade within millisec, you're bound to lose money. I hope no one suggests penny stocks or the Forex market........ I'll leave it at that.

I would take a page out of Warren Buffet's book and realize that investing is for long-term. Understand your risks and loses, invest appropriately for your age and income, and stay in it for the long haul. People who try to make a quick buck usually end up losing, but there are few exceptions out there.

I agree with your decision to invest in mutual funds. I used to sell American Mutual Funds and have found them to be pretty honest, overall. You can stipulate the kind of spread that you want, choose which fund to buy in to, and mitigate any unnecessary churning-but if you look at the statistics, this doesn't occur all that often in AMF unless it is for the benefit of the client. Nevertheless, you have a lot of research to do before you invest a single dime of your hard earned money, and don't think that this will make you a gazzillionaire by the time you finish residency-it's just not going to happen.

My goal is to pay off my tuition and fees not to get rich. But thanks for the sound advice and definitely will take note and look more into it!

 

[circulus vitios]

I don't think an 8% annual return is unlikely. It's just a terrible idea because student loans are compounding daily at 7.9% on a $200k balance. http://financeandinvestments.blogspot.com/2012/06/historical-annual-returns-for-s-500.html

 

[Guero]

agreed. Here's what will really happen. OP will put in $5k. He will go to med school and not be able to put in another dime. The fund will generate a return of 2-3% due to a sluggish economy. By the end of residency it will be up to about $20k, and his debt will be about $200k.

If that's the scenario, I'd do it. That $5k would turn into $20k and nullify $20k, reducing post-residency interest on your total loan.

Well, an index mutual fund and putting money on the Dow can be essentially the same thing. But neither is going to net you 8% return with any comfort.

OP is in the enviable position of being able to simply borrow less, and without personal specialized financial information, which he seems not to have, that is his smartest play here.

Yeah, borrowing ANY less is a coveted position. I just submitted my financial aid package and nearly choked when I signed away my life for $82k of annual federal loans. I'm hoping to move into a medical fraternity house at a rate of $250 a month, all inclusive, which would save me around $21,600 during med school alone (about $5,400 less to take out annually for living expenses). It's really the only thing I can do to make a dent in my debt other than applying for external scholarships and applying for the MSTP as in internal applicant (always wanted to do MSTP, but it also comes with the benefit of waived tuition and a living stipend).

 

[Sophocles]

If that's the scenario, I'd do it. That $5k would turn into $20k and nullify $20k, reducing post-residency interest on your total loan.

Yeah, borrowing ANY less is a coveted position. I just submitted my financial aid package and nearly choked when I signed away my life for $82k of annual federal loans. I'm hoping to move into a medical fraternity house at a rate of $250 a month, all inclusive, which would save me around $21,600 during med school alone (about $5,400 less to take out annually for living expenses). It's really the only thing I can do to make a dent in my debt other than applying for external scholarships and applying for the MSTP as in internal applicant (always wanted to do MSTP, but it also comes with the benefit of waived tuition and a living stipend).

Yeah, I'm spending 2022/month for rent alone. Imagine $400 for food, 80-100 for electricity, 150 for cell phones, 100 for cable, 150 for credit cards, etc. I'll be glad to get by with 3k/ month. Which means I will be spending, hopefully, 36k on living expenses alone. I also have a wife and son and will be living in NYC, so that kind of qualifies things. Regardless, I would love to find a way to mitigate how much I borrow.

 

[thesauce]

agreed. Here's what will really happen. OP will put in $5k. He will go to med school and not be able to put in another dime. The fund will generate a return of 2-3% due to a sluggish economy. By the end of residency it will be up to about $20k, and his debt will be about $200k.

I must have missed something. 2-3%/yr doesn't even come close to doubling, much less quadrupling the principle in 7-10 years.

 

[Guero]

Yeah, I'm spending 2022/month for rent alone. Imagine $400 for food, 80-100 for electricity, 150 for cell phones, 100 for cable, 150 for credit cards, etc. I'll be glad to get by with 3k/ month. Which means I will be spending, hopefully, 36k on living expenses alone. I also have a wife and son and will be living in NYC, so that kind of qualifies things. Regardless, I would love to find a way to mitigate how much I borrow.

Wow! I feel for ya. I was reluctant to attend GWU due to the $1500 in rent alone, higher cost of living, and high tuition. But tack on all of your other expenses and an even higher rent? I couldn't do it. Is your tuition at least reasonable?

 

[IlDestriero]

theoretically this could world

in reality lol no way. You're gonna have to become a mobster and break some kneecaps in order to get 8% return on an investment in this economy

That's not correct, I've been well into double digits for the last 2 or 3 years. The only thing still stagnant is real estate, which has come back in many markets.

 

[tyrionlannister]

I think I need to learn something here. I thought your financial aid package was automatically reduced by the amount of money that you get as scholarships/gifts? Is that incorrect?

 

[Sophocles]

Wow! I feel for ya. I was reluctant to attend GWU due to the $1500 in rent alone, higher cost of living, and high tuition. But tack on all of your other expenses and an even higher rent? I couldn't do it. Is your tuition at least reasonable?

School I'm going to is extremely awesome for need based. I'll probably be taken out altogether 50k/year in loans. Not too shabby. I just got a quote from a state school and it would have been more expensive to go to the state school than this private one. They were only going to give me 10k in award.

The major consensus in this forum has been to place any investments towards education of loans and not in the stock market or financial instruments. Which seems to be a great point when comparing the interest rates of fed loans compared to possible returns on investments.

I'm also extremely shocked at the level of knowledge concerning finances. It seems that my generation and the one before me have done a better job at educating ourselves for the future.

Another thing to consider is the IBR and the 10 year stipulation for working in the public sector. This might also add another piece of information that might influence your decision when thinking about long-term investments.

 

[Greedo]

Where does the 800 a month come from?

FAP is parental income.

Is this true? When I applied for FAP they asked for my tax return and income info too.

 

[Guero]

School I'm going to is extremely awesome for need based. I'll probably be taken out altogether 50k/year in loans. Not too shabby. I just got a quote from a state school and it would have been more expensive to go to the state school than this private one. They were only going to give me 10k in award.

The major consensus in this forum has been to place any investments towards education of loans and not in the stock market or financial instruments. Which seems to be a great point when comparing the interest rates of fed loans compared to possible returns on investments.

I'm also extremely shocked at the level of knowledge concerning finances. It seems that my generation and the one before me have done a better job at educating ourselves for the future.

Another thing to consider is the IBR and the 10 year stipulation for working in the public sector. This might also add another piece of information that might influence your decision when thinking about long-term investments.

Yep, I intend to do IBR x10 years beginning in residency to begin my federal loan forgiveness program regardless of what field I pursue in addition to rural/underserved loan repayment programs if I end up in primary care. I just failed to mention those in my original post. Many people don't realize that residency and fellowship usually count toward the 10 years since so many are at hospitals classified as non-profit. If you go into a surgical specialty, that's 6 to 7 years right off the bat, then add fellowship and an academic position as an attending and you're golden so long as you go on IBR as soon as you graduate medical school.

 

[Mt Kilimanjaro]

Is this true? When I applied for FAP they asked for my tax return and income info too.

BOTH have to meet their criteria independently. If one is over for their given household then you won't qualify.

 

[Sophocles]

That's not correct, I've been well into double digits for the last 2 or 3 years. The only thing still stagnant is real estate, which has come back in many markets.

Perhaps the past two years you have done pretty good with savvy investing, but what is the average over 5 and 10 years? You also, presumably, have more money which can be diversified and you won't likely be too worried about allowing for your FA to move your assets around; they also seem to treat people of your status a bit better than your average Joe Schmoe.

Out of curiosity, what financial instruments are you using, and who does your investing?

 

[JohnFe]

Life is expensive...

But thanks for the replies guys! I'm learning somewhat.

 

[IlDestriero]

Actually I've been quite lucky over the last 15 years because of being in the right place at the right time, some lucky decisions, and not being greedy. If you significantly outperform the stock market, it's mostly luck and good timing, and self control. The other key to investing is to reassess your goals and performance at least annually and rebalance as necessary. I watched people make mad loot betting the farm on the computer industry only to get annihilated because they didn't diversify at all and the bubble popped. It was the same with real estate a few years ago. I have friends (note the "s" ) who were bicoastal Paper Millionaire real estate barons one year, and bankrupt and in foreclosure on their "investments" the next. Literally bankrupt. They were leveraged to the hilt in real estate, but got the shaft when it all went to stool.
In general I manage my own investments with the help of a few advisors. I don't trust one person or group to properly advise me and I'm a big believer in diversified low fee index funds.
My wife and I also manage our money separately which is probably unusual. We are both professionals with different long term goals. Mine is primarily growth with some asset protection and hers is more long term asset protection.
In any case, I have a flat 1% guy (manages independently for cost +1%), a big overpriced firm guy (that's you Merrill) who is not beating the market after fees an should probably get the ax, and 2 inexpensive fund managers (one from the university plan which is mostly mindless funds (tiaa-cref) and another for some monthly excess in taxable accounts), 529 plans for the kids, an annuity, and an occasional independent consultant who reviews my global situation. I also consulted an estate planner and have an old fire and forget retirement plan from my time in the military which is ultra low fee and is also performing fine. I manage my own real estate investments which has been the best performance booster over the last 15 years. The property is what funded growth and saved me from getting my clock cleaned in the crash because of what I happened to be doing at the time. Both my wife and I bet big on the recovery and rode the wave back up and rebalanced again, in case there was another correction. You wouldn't believe my overall 15 year performance, but again it was a lot of luck. Of note every advisor said the same thing when the market was crashing, pick a bottom and double down. It wasn't going to go to zero, and lots of people make a killing during the crash/recovery. Joe punch clock got massacred because all their assets were in index funds which were destroyed and took years to recover and they're finally starting to recover in the housing market.
4 take home points.
Diversify, Diversify, DIVERSIFY!
Reallocate as needed (see #1).
Take calculated risks, when an opportunity presents itself.
Don't be greedy, think long-term.
And make sure your taxable accounts upload the trades automatically for tax season.