Earlier today, Robert Brokamp wrote about the importance of rebalancing your investment portfolio. Over time, as your various investments rise and fall, your actual asset allocation drifts from your intended asset allocation, slowly pulling you away from your investment goals.
I’ve recently been working to rebalance my own investment portfolio, so I thought it might be instructive to walk through the process over the next couple of weeks as I try to bring things back into line. First, some background.
In the beginning…
When I started Get Rich Slowly, I had my investments at Sharebuilder. Sharebuilder was great for me because I could invest small amounts (I started with $25/week) on a regular basis. I set up a Roth IRA through Sharebuilder, and had a regular investment account too.
When I quit my day job, I needed to set up a retirement account for my business. My accountant recommended a self-employed 401(k). Sharebuilder didn’t have one. By this time, I wanted to put my money with Vanguard anyhow, so I called them up to see what they offered. They didn’t have a self-employed 401(k) either. (They offer one now, though.) So, I contacted the local Fidelity office. They had what I needed.
In late 2008, I moved all of my investment accounts to Fidelity:
- I set up a self-employed 401(k) for my business.
- I brought over my Sharebuilder accounts.
- I moved my retirement savings from the box factory into a rollover IRA.
- And I started a regular, taxable investment account.
On 30 June 2009, once the dust had settled, my asset allocation looked like this:
- 4.5% in Fidelity Canada (FICDX)
- 4.5% in Fidelity Latin America (FLATX)
- 9.0% in Fidelity Spartan International Index (FSIIX)
- 9.0% in Fidelity Spartan Extended Market Index (FSEMX)
- 15.0% in Fidelity Select Energy (FSENX)
- 4.5% in Fidelity Real Estate Income (FRIFX)
- 7.0% in Fidelity Four-in-One Index (FFNOX)
- 46.5% in various bonds and bond funds
Why did I choose this particular asset allocation? That’s a great question. I don’t have a great answer. I know I spent a couple of days deciding on this particular mix, but I can’t find my notes on the process. I do remember that I was still skitterish about the market, though, so loaded up on bonds and bond funds. But why so much in Canada? And energy? And where’s a plain, vanilla U.S. stock index fund?
Better to be lucky than good?
This goofy asset allocation has actually performed well. I’ve been lucky. But that’s because we’ve been in a two-year bull market. Stocks have been soaring. As a result, my returns have been excellent. All together, my Fidelity portfolio is up 64.46% since I started it (for an annualized return of 22.03%). It’s up 23.59% in the past year (which beats the S&P 500′s 15.65% gain).
But I’m not willing to go on with this particular asset allocation. I want to rebalance my portfolio. This is partly because my allocation has shifted. It now looks like this:
- 5.08% in Fidelity Canada (FICDX)
- 5.41% in Fidelity Latin America (FLATX)
- 9.45% in Fidelity Spartan International Index (FSIIX)
- 11.69% in Fidelity Spartan Extended Market Index (FSEMX)
- 18.16% in Fidelity Select Energy (FSENX)
- 5.28% in Fidelity Real Estate Income (FRIFX)
- 7.55% in Fidelity Four-in-One Index (FFNOX)
- 37.39% in various bonds and bond funds
But it’s mostly because this particular mix of investments isn’t as diversified as I’d like; it’s way too concentrated in certain areas. (I mean, come on, 18.16% in an energy fund? Yikes!) So, as I re-balance, I’m doing more than just shifting my assets around. I’m going to be re-evaluating which funds I own and why.
Back to the drawing board
In a way, I’m pleased with how I’ve treated my investments over the past two years. The old J.D. would have checked them every day and agonized over every rise and fall. The old J.D. would have wanted to trade all the time, meaning he’d give away a ton in transaction costs.
The new J.D. is willing to buy into a position and leave it alone for almost two years. He ignores the financial news and trusts what he’s learned about smart investing. And, apparently, he talks about himself in the third person.
Still, it’s important not to ignore your investments completely. You need a plan, and you should monitor your investments to be sure they’re helping this plan come to fruition. That’s not happening for me, so it’s time to rebalance.
Next week, I’ll describe the second step of this process: gathering information. In the meantime, I’d love to hear about your investment habits. Do you have an investment policy statement? Did you stick with the market even when it was rocky in 2008 and 2009? What have you done about your gains? If you rebalance, how do you do it?
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How much do I love you guys? I love you so much that I just spent ten minutes and five bucks to find a cat picture for this post. (This is because a couple of you requested one for this morning’s re-balancing article.) See how nice I am?
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I like cats. Good job.
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Adventures in retirement saving! http://nicoleandmaggie.wordpress.com/2010/09/06/adventures-in-retirement-saving-part-4/
Yay kitty!
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My way to avoid needing to think about rebalancing is to buy auto-rebalancing funds. Both my employer-sponsored plan and my rothIRA are in year-targeted funds, meaning that not only do I not need to think about it for now, but I won’t in the future.
To make it even better, the employer sponsored plan has costs similar to vanguards and rebalancing daily.
It works for me, because I know I’d eventually make a balance mistake. My girlfriend redoes hers every year. It’ll be interesting to see who does better…
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I do have an investment policy statement. My asset allocation is specified in terms of asset classes (large-cap US stocks, small-cap US stocks, REIT, emerging markets, etc.) and NOT in terms of funds. In my mind, the fund is the tool used to meet your goal, which is the asset allocation.
So far, I’ve been able to rebalance with only new contributions and by shifting assets in tax-protected accounts. Each month, when it is time to invest, I put the money for the month into the asset class that is lagging. From time to time, I’ll also do a transfer in a tax-protected account if that’s needed to get things back in line. In this way, taxes are not an issue.
And I did stick with the market and my AA when it was rocky in 2008 and 2009. It’s been a nice ride back up since then!
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I have 2 rules of thumb for my Fidelity 401k:
1) Rebalance once a year, around about my birthday.
2) Keep my stock market exposure equal to 110 minus my age (for example, if you’re 30, you would have 80% of your money in stocks, and 20% in bonds).
My 401k money is invested in 5 index funds. Four are stock funds, one is a bond fund.
Fidelity has a simple rebalancing tool, where you tell it what percentages you want each of your investments to contain, and it takes care of the rest. Each year, as my age goes up by one, I rebalance to bring the percentages back in line with my plan (rule 1).
At this time I also add one percentage point to the bond fund, and subtract one percentage point from a stock fund (rule 2).
Right or wrong, sticking to this plan helps me ignore the ups and downs and daily convulsions of the market, and get on with life.
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I love Vanguard for their low cost, but like Fidelity for their site!
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I look at my portfolio two different ways – stock/bond/real estate/cash mix and then type of stocks (large cap, value, etc.) Once a year or two I look at my portfolio. I rarely actually *move* money. Rather I direct new investments to undervalued areas. (However, I never had funds as narrow of JD’s Canada and Energy funds.) Also I have all dividends paid into cash accounts rather than reinvested in the same mutual fund. Primarily that’s because about 1/3 – 1/2 of my investments are in taxable accounts and I don’t want to cause capital gains issues with re-balancing.
Fidelity has a great tool for looking at your US stock market portfolio. It will generate a report grid that shows large/small/mid-cap on one axis and value/growth/blend on the other. Makes it easy to identify where you may be out of whack. Unfortunately, it doesn’t do the same for international stocks. Will also do an instant look at your %s by industry.
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I too use Fidelity, in my case because of the company 401(k). I’d like to add a note that you can trade 30 ishare ETFs commision free because of some arrangement they have with Fidelity.
I hate mutual funds paying brokerage houses to sell them to their clients. Hopefully this arrangement is completely different than that.
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This is a great and timely post. I’m looking forward to the next set of posts about gathering information and more.
I too have been lucky to achieve 20+% returns over the past 2 years (which is my average performance overall, since I only started investing after the market crashed). But I invested with my gut. I thought the VTI fund looked good, and some other random funds. I’ve got some funds for emerging economies and some in healthcare.
But it was all a gut feeling – I want to rebalance soon but don’t know what I should be looking for!
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I don’t really have this problem yet. My net assets are almost all in my house and S&P 500 funds. The allocation has shifted in the last few years to be less in my house, since the price has dropped, but it’s not my choice and I have little control over it.
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I have my Vanguard Roth IRA invested entirely in a targeted retirement account (2045), where they do the rebalancing for me. Because my 401(k) is really limited to crappy choices, about once a year I check the percent allocation and rate of return on the funds I’m in, adjusting the former based on the latter.
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That is a big allocation towards energy. This heavy weighting will probably be a wise move considering the ever upwards trajectory of oil, and the viable replacements will not be any cheaper.
I prefer target retiremnt funds. Yes, I can hear the groans. If you choose a plan with fair fees, and an aggressive mix of equities, I think it’s a cost effective way to stay rebalanced. I’ve had my Roth IRA with T.Rowe Price target date retirement accounts for 4 years and I have been impressed with the performance. I would love to do a comparison to see how the fees I pay would compare to the transaction fees of balancing a regular diversified portfolio.
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I’ve really enjoyed reading through your old entries and admire you ability to quit your day job. Keep up the great work.
I tend to tinker with my money as well, but am gradually growing out of that bad habit!
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My portfolio (as outlined here):
40% Total Stock Market
40% Total International
10% Short-Term Treasuries
10% REITs
Reasoning: I place high values on both simplicity and on knowing exactly why each holding is in my portfolio
I rebalance when I make new contributions–so, usually twice per year.
It’s implemented via Vanguard index funds, but it could be done just as easily at Fidelity of course (or probably 20 other places using low-cost ETFs).
The plan is basically to increase the Treasury allocation over time while cutting back on all three stock allocations. Also, eventually a portion of the bond allocation will go to TIPS.
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I have a pretty simple investment strategy. I decide how much money I will budget into investments at the beginning of the year, and set up automatic deposits at Vanguard. If I’ve decided to increase my equity position – I allocate more money to buy into an equity index fund. If I decided to increase the percentage of bonds I am holding, I add to a bond index fund. If I want to add a new area of investment, I will make sure I have the minimum amount necessarily and purchase into that.
At the end of the year if I have extra money – I try to make sure that the percentages between equity and fixed income are as close as possible to what I planned at the beginning of the year or if I have decided to rebalance in a different direction – I place the money towards my new rebalance.
I am a big believer in keeping it simple, and to try my best never to have to sell. I would rather rebalance through adding to one position or the other rather than selling to rebalance.
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Now that I think about it, I’m waiting for my “financial literacy month” lessons. We’ve gone from “wealth is what you make minus what you spend” to “here’s how to rebalance your portfolio!” I need the intermediate courses…
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I know! I know! I was just thinking this earlier today. I started the month with the best of intentions, but I got side-tracked, as sometimes happens. (It’s because I have a “chore cloud” for the blog instead of a list!) So, Financial Literacy Month at GRS was basically Financial Literacy Day.
I’ll try to post a round-up of Financial Literacy stuff at the end of the month to make amends.
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Thanks man!
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I’m currently almost entirely in managed funds in my employer’s 401(k). That will be changing very soon as I am changing employers.
Enough has settled in my life that I’ll be looking for a little more control (i.e. more ways to make direct choices with investments).
For a couple of years there, I just didn’t want to think about it. Was lucky and everything held together. In the 8 years before that, I had a self-directed 401(k) and rebalanced annually with some advice from my broker.
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I don’t have a written policy, but I have learned over the years what is considered sound and unsound.
Both my employer’s plan and my Roth are in target date funds, so no rebalancing needed.
My traditional IRA is in ETFs and I keep it simple. I plan to always keep it simple, but just shift a bit towards bonds over the years. ETFs kick off dividends, and I use those for rebalancing. When necessary, I also rebalance by exchanging shares.
I have:
VG Total US Market Index,
VG Total Intl Market Index,
VG Small Value Index,
VG Total Bond Market,
iShares Tips
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Funny…I have all my accounts at Fidelity but it appears that I buy mostly vanguard funds (80% of them or so). Not terribly efficient since I have a transaction fee to buy Vanguard funds in my fidelity accounts but so far it has worked well for me.
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JD,
Have you tried fidelity freedom funds? I have some in my portfolio. For example FFTHX – auto rebalances until my theoretical retirement year of 2035.
I think I have some 2040 for a more aggressive approach. Everything else is in multiple index and bond funds.
-Charlotte
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You should really be wary of the named year when deciding between target retirement funds such as the fidelity 2035 vs 2040. The stock/bond mix is much more important. It’s worth spending a bit of time to look into the details of each fund rather than simply relying on the year designation.
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Thank you for the advice Carey. I’m new to investing so I’m learning.
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I’m a novice to investing as well – so if you can clarify your feedback that would be great. I thought the whole appeal of targeted funds was that the stock/bond mix was pre-determined and as your retirement date approaches, the portfolio becomes more heavily weighted with bonds. Is that not the case?
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It’s true, target date funds do indeed adjust automatically. The problem is they can vary quite a bit in their level of risk at any given time. So a 2040 fund from company A may be much riskier than one from company B. The key is to ignore the date and look at the stock/bond ratio for the fund at different times in its cycle. Once you find one that best matches your need and ability for risk, you can sit back and let its automatic rebalancing do the hard work.
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I find it interesting that you have the Fidelity Canada fund. I want to diversify more out of the US stock market and I’ve been eying the Fidelity Canada fund and the iShares MSCI Canada Index ETF for awhile now. It looks to me that the Fidelity Canada fund isn’t an ETF though, so I’ll likely end up going with the ETF.
What I’ve found helps me to not check my investments daily is the fact that the numbers invested from my 401(k) are strange decimals and don’t multiply easily, so I can’t now how much I have contributed without pulling out one of my spreadsheets. My Roth IRA is a lot easier to know how much is in there though (two installments of $5,000).
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My investments are all in my company 401K, which is run by Fidelity, but there are an assortment of Vanguard and other funds available for us to choose from. My portfolio is 35% US large cap, 5% US mid cap, 20% US small cap, and 40% international (including Europe, Asia and emerging markets). I rebalance once or twice a year and only check the account maybe once a month. I look more at year over year improvements than daily/weekly gyrations. I haven’t had any success with bond funds so I skip those.
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I use a variation of Harry Browne’s Permanent Portfolio. I have to thank J.D. and Get Rich Slowly for featuring a post about it two years ago.
It sounded too good to be true to me, so I spent a few months reading about it, and then tried it out with a little bit of my own money. I’ve stuck with it ever since. Have yet to rebalance, but know exactly what percentages the various assets need to hit before I do so.
One of the intents of the portfolio is to have you ignore the financial news and get on with your life, but to be honest … we live in interesting times, and it’s been helpful to see how my portfolio handles dramatic changes in the stock market and the economy at large (masterfully, IMHO).
The PP doesn’t quite have an investment policy statement, but it certainly lays the foundation to make one.
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Oh I’m excited for this series. I’ve taken stabs at balancing & rebalancing, based on the so-called no-brainer portfolio you posted about in June 2009…sorta.
That allocation calls for 25% in each of four funds: 500 index, small-cap, international, and bonds.
I don’t really line up with that yet, though:
As of January 2011 I had:
24% broad-market
24% 500 index
17% small cap
18% international
6% mid cap
10% bonds
I think 25% bonds is too high for someone my age, so was shooting for 10-15% in bonds. I’ve never been able to figure out when a mid-cap index fund is a good idea – it’s not on any of the portfolio suggestions you listed! I don’t know why I have it!
Anyway, I try to revisit my allocation sometimes (I did it for the first time in April 2010, then revisited in Jan 2011). Instead of selling, I just redirect my ongoing investments. I bought a REIT with a rollover; I should look to see how my balance is looking now!
This is all retirement saving, btw – I have an e-fund in a very boring money market account and have no other non-retirement savings right now.
Oh, and I have to confess.. I don’t really know how to calculate the growth in my funds – how do you separate your contributions from your earnings? I know it’s a basic concept but so far it eludes me.
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Some people swear by mid caps. Try a Google search for “Mel’s unloved midcaps”, it should be a fun read. I stick with the simplicity of small and large caps, but there are certainly more important considerations (such as fees, fees, and perhaps fees).
You calculate growth by adding up all your contributions and comparing that number to your current balance. For example, if you’ve put in $250 a month for the past 4 years, your contributions are $12,000. If your balance is $15,000, you’ve gained $3,000 in returns.
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I should add, if you didn’t keep track of your contributions, you can download recent statements and usually there’s a way to request old statements. This might get a bit tedious but it could be the only way to reconstruct what you did.
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Thanks Carey, that’s really helpful. I do my investing with Vanguard so I don’t think the fees, fees, fees are a problem, but it would be clever of me to actually compare what they charge for the various fund types and see if they differ by much.
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Enough of us readers, and JD too keep up the long but steady progress long enough and he’ll need to rename gotrichslowly.org.
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How much overhead do I save by using an automated index fund vs a managed fund? How much is appropriate percentage to the management of the fund? Are the return rates you stated after paying the house (fund manager)?
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Anything over 0.5% is too much to be paying as an expense ratio, in my opinion. There is a lot of good research out there showing that actively managed funds regularly underperform passive index funds once expense ratios are taken into account. In general, about 1/3 active funds beat their index and 2/3 fall short, however its not the same 1/3 every year, so it is best to stick with passive funds. Check out bogleheads.org for more on it, it’s a great forum.
As to your first question, lets say you invest $100,000 in two funds, one with an expense ratio of 0.5% (which is high for a passive fund, there are ones as low as 0.07%) and one with an expense ratio of 2%. After 30 years at a 7% annual return, the first fund is worth ~660,000 and the second is worth ~430,000. Fund A is 50% higher than fund B, or said another way, you have lost more than twice your original investment to excess fund fees.
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Man, I am just too lazy to rebalance. I’ve invested in an S&P index fund, and a REIT index fund, and that’s just the way it’s gonna stay. Sure I’ve had my portfolio go down in past dips/recessions, but it’s still way above where I started.
Also, I have a question: I’m 25 years old. Is there any reason why I should not be 100% invested in stocks? Retirement is probably 40 years away, so I feel like I have time to recover from anything. Why should I invest in any bonds at all?
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Because bonds tend to go up and down at different times than stocks. When stocks get expensive and bonds are cheap, you can sell stocks to get bonds. Then when bonds are expensive and stocks are cheap, you can do the reverse. Having 10% bonds tends not to reduce your returns and has the advantage of reducing the hugeness of the swings in value.
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Thank you for the response!
I don’t really “sell” anything I hold. I just put money in my IRA each month, buying more of my index fund. The whole dollar-cost-averaging thing.
However, are you saying I should buy bond funds when the stock market is high, and then sell those to buy stocks when the market is low? Isn’t that getting into market timing?
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Yep. When interest rates are this close to 0%, it seems quite likely that they will not get much lower. And rising interest rates for new bonds make your old bonds less valuable if you sell before they mature.
But you can do some market timing by rebalancing. For example, if you’re going for a 90/10 stock/bond ratio, when your stocks go over 90%, buy bonds next time, and when your bonds go over 10%, buy stocks next time.
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As a new investor (just started my second year of investor school – like Hogwarts but with the magic of compounding returns) – this will be my first rebalancing. I can’t make my mind up whether that sounds more like something you have done to your car, or a coming of age ceremony!
My investment policy statement favours relatively high risk areas (with consistent fund managers); equities over bonds (I’m only 28) and growth as a primary concern.
Just now I’m aiming for roughly:
25% UK equity (tracker)
25% EU equity (managed fund, quite volatile)
25% US equity (mid caps, also quite volatile)
10% Emerging Markets (managed fund, trying to reduce my exposure)
10% High yield bonds (this pays some of my adult allowance!)
5% I forget
I’ll be rebalancing with new contributions, as switching fees would eat into the performance of my investments and I already use a good few managed funds. Luckily enough my provider (also Fidelity, although in the UK) makes the process of changing my monthly contributions up or down relatively easy.
Looking forward to year 2!
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J.D., do you even have transaction costs? Vanguard lets me buy and sell into index funds without any transaction costs (so long as I don’t do it too often). And selling within retirement accounts won’t lead to any tax consequences.
As I learn more, I keep adjusting what my ideal portfolio is. All my gains are automatically reinvested. I rebalance by calculating how many shares I would have in each fund if I had the ideal percentages. I sell the appropriate amount from the funds that have more and buy the appropriate amounts of the funds that have less.
Sadly, I don’t currently have any Canadian stocks. I have US, European, Pacific, and developing. Instead of “European,” I wish they had non-US Western. Or since Canada (and Australia, etc.) are associated with Great Britain, why can’t they be included in European funds?
I’d rather divide things by industry than by country/size, but the industry funds tend to have higher fees, so I don’t. I think the most important determinants of how much money you have are: 1) how much you invest (duh), 2) what percentages you choose and 3) how high your fees are (or maybe 2&3 are reversed).
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@Debbie- “Or since Canada (and Australia, etc.) are associated with Great Britain, why can’t they be included in European funds?”. Too funny.
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Jessie – I did a double take at that comment as well – last time I checked Canada, Australia and the UK had their own currencies
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It’s true! It may be in wacky colors, but it’s our very own!
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I had to reply to this too. Canada, the UK, and Australia are three very different economies in three different corners of the globe!
I’m a Canadian, definitely not a European
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JD! Are you 60 years old? Your bond allocation is what a 60 year old should have, roughly! Think how much more $ you would have made over this bull market if you’d had more in stocks. To each their own, but just thought I’d point that out.
I’m going to a free session w/ a financial planner at the library tonight to refine my asset allocation, so not like I have all the answers either.
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Ha!
No, I’m not a sixty-year-old. But sometimes I act like one.
See, that’s the problem. I’m a crazy mix of aggressive and conservative. There’s no in-between. I think it’s in part two of this series that I talk about how I’ve mentally divided my money into two buckets — the “safe” bucket and the “grow” bucket.
For the record, though, since writing this post, my reading has, indeed, led me to believe that I don’t need more in bonds. So, I won’t be adding anything there. But I’m not taking anything out, either. I’m going to let the stock/bond re-balance happen organically as stocks grow. This feels like a good compromise for me.
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I value-average for my 401(k) using a spreadsheet that basically tells me what the value should be every month so I reach my end goal. I make changes quarterly – investing or selling as needed, otherwise the money stays in a intermediate bond fund which is pretty stable.
In our Roths I invest strictly in individual dividend stocks according to certain criteria.
Re-balancing happens in the 401(k) annually based on the total value of all investments (Roth included).
Looking forward to hearing more about the re-balancing process and fund evaluation JD. It seems like a lot of your current funds overlap.
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First of all, I think it is important to point out that re-balancing a non-qualified (non-retirement) account creates a taxable event. I’d hate to have your readers experience a nasty surprise at the end of the year. I don’t get too hung up on re-balancing my portfolio…I think its more important to pick great investments and make consistent deposits. Dollar cost averaging is extremely important.
I make a point of investing in energy and health care stocks. I feel like my fellow Americans will pay anythings for these ‘rights’ so I might as well make money off of it. Terrible, right? I also mix in some various cap stocks and international.
Also, my cardinal rule is to never invest in more than 5 ‘funds’. This is true for my 401(k) or my roth IRA. Its a serious error to overdiversify.
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I would love to see you do a future post on ETF’s as part of an investment portfolio.
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I’m still relatively young and opened up a Roth through Sharebuilder last year, thanks to this site and the great article “How to Open a Roth IRA (and where to do it)”. Just wanted to comment that this site and that article in particular have gotten me working towards my goals and being realistic about retirement.
I have all my money in stocks currently (feeling risky since I’m younger). 4 stocks : EWC, SPY, EWJ, C. I’ve made money on all the stocks except for Citigroup (C). I bought EWJ (Japan index) 2 days after the earthquake/tsunami when it was at an all time low and have done well with that so far. Overall, I enjoy playing the market and planning for retirement!
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Be careful! If you inherit stocks, and are in a position to leave an estate, consult someone with appropriate expertise. If you mindlessly rebalance by selling inherited stocks that do well, it will cost you an arm and a leg and really screw things up while spending money unnecessarily.
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