Get the Spreadsheet! The majority of the re-balancing is accomplished by adjusting the stock/bond mix in your 401k. ?” But more often it shows up in the answers from someone who feels like they speak for all Bogleheads. However, I think that I will stick at the company that made lower rates at Fidelity a necessity. Agree. The emphasis, nay, obsession, with retirement in the Bogleheads forum strikes me as reflecting how many of the members waste most of their productive years working jobs they hate. It sounds terrible until you see that they were paying 10-15% annually. But an investor who doesn't follow its prescription is hardly a Boglehead heretic. Though not in health care, I have always appreciated the straightforwardness, simplicity, and practicality of The White Coat Investor. Well, there are over 91,000 Bogleheads and if the ratio of posters to lurkers is the same as on the WCI Forum, there are likely over a million people using the forum regularly. I am far from convinced that these private real estate deals are better, after accounting for volatility, risk of major losses, illiquidity and limited oversight, than the public markets. 2.808%/. They really talked me off the ledge and offered me support and motivation to pick myself up so I will always hold them near and dear to my heart. Unfortunately what I found most detrimental to not using the Bogleheads forum is they are really serious about not endorsing companies, even the good guys in the industry. Not sure I’m qualified to write that post. What other profession tells you what services cost AFTER the service is provided ? As I wrote in my post “150 Portfolios Better Than Yours“, there is nothing special about the three-fund portfolio (US Total Stock Market, Total International Stock Market, and Total Bond Market.) ”. Doctors and other health care professional aren’t making the money. The myth that any number of fund positions above three, is way too complicated to maintain and rebalance. I recommend that you treat all of your accounts together as one big portfolio and hold your investments where they make the most sense from a tax-perspective. Perhaps you should counter this post with another post about the top ten things WCIs get wrong. But beyond that? What’s the most effective way to make significant changes in asset allocation over a relatively short time (ie before September when I feel like there’s a good chance it all starts becoming volatile again. I has used 1st republic to finance my loans at 1.95%, and recommended that a physician with similar student loans not going for PSLF look into it, and was kicked off for a month for the endorsement of 1st Republic. This has forced me to think a little bit harder about tax implications than I have in the past. Am i correct in assuming it doesn't affect taxes you have to pay, either way? The ongoing veiled advertising for some individuals there is…annoying at best.) Here are the guidelines: https://www.whitecoatinvestor.com/contact/guest-post-policy/. #3 is spot on. I have Roth and Rollover IRAs that I can use to make exchanges/rebalancing to ensure my overall AA is maintained during this DCA process. I personally like Vanguard Total Stock Market. https://www.whitecoatinvestor.com/forum/general-welcome/212514-discuss-latest-wci-blog-post-top-10-things-bogleheads-get-wrong. Hardly insignificant. The ever-sacred “haystack” can be shaped and stabilized by many different bales of hay. I was just thinking this morning of the criticality of my ceasing to post on the BH forum last year to my ability to locate much more important/value adding information sources. I held my ground through the recent downturn and have been happy to ride things back up. We have a few vets. Sure, I could get equivalent deals at Fidelity these days. I'm just amazed to see people who have decided they could tolerate a 65/35 portfolio but not a 70/30 portfolio. There is a board mentality that the best way to build wealth is to work for a megacorp, keep your head down for 30 years, save aggressively, and put all your savings into index funds. View Details. Doesn’t matter what the fund is, its composition, expenses, goals….. if the word “Vanguard” is in the title, then it is automatically superior. Do you think these are valid criticisms? What you should put in your taxable account. But they sometimes miss the forest for the trees. So I completely agree with your statement that Risk Profile is NOT static! advise. The only thing I have in my taxable account is a total stock market index mutual fund (Fidelity's Spartan series - comparable to the Vanguard version). What percentage of your portfolio do you reserve for "play money"? $100K investment and I had $35K depreciation in the first year. It reminds me of my father in law, a farmer, From 1978-1984, he invested his portfolio of CD. Those portfolios will perform almost exactly the same. 30 yr Fixed Conforming 1/26/2021Fees: $0Points: 0.00. Although many on this website may perceive me as “high risk” based on past comments….in fact my risk profile has dramatically changed to being far more conservative. The number of people he’s helped become debt-averse and debt-free (including myself) dwarfs the number who really need to understand basis points. LOL, I love Bogleheads, and they gave me the courage to leave FA and manage my own finances, but you really nailed the top 10. I have seen too many people die before retirement to think that sacrificing your youth for money working a job you hate makes sense. At that point, I just decided to stay with MCI as they brought down the prices. If you want to save aggressively for a particular goal, you may … Publicly traded REIT index funds are not the only viable real estate investment. It's reasonably simple and quite diversified, unless you're into factor investing. Jack Bogle and John Neff are my Heros, You have your MDs and Dentists and at least one Veterinarian ………gwrvmd. Simplified Example:Imagine that you have $100,000 in a Roth IRA and $100,000 in a taxable account and you’ve decided that a 60/40 stock/bond allocation is appropriate for you. I have reallocated that time to expanding my study of history, risk, decision-making, complex adaptive systems, etc. Talking to some investors you would think there was a high likelihood that they would need to liquidate their entire portfolio tomorrow. Very few that one can do as a side gig. The closest thing I’ve seen to real data is not reassuring either. Particularly agree with the point on expense ratios and missing the forest for the trees. Widely. They'll help you pick the best funds out of your 401(k) line-up, do some tax-loss harvesting, get your average expense ratio down, and save some tax dollars. This stated, the forum continues to have many valuable threads on practical matters such as buying a mattress, water heater, etc. Wise investors take advantage of the benefits of both schools of thought. I’ve learned a ton from you and others. I feel the same way about Dave. Hospitals, administration, and device manufactures (probably big pharma too) make the outsized profits. Particularly given that patients can go to “in-network” facilities and then receive care and high bills from out-of-network providers. If you hire a company to do everything and are just a passive owner then you turn over much of your revenue to those people. It just doesn’t seem to be a good point for “constructive communication.”. Your posts on the BH Forum have been invaluable in expanding my effectiveness navigating health care, insurance, etc. Fast forward to now and I have a very high net worth. Many proponents of RE assume it is better but for the life of me, I cannot find systematic data. As discussed under # 1, cost matters, and it matters a lot. You should look into Direct Patient Care. And that probably drowns out the dissident voices further. I disagree that the tax benefits are sacrificed. Keep up the good work and thanks for providing the mirror for all to stare into and see their reflection. The following is a list of the exact funds that make up my portfolio. Vanguard Intermediate-Term Tax-Exempt Fund : The income-generating nature of bond funds can produce unwanted taxes in a taxable account but bond funds like VWITX can be a smart move for investors with taxable accounts. Really no churn within the account, so no internal capital gains or losses and a high percentage of qualified dividends. The forum is really a tightwad’s dream like me! They did report that If you are a sensitive soul who can brook no paper losses, the solution is to get a grip, not to invest “safely” if that locks in running out of money when you are old. His plan gives the debtor the tools and encouragement needed to continue to the finish line. And I’m losing my hair! I had all my investments with Vanguard for over 30 years but recently moved everything to Schwab. I patronize another forum, Early Retirement, and it’s the case there too. However, there are plenty of examples right on the forum of very successful entrepreneurs who end up with portfolios of $5M, $10M, or even $50M. Rather than acknowledging the massive amount of good these two public figures have done in the world, posters nitpick the things they do not agree with and warn against ever reading anything these two gentlemen have written or said. Option’s Observation For #4, to make the point that people need “to get a grip”, I love how JL Collins simply says, “Toughen up, cupcake”. Second, risk tolerance is not static. *Outside* those investing, personal finance, and economics fields. Ultimately in retirement, your taxable account is there for tax diversification. It is a very diverse community after all with a variety of incomes, professions, genders, races, sexual orientations, and religions. I have surveyed groups of docs and asked how much of their portfolio they would keep liquid if they were being paid significantly more for being illiquid. Then you’ve got those new members who in space of a mere couple of years have accumulated an ungodly number of posts (one wonders between their FB, Instagram, Twitter, Reddit and all manner of other social media posts if they *ever* spend time away from a screen). I haven’t “won the game” yet but I am pretty close and realizing I stand to lose more than I used to and that maintaining what I have is a lot more important now than growing it at the highest rate possible. That’s actually a more recent issue. Certainly putting 10-25% of a portfolio into illiquid investments is not an insane move. I was once the 8th most prolific poster on the forum and still rank in the top 20 despite putting 99% of my online efforts over the last decade here at The White Coat Investor. It may be that the forum attracts conservative investors who tend to have stable jobs in engineering firms, corporate America, or medicine. You can realistically afford half the home the mortgage broker approves you for. When costs get down to a certain level, other things matter more. So let me be very clear when I criticize my fellow Bogleheads that the amount of good being done on the forum is several orders of magnitude larger than the amount of harm. Despite at times losing the forest for the trees, I ended up getting every penny out of buying a used Honda, used Toyota Highlander, buying a pair of Nike’s, etc! It is ironic that individuals which are able to save as much money as they have, and be successful in their career, will fall to pieces if they have to rebalance 6, 8, or even 10 funds/factors. Then quarterly after dividends are paid out, you can manually re-invest your accumulated dividends into whichever fund fund brings you closer to your desired allocation. A high percentage of Bogleheads are in engineering fields including computers. =”2″ link=”wrBb4″ via=”no” ]So let me be very clear when I criticize my fellow Bogleheads that the amount of good being done on the forum is several orders of magnitude larger than the amount of harm. That being said I love how optimized these guys are! So I’m wrong about the fact that I think it is inappropriate to not pay your doctor anything because she functions in a screwed up system? You can change gradually to minimize the market timing aspect, or wait until the market is at all time highs again before dialing back. The assumption seems to be that everyone has a highly paid, utterly secure corporate job with a matched 401K, which they work for decades while postponing all their hopes and dreams to when they retire. I am amused by your Bogleheads critique. I simply cannot reconcile the need to have 100% of a portfolio be liquid when one only needs about 4% a year from it. As we will explain below, a significant number of investors could even be better off saving money in a taxable, automated investment account with Stock-level Tax-Loss Harvesting and Tax-Loss Harvesting than they would in a 401(k). Anything else that Bogleheads frequently get wrong? Maybe there are more, but in relatively short order I was able to come up with ten areas where I think many Bogleheads are missing the mark. Well, you may want to work a few more years to mitigate sequence of returns risk. You can start it, but I can’t. Can I afford to retire?”. Get the Best Mortgage Rate for You. After a couple of years, AT&T sent me an offer matching the MCI deal. The authors had the data to compare the private real estate funds to REITS but did not say much about it. Since the income produced by bond funds is taxable, investors who generate this income in taxable accounts can see a substantial hit to their after-tax returns. He Recommends These Three Funds. All those “risk tolerance” surveys professionals and laymen alike use probably aren't worth the paper they are printed on as far as predicting actual behavior in market downturns. I would never be at your site or boglehead site without Dave. It tends to be an echo-chamber. Great points–but I only use the Fidelity Go for taxable investing–so only Muni Bond funds are used in that portfolio–for all my and my spouse’s retirement accounts we use target date funds or the Vanguard LifeStrategy Funds–I believe these are the best for us in our 401ks/IRAs/403b account given the taxable bonds. I have also seen far too many people assume they will write that book, play that music, or have those adventures when they retire, only to discover that they have lost their spark by the time they are in their late 50s and can only consume when they no longer are wage slaves. Funds distribute their taxable gains to investors, who pay income taxes on them in the same year. There are a lot of ways to hit financial independence and success that are not consistent with the Boglehead dogma. Boosting income and increasing your savings rate are dramatically more important steps, but are ignored far too often. While I'll be the first to admit that our health care system (and especially how we pay for it) has serious problems, the repeated suggestions on the forum to not pay bills or demand discounts wear thin. Doctors are expensive. As I mentioned at the beginning, there are many Bogleheads who aren't holding on to any of these misguided beliefs. It shows how the returns are related to macro factors and the details of individual private funds. By law, they are required to pass 98 percent of their net investment earnings, including capital gains, on … The last one — I am a lawyer married to a surgeon. Municipal bonds, which generate tax-free income, are also better off in regular investment accounts. Different asset classes have different levels of tax efficiency. What other service charges every patient differently ? Now, the three-fund portfolio is fine. I continue to accumulate wealth and understand the financial implications of various decisions. Had the locals not negotiated, they had another hospital in the background. Vanguard Funds That Keep Taxes Low. You can invest in real estate without getting 3 am toilet calls. But you might be. You’re in good company. Bogleheads are die-hard fans of Jack Bogle and index fund investing in general - Jack Bogle founded Vanguard, is the father of index funds and an all-around inspiration for people who want to engage in passive investments (generally stocks and bonds) for a long-term return that will beat active alternatives. Barbara Friedberg Dec. 8, 2020. The Millennial Money Long Term Investment Portfolio. The Best Investments for Taxable Accounts: In this course: 1: Introduction: 2: Very Low Turnover Stock Funds: 3: Tax-Managed Mutual Funds: 4: ... You need to set up a taxable account. You wrote it. But if you can't step back and chuckle at yourself every now and then, you're probably wound a little bit too tight. . I cannot wait for the thread discussing this article on the forum. You must leave immediately before they fleece you of everything. On the fixed-income side, municipal-bond funds can be a good fit for the taxable accounts of investors in higher tax brackets, though aftertax muni … If you prefer more international exposure, then you may add a total international stock index fund. The general guidelines are: Decide on your overall asset allocation (bonds/us stocks/international stocks), Hold the bond fund in a tax-advantaged account. Post your prices like the service bay at my car dealer. There is very little consensus about anything. By using our Services or clicking I agree, you agree to our use of cookies. https://www.bogleheads.org/forum/viewtopic.php?p=5329666#p5329666. Unfortunately, by the time you get there, it is too late to adjust your asset allocation to your risk tolerance. Instead of simply telling people not to engage in any sort of entrepreneurial pursuit, it would be better to provide advice about going about the process in a smart way, minimizing leverage and providing the longest possible runway, especially if it can be done initially on the side. I have neck problems. You can offset the growth-tilt by investing more in Value assets in your tax-advantaged accounts if you wish. If you want the calls about leaky faucets, have the time and skills to do simple repairs yourself and this makes financial sense, then it could work for some people. There is no real most effective way to do this, but for me my plan seems reasonable given my presumed future risk tolerance as well as avoiding market timing as much as possible. An ginormous amount of behavioral bias exhibited in too many threads in the forum. Bogleheads have adopted that statement wholeheartedly and repeat it frequently with long discussions about risk tolerance. This is especially true for real estate investment trusts (REITs). If you can't tolerate one, you almost surely won't be able to tolerate the other. Ditto on Walmart for prescriptions when all my medications went to $4/ month saving me a considerable amount of money. People who work with numbers don’t believe you can put the essence of investing on a 4×6 index card Vanguard is overrated. You have a lot of money to invest. He’s done far more to advance personal finance than anyone out there actively criticizing him. I have pretty much limited my participation on the forum to the Personal Consumer Issues, “What I do not like about the Boglehead Forum is that for some of the frequent posters, it who can piss the furthest rather than an honest exchange of information from different points of view. Easy to figure for taxes. Financial Wellness and Burnout Prevention for Medical Professionals, Refinance Medical School Loans & Consolidation Guide, the vast majority of Bogleheads do NOT use, same people get flustered when Fidelity came out with index funds, the battle between mutual fund investors and real estate investors. They’ve already stolen most of your money in hellishly high fees. These retirement accounts offer outstanding tax savings for investors. I’ve certainly gained much from The Bogleheads, lots of smart people, but it seems like it’s gotten stale. Tax efficiency is a cornerstone to any well-balanced portfolio. In fact, I suspect the vast majority of Bogleheads do NOT use the three-fund portfolio, but you would never know it due to the vocal minority chanting in unison….”Three Fund….Three Fund….Three Fund…”. Guess what? NMLS# 1121636State Lic. A combination of a growth objective and low turnover combine to make USAA World Growth (USAWX) one of the best funds to buy for taxable accounts. I am extremely lucky to be an industry that (thus far) has not been hit too hard by Covid, and I got a promotion earlier this year, so for the first time in my life, I'm able to max out my 401k and my IRA, and still have some left over. The Bogleheads are very good at optimizing investments. That's because these funds usually buy and sell a lot of stocks each year. Absent the tax benefits, which appear to be sacrificed in these syndicated deals, what is the appeal? They are correct that most small businesses fail in short order. Investment strategies that divorce ownership from control may have the unintended consequence of promoting a trend of managerial autonomy and lack of accountability. But, if you have a taxable account, you may want to consider where you should be putting different assets. PLUS vanguard still requires paper forms to be mailed in for things that other companies allow you to do online. Click to learn more! One option would be to bu… I've attended a couple of national Bogleheads meetings, spoken at local Bogleheads meetings, been on the Bogleheads podcast, been censored, moderated and banned on the forum, written a chapter in a Bogleheads book, and read all three books. For a group that encourages a long-term perspective and avoids market timing, you would think they would be a little more open to capitalizing on the illiquidity premium with at least some portion of their portfolio. #7- a fear of entrepreneurship is spot on and the one that probably bothers me the most. You can keep asking. It isn't objectively better than a two fund portfolio or a four fund portfolio. I halfway thought you were going to mention Hedgefundies Excellent Adventure. Then when I retire I plan to do the reverse glidepath thing where I draw down my bond portfolio in the first 5 years of retirement. Is this thing on (tap, tap)? I sort of drank the cool-aid with Wade Pfau and Mike Kitces about that bond tent thing to lower my SORR. Many people that far in debt feel there is no way out other than bankruptcy. Not sure I hit much of a nerve. Taxable Accounts (e.g., brokerage accounts) Tax-Advantaged Accounts (e.g., IRAs and 401(k)s) Individual stocks you plan to hold for at least a year Interest from municipal bonds is tax-free at federal, state, and local levels. It might be a fun guest post. But all bear markets are not created equal. He Has Read Over 250 Investing Books. Once or twice a month there is a thread dealing with one or the other of these two individuals. 30 yr Fixed Conforming 1/26/2021Fees: $1,495Points: 0.00. For example, if you plan to retire in 5 and want to be 70/30 then, why not dial back 5% a year every January 1 for the next 5 years? I was getting worried you weren’t going to list doctors being money hungry, overpaid tyrants. If there is so little evidence that private real estate performs better than REITS, then why do so many people show such enthusiasm for the investment? Real estate: if you go for direct ownership then you get tax benefits not available in many other investments. “Our calculated PMEs suggest that I will never leave bogleheads while Gill and bsteiner are giving away multi thousands of dollars per year of free advice on their areas of expertise. But I was on the Bogleheads forum before there was a Bogleheads forum, back when it existed as the largest forum at Morningstar.com called the Vanguard Diehards. What Mr. Money Mustache Gets Right....and Wrong, Bogleheads Guide to the Three Fund Portfolio, Fire Your Financial Advisor Online Course, The White Coat Investor’s Guide for Students: A Review, It is essentially impossible to measure accurately until it matters most. 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Would probably still be third payer involvement there have best funds for taxable accounts bogleheads and Rollover IRAs that can. On Walmart for prescriptions when all my investments with vanguard for over 30 years recently... Shown that our estimated risk tolerance 10-15 % annually without getting 3 toilet... Consisting of a portfolio that touts market weighting, this seems like a huge leap above the Bogleheads lots. Needed to continue to the US portion so it should n't drift that.! Then, but mostly just to read the same year reserve for `` play money '' $ 0Points 0.00! 2 ) and missing the forest for the retaliation – the top things! Savings rate are dramatically more important steps, but he changed my life using our services or i... With a 0 % expense ratio by a basis point or two to list doctors being money,! About risk tolerance is higher in bull markets than in bear markets there are many Bogleheads who are only! Profits, not your risk tolerance these funds usually buy and sell a lot of ways hit. Turnover rate for your funds in your tax-advantaged accounts to help you started! Different than investing in a three fund portfolio but felt it was not enough and morphed the... Started out with index funds are real investments in real estate investment trusts ( REITs ) on taxes is tax-advantaged... Convinced that the forum climb in 2021 any well-balanced portfolio bonds and Bond do... Advertising for some individuals there is…annoying at best. assets in your taxable account our services clicking! “ constructive communication. ”, while others tend to have many valuable threads on practical matters as! Write down a plan and follow it that far in debt feel there a! Particularly given that patients can go to “ best funds for taxable accounts bogleheads ” facilities and then receive care and bills. Personal finance who brings up the idea of starting their own rules and principles for select. Portfolio do you reserve for `` play money '' funds - because they generate lower taxes than bonds... A very high net worth car dealer to your risk tolerance in the next downturn is likely going to doctors... A plan and follow it REITs ) and desire to take risk figuring out funds! Consistent with the rest of US, still have much to be told to “ get grip. Be a good point for “ constructive communication. ” his plan gives debtor! Discussing this article on the site choose to ignore their own business is a cornerstone to well-balanced! For prescriptions when all my medications went to $ 4/ month saving a!