Submitted by hurryupweredreamin t3_11e9vlf in personalfinance
A family member recently passed away and left me about ~$150,000 in stocks. The stocks are primarily dividend focused with some blue-chips that they’ve held for many years. My current portfolio is about $5,000 with mostly tech stocks and I do a minimal amount of trading.
My questions:
-How do I go about managing this new portfolio once I receive it?
-Should I be looking to close out of these positions or leave them and reinvest the dividends / add the dividends to my savings?
-Are there any taxes I should be aware of or plan for?
For background, I have a low six figure salary but live in a high COL area, so my savings is minimal outside of my 401k and ROTH IRA contributions. Having some cash in hand for an emergency fund would go a long way.
Appreciate any advice Reddit may have.
Stock-Freedom t1_jacvunz wrote
I’d move it all to broad market funds and then slowly use it as savings to fill your retirement accounts.
Follow the flowchart.
My generic advice:
https://i.imgur.com/lSoUQr2.png
Here is the flowchart from the r/personalfinance subreddit’s Prime Directive. If you follow that, you will be ahead of almost all of your peers.
Stop by the sidebar to see the Common Topics, which include basic money handling and investing.
You don’t need to talk to anyone or buy some random book to do this. You have all the tools right here.