I got married about a year and a half ago and we're looking to start expanding our family. That's led us to really take stock of our finances and try to get everything in order. We have our budget fairly well under control (thanks in large part to this subreddit), but there's the one REALLY big thing that I've sort of just stayed away from. The ~$700k sitting in an investment account that's all in just one stock.
My wife's grandfather had the foresight to give her something like $10k worth of stock when she was born, and apparently picked a good one. It's performed well in the past and from all indications the company and the industry it's in will continue doing well in the future. And that's great, but everything inside of me is screaming to DIVERSIFY RIGHT NOW. My wife sees the problem, but we really don't know how to go about tackling the issue.
Her grandfather always said that the money was to be used for school or for starting her own business. We're both in our late twenties and don't expect to be going back to school, and we're not likely to start our own businesses, so we've decided not to touch the money, but rather honor her grandfather's wishes and use it for our future kids' college funds. Which is really neat because her grandfather will have paid for his great grandkids' college educations 30+ years before they were born.
Anyway, that's all to say that this is to be a long-term investment which we won't need to touch for approximately 20 years.
My wife wants to talk to a financial adviser, and I agree, but I don't feel comfortable trusting some random stranger not to take advantage of us in some way when we're talking about that kind of money.
tldr; we have 700k in just one stock. What do we do?
Topic: The magic of compounded interest (Read 593 times)