- April 5, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Planning Overview and Questions
Hello Reddit,
I’m a 25-year-old guy living in Poland, and I wanted to share my financial plan and seek advice on some important questions.
I have already saved up 6 months of living expenses as an emergency fund, which I plan to continue increasing in accordance with my budget and inflation. I am planning to start investing around 25k euro this year in the S&P 500 (acc) and continue with a similar investment strategy in the following years. My goal is to eventually reach 1 million euro in the next 15 years so that I can retire comfortably or have the flexibility to pursue other options.
I also have a private pension (PPK) that I intend to leave untouched until I am 65, or possibly invest most of it when I have a child. Additionally, I am considering investing in high-interest accounts for future plans such as buying a house or investing in a business venture.
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## Seeking Recommendations and Advice
One question I have is regarding the most stable and trustworthy broker that you can recommend. I prioritize stability and confidence over fancy apps and user interface. It’s crucial for me to find a broker that allows for seamless transitions of positions to other platforms or tax regions, as I may not reside in Poland permanently.
Another question I have is whether there are any aspects of my financial plan that I may be overlooking or should pay more attention to. Any advice or suggestions would be greatly appreciated.
Thank you in advance, and I look forward to your insights and comments.
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Any of the big brokers will do but check that they allow position transfer, I personally like IBKR. The new mobile app has a nice interface, but the web and old app might take a little bit to get used to.
All brokers insure only 20-100k in cash, but you won’t have cash anyway, you will own shares of a fund. The 20-100k is the cash you would have insure if the broker goes bust, your shares are safe otherwise since you own them and they will probably be transferred to another broker if it happens.
The risk I guess would be in either the run manager (Vanguard, BlackRock, etc) goes bust but that is highly unlikely.
I am PL too. I use Degiro and XTB. Tried IBKR but I gave up trying to figure out their UI..
Sorry to intrude, but what job allows to put aside 25k/year?
Interactive Brokers is most widely adviced broker in case like yours.