Unlocking the Mystery of Contracts: How AI Legalese Decoder Can Help a 31-Year-Old Navigating a Complex Work Agreement
- June 24, 2024
- Posted by: legaleseblogger
- Category: Related News
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Personal Finance Concerns and Goals
Introduction
As I recently turned 31 years old, I’m seeking advice from experienced individuals in personal finance on what to do next with my financial situation. I’ve recently started a startup in the US, which is an LLC, and I’m expecting to start paying myself by June. Additionally, I have a significant amount of assets, including crypto, ETFs, and cash in various accounts.
Current Financial Situation
Assets
- Crypto: 160k€ (mostly BTC and ETH), with approximately 5k€ in Wirex providing a 10% annual return, paid weekly
- ETFs: 8500€, mostly VWCE and MSCI World IT, started investing in January
- Cash: 70k€, spread across Revolut (EUR), Wise (USD), and Trade Republic (EUR), with approximately 45k€ in USD
Expenses and Goals
- Monthly expenses: 800-1200€ per month, currently covered by extra gigs and savings
- FIRE target: 450k€
- Comfortable bank balance: 15-20k€, likely to be held in Trade Republic due to the 4% interest rate
Investment Questions
1. Should I consolidate my savings?
- Would it be beneficial to dump the rest of my savings onto VWCE or a similar ETF?
2. Should I invest everything at once?
- Would it be wise to invest all my savings at once and then start adding more monthly once I receive my salary?
3. Which broker should I use for ETF investments?
- I have IBKR and Trade Republic accounts. Which one should I use for ETF investments, considering Trade Republic’s 4% interest rate and IBKR’s reputation?
How AI Legalese Decoder Can Help
AI Legalese Decoder can assist in analyzing and optimizing your financial situation by:
- Evaluating investment options: The AI-powered tool can analyze your investment portfolio, assess the performance of your ETFs and crypto assets, and provide recommendations for diversification and optimization.
- Identifying tax-efficient strategies: AI Legalese Decoder can help you identify tax-efficient strategies for your investments, such as holding specific assets in tax-deferred accounts or utilizing tax-loss harvesting.
- Providing financial planning guidance: The tool can provide personalized financial planning guidance, taking into account your FIRE target, comfortable bank balance, and overall financial goals.
- Automating financial tasks: AI Legalese Decoder can automate routine financial tasks, such as tracking expenses, monitoring accounts, and sending notifications for important financial events.
By leveraging AI Legalese Decoder, you can gain a deeper understanding of your financial situation, make informed investment decisions, and optimize your path to achieving your FIRE target.
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I think the company you started should factor in your risk considerations. New companies have a high chance of failing, and the final straw may come during an economic downturn, when everybody is busy cost-cutting & stocks probably aren’t doing great either. If you currently bet your time (& money-making potential) on your own company doing well, that company is a big part of your portfolio, in a sense, so you might want to significantly de-risk the rest, e.g. lose a good portion of the crypto, get some bonds (don’t dump everything into stocks/stocks ETF), keep a large emergency fund.
3% for USD in Wise is bad considering current rates, and exchanging currency with them is also bad, when you have IBKR. I thought Wise used BlackRock’s USD Treasury CNAV money market fund for their interest product; don’t you get 5%+ from that (sans withholding taxes, but these can be reduced by DTA and credited)? Anyway, you could transfer the USD to IBKR & buy a USD money market fund or similar instrument yourself, or exchange to EUR at better conditions and buy EUR instruments. Apart from that, explore tax-efficient investing/saving options, if any are available to you (country-specific forums will probably have better advice).
What you should leave in a the bank is an emergency fund that equals 3 to 6 months of your monthly expenses
The rest should go VWCE
“2. Would you invest everything at once and then once I get salary again, start adding more monthly?”
Yes, that’s the best approach
Inb4 all the etf nerds going to tell you to sell the crypto.
Sell the crypto, put all the money together that you dont want to have in your savings account and invest all at once in SXR8 70% and VWCE, forget that money for the rest 10 years. Thank me later.