Apparently Charles Schwab just cut commissions to zero, which was always going to happen but feels plausibly sped up by RobinHood. (If you don’t understand why they could do that, c.f. https://www.kalzumeus.com/2019/6/26/how-brokerages-make-money/ … )
As in, what do I personally use allocatively? Not sure I’d recommend my strategy, given that my personal finances look like very few peoples’ (USD and JPY denominated liabilities, etc), but I round to 100% invested all of the time and rely on availability of credit for cushion.
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If I were advising someone smart and disciplined about their allocation, I’d probably say “More cash than me; far less than the conventional wisdom of e.g. 6 months expenses.”
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I waffle on this constantly, but have settled on "3 months expenses with no change in behavior save loss of income that could be stretched to 6 months with behavior change + minimal income (eg. part time Uber driver)"
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