Hi all. After a lot of soul searching and discussion, my wife and I have decided to revise our FIRE amount and date, and bring it forward.
Rather than buying a PPOR in Melbourne and continuing to work towards our magic number, we plan to hit a lower number - $1.5 million - and mix in a continued modest income from various sources, as we take our lives on the road and travel long term.
Our investments are currently at nil, as I'm waiting to finalise what my deferred tax bill from my business is and get up to date on that. I expect we'll have 30-40k left over to invest right away. From then on - all going to plan - our target is to save and invest 100k a year, which we're on track to do so far.
I also have a lump sum coming from an inheritance, which should be late this year or early next year. I'm unsure of the figure but it's likely to be around 500-700k.
Based on these figures, we should reach our goal in around five years though we hope to find additional ways to increase our savings in the meantime.
All this leads me to my point: In a few weeks I should have 30-40k to invest, then within a few months, a much larger amount. I find this somewhat terrifying - not investing, but having such a large amount to invest in one hit. I want to get it 'right'.
In my past research, I'd come to favour a mix of Vanguard funds, with a bit of cash/bonds. How should my plans to travel full time (plan is to do it perpetually, but who really knows?) affect my spread. I'd imagine I'd want a far greater exposure to markets outside of Aus? What about funds like VTS/VEU which are US domiciled? Would they be better than funds that are similar but are domiciled in Australia in this case? What is the go with Wholesale Funds - should I look at those, particularly to invest the larger lump sum?
The overwhelming consensus around these parts, and other similar circles is for ETFs / LICs and similar products but I know my Dad is currently investing with someone who is doing covered call options. He raves about his returns, and says it's safe. I'm very skeptical though I've seen his figures and he has done very well over the last couple of years. However, if it was a good long term strategy I'm sure I'd be reading about it on more forums like this one. Does anyone have any comments on this?
I'd appreciate any insights from the like minded crowd here. I fully intend to seek professional advice also, but my only experience with a financial planner in the past was poor, and my parents had a very bad experience in the past also, so I would like to go in prepared.
Which brings me to my last question: Could anyone recommend a good financial planner or accountant well versed in this sort of thing, in Melbourne?
Thanks very much.