Maybe it is because its a late hour, or I'm partially dehydrated or something, but I can't seem to wrap my head around this, and I'm pretty sure it isn't that complicated...
As I stated above, I am fairly well diversified in my investments. However, it seems I need to increase my allocation to Emerging Markets (to bring it closer to what I feel my asset allocation should be). I don't rebalance the way I probably should; what I do instead is invest new money into the assets that are underfunded. Is that a horrible approach? Does it really make that much of a difference? I have a decent chunk of money to invest outside of my tax-advantaged accounts, so I was thinking since my Emerging Markets was too low, I would fund a new Vanguard Emerging Markets Stock Index Fund in a taxable account. Right now, outside of cash, my only other taxable is SPY. The original plan for the "decent chunk" was to add to SPY (I'm maxed out on tax-advantaged) but I am pretty heavy on domestic stocks already. Are there major flaws with this plan? Is it silly? Is there a better way?
Some numbers for reference:
The decent chunk would double my invested taxable account amount (I'm putting so much into my retirement accounts that my non-retirement is less than 3% of my total portfolio). If I were to put it into that Vanguard fund, my Emerging Markets exposure would go from 2.5% to about 5%. And then my taxable account would be half SPY and half Emerging.
I really need to drink some water and get to sleep. Thanks for helping out and answering my (probably stupid) questions.