Daily Money - The Six-Figure Side Gig

In last Friday’s newsletter, I wrote there’s no reason to spread your money around different robo-advisors. The same goes for low-cost brokerage firms. They’re very similar, and using more than one just invites unneeded complexity. This week in our Retire with Money Facebook group, members offered more arguments in favor of simplifying your finances, especially as you get older. One wrote this of DIY investors: “The other aspect for married people is, how will your survivor manage?...My spouse does not have the desire nor, frankly, ability, to manage a diversified portfolio like me. So again, converting a highly diversified portfolio into a much smaller, position wise, portfolio is something that must be addressed.” If you’re in a couple, and only one of you deals with the finances, don’t wait to involve the other person. A trusted financial advisor can help if they don’t want to go it alone.

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Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.