This Is Exactly How I Invest My Personal Money

As someone who co-founded a wealth management firm overseeing more than a billion dollars, runs a financial blog, and regularly appears on CNBC, I get asked one question all the time: how do I invest my own money? The short answer is that my approach is a blend of different strategies. I use a mix of active and passive investments, holding everything from mutual funds and ETFs to individual stocks and even private assets. But if there’s one consistent theme, it’s that I’m in it for the long haul. You won’t find me day trading or swing trading—frankly, I’m not good at it, and I believe those activities demand a full-time commitment I’m not willing to give. My priority is building and running my company for my clients and employees. So, when I decide on into something, I plan on staying there.

My Foundational Investments: Home and Business

First things first: the biggest chunk of my net worth is tied up in my house, which is fully paid off. Over the last few years, we’ve put money into remodeling, not for a potential flip, but because we plan to live here forever. It’s more of a psychic investment in our family’s happiness than a financial one. I love my home and have no desire to sell. Even with the current market frenzy, where people are fleeing New York City and making huge offers on homes in my town, selling would just mean I'd have to buy something else at an inflated price. What’s the point?

My other major investment is my ownership stake—around 30%—in my firm, Ritholtz Wealth Management. We’re proudly bootstrapped, with no private equity, debt, or outside investors, which is important to us both strategically and emotionally. Last year, we diluted our shares slightly to bring in our first wave of employee partners, because our goal is to be an employee-owned firm that always prioritizes our clients and our team.

My 401(k) is invested in the very same asset allocation models we use for our clients. I’m in an all-equity model because I’m still relatively young, have a high tolerance for risk, and won’t need this money for at least another 25 years. This isn’t just me; every employee at our firm invests their retirement accounts in the same strategies. We eat our own cooking. I consider my 401(k) and my equity in the firm to be my “real money”—it’s the bet of a lifetime on our own advice and our business.

Individual Stocks, REITs, and Life’s Inconsistencies

I also have a SEP IRA and some rollover accounts from past jobs. I use the tax-deferred status of these accounts for my individual and to hold a few ETFs launched by friends. I believe in supporting people I know, and I never bother judging their performance against the S&P 500. I already have plenty of exposure to big index funds.

This reminds me of a story about Jack Bogle, the father of passive investing. The Wall Street Journal reported that he invested in the actively managed, higher-fee funds run by his own son. His reason was simple: “We do some things for family reasons… If it’s not consistent, well, life isn’t always consistent.”

That quote perfectly captures my philosophy. I own about two dozen individual stocks—mostly in companies whose products I use and love, like Apple, Amazon, Starbucks, and Verizon. I buy them, hold them, and reinvest the dividends. I’ve even developed a mental trick: when I pay my Verizon bill, I smile, knowing I’m contributing to a company I partly own. It helps me stay the course during rough markets.

My approach to follows a similar path. A friend who is a major developer convinced me that trying to buy property as a hobby would be a fool’s errand. His advice was solid, so instead of competing with professionals, I turned to for exposure. I hold positions in REITs like STORE Capital and Invitation Homes within my IRA, which shields their distributions from being taxed as ordinary income. It’s one of the best from without the headaches of being a landlord.

I’m not buying these stocks because I think I’ll outperform the market. I do it because I’ve loved stocks since I was 20. At the end of the day, it’s my money. And life isn’t always consistent.

Planning for the Future and Investing in Startups

For my children, we set up 529 plans through the state of New York, which are invested in Vanguard index funds. Their grandparents generously funded most of it, and we contribute annually. I’m so hands-off that I barely remember how to log in to check the balance, which is probably for the best.

We also have a taxable account for the kids’ future, but we’re constantly balancing that against the desire to create experiences for them now, like family vacations. A few years ago, we had my partner do a full financial plan for us—the same service our clients get—which helped us clarify these decisions.

Beyond traditional markets, I've invested in a handful of startups I truly believe in, primarily companies whose software we use at our firm, like Riskalyze and Vestwell. I often get offered shares in fintech startups in exchange for my influence, but I always decline. I only want to be involved with products I actually use. I also recently started using the EquityZen platform, which lets me invest in a curated fund of promising, privately-held startups. It’s a smart way for me to get exposure to that world without needing the time or expertise to pick individual winners.

The Only Opinion That Matters Is Your Own

One of the most important lessons I’ve learned is to never argue with anyone about my portfolio. People who criticize how others invest are often projecting their own insecurities. If you’re confident in your strategy, you won’t feel the need to worry about what someone else is doing. The best way to settle any disagreement about an investment is simply time.

Your portfolio should make sense for you and you alone. There’s no such thing as a one-size-fits-all approach to , because everyone has different goals, timelines, and emotional triggers. It took me two decades of trial and error to figure out what works for me. A good financial advisor understands this; they know their clients well enough to build a strategy that fits the person, not just the numbers. I've learned to be my own best advisor by distinguishing what works for others from what truly works for me.