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Good advice from others. Couple of points.

1. I do NOT like tax-deferred accounts for after-tax money. I'm not sure it does anything for those in high tax rates other than make for excessive record keeping AND have you hope for future tax legislation breaks (neither of which is likely to happen IMO).

2. While I'm a largely index and mutual fund investor for most of my funds I do keep a "sandbox" of individual stocks that generally is less than 10% of my total portfolio and never more than 20%, and most times in my taxable account.

In my taxable account I like to keep non or low-dividend paying stocks (counter to what most suggest these days). My favorite is Berkshire-Hathaway, but there are other quality examples. Not only do they appreciate tax-free until retirement, but they also serve as a very nifty charitable donation for your future gifts. THAT gift makes the taxes magically disappear. There are similar low-turnover mutual funds, and many index funds or ETFs can apply.

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