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Thanks for the Advice 2old, this really helps me out.

While I digest your answer I want to ask another few questions that came to mind.

You mentioned that I should develop an overall asset allocation plan for all my accounts and not treat individual accounts separately.

1) does it make a difference that the 401k grows tax deferred vs. my personal investment portfolio does not? (does it influence the type of investments I would make in either?)

2) I see my 401k as a "retirement" account (aka long term) where my individual investment is shorter term than that. In other words, let's say 5-10 years. I'm not sure if that is appropriate or not, or whetehr I need to bolster my retirement/401k account with an individual retirement account where I have complete flexibility in investment. I hope I'm being clear here.
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