I have 30k in a single stock. What to do?
Hi all, quick throwaway account because I'd like to solicit some opinions before I maybe speak to an advisor.
When I graduated college, my dad gifted me a ton of Apple stock (because I liked my iPhone in high school). He had put $4000 in an account of ONLY Apple stock back when I graduated high school and let it grow. Today, 8 years since his initial investment, it's valued at $30,000.
To be honest, I didn't really understand what any of that meant when he gave it to me. I just ignored the account for years until tax season and I'd get whatever forms I needed. But I'm working to take control of my finances as I'm now getting older, and I've realized it's risky and scary to have all these funds in a single stock.
For now, I'd like to just consider this part of my retirement portfolio. I am really interested in the buy and hold approach and would love to trade this for a safer mutual fund mix, boglehead style. I'm currently thinking about just going for it, making a big trade, and selling $5k of it for cash to cover the capital gains tax. Or, potentially, trying to trade it incrementally over a few years to make the tax less painful.
I don't even invest outside of this because I am still working on maxing out my 401k with my 65k/year salary. I just need to figure out how to get this risky stock into something safer as quickly and cost-efficiently as I can.