A 44-year-old man sold the logistics company he founded for $2.1 million earlier this year and wants to put a portion of the proceeds into commercial real estate investments that can generate income, rather than putting all of it into the stock market. His brother, who trades individual stocks as a hobby, told him he’s “wasting it” by not chasing bigger growth.

There is no single right answer for $2.1 million, but “wasting it” is the wrong way to describe diversifying beyond stocks. He just sold a business, an already concentrated and relatively illiquid asset, and spreading the proceeds across investments with different risk and return characteristics can be a reasonable approach. The right mix depends on his goals, time horizon, tax situation and tolerance for risk.

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Why His Brother’s Advice Skips a Step

Stocks and real estate can serve different roles in a portfolio. Stocks offer the potential for long-term appreciation, but their values can fluctuate significantly. Commercial real estate investments can generate income and may also appreciate, but they come with their own risks, including vacancies, property-level expenses, changing interest rates, financing risk and illiquidity.

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