Who needs a financial planner these days anyway?
I’ll just do it myself. In this world of individual empowerment, it comes as no surprise that we embrace the use of “DIY” as a verb; or that we have a fully dedicated television network and Wikipedia page for these three liberating letters.
“DIY” isn’t necessarily linked exclusively to home projects either. Just the other day I had a horrible headache on both sides of my head.
Pain relievers weren’t working; but who has time to go to the doctor, right? To save time, I decided to diagnose myself; and the DIY process was simple.
After a quick 9 question survey, I was presented with a list of my possible conditions. Sixty-four of them.
I’m really hoping my headache was due to caffeine withdrawal or sunburn; because according to the list if there isn’t a carbon monoxide leak in my office, then someone is definitely trying to poison me.
Could it be possible that DIY is not always the right approach?
This information age in which we live hands us answers to life’s most (and least) important questions at a moment’s notice. Do spiders seek revenge? How do you get nail polish out of a white dog’s hair? Can I eat this leftover taco?
These are just a few of my recent immediately answered questions, and I personally think it is wonderful.
However, when it comes to financial advice you’ll find that your search will yield results more comparable to my headache diagnosis.
There is no shortage of opinions on a myriad of different subjects; not one of which will necessarily apply to your unique situation.
In the same way you probably shouldn’t diagnose your medical condition via online search results, your financial condition should be given the same level of care.
Don’t get me wrong. In no way am I comparing myself to those in the medical profession, but I am definitely drawing a parallel to the unique treatment your personal conditions require.
Because while it’s okay to YouTube how to play that Ed Sheeran song on your guitar, it’s probably not okay to treat yourself for bird flu when all you really suffer from is a lack of sleep.
Let’s Get Practical About A Financial Planner
If you’re heavily in debt, you probably do not need a financial planner…YET!
Instead, seek out a knowledgeable and trustworthy source to help you arrange your budget and savings to eliminate that debt. But what about the rest of us?
Time, Desire and Skill
In order to DIY your finances, you’ll need to possess three very important commodities: Time, Desire, and Skill.
If you are lacking in any one of these, it could be detrimental to your long-term success.
Time: Have you ever wished your human body required less sleep, or that it didn’t have to sleep at all? Imagine how much you could get done!
Or how about a four-day work week? A 25-hour day? Unfortunately for all of us, one thing we cannot make any more of is time; and it seems our schedules are more booked than ever.
If you cannot commit the hours necessary to successfully plan your finances, you need a financial planner to commit those hours instead.
Desire: Let’s say you do have sufficient time in your calendar. What would you like to fill it with?
You could read a good book, go hiking, organize your music playlist, binge watch a tv show, train your dog, or spend time with your kids.
How far up the list is piecing together a plan for taxes, insurance, retirement, college savings, and investments?
If planning finances is not something you enjoy, you need a financial planner to carry that burden for you instead.
Skill: This one might be the most important.
Even if you have the time and the desire to manage your financial plan, you’re putting yourself at a severe disadvantage if you are lacking in knowledge.
One mistake could set you back years.
Often the additional cost a financial planner requires is likely recovered through intangibles like side-stepping poor decisions, diligence in situational reviews, spotting opportunities you never would have, and being an unemotional sounding board.
In conclusion, yes you can do your finances yourself; but most individuals are not properly suited to do so.
The right financial planner can give you the all too important peace of mind, eliminate some stress from your life, and help you navigate the ever-changing landscape called life.
If you’re ready to get your financial life prioritized, give our office a call for a complimentary review of your unique investment situation.