If are you are going to do some DIY financial planning than you will need time, education, experience, objectivity and the inclination to achieve the same level of competence offered by many professionals. To be frank, very few average-joe investors have it in them to become their own financial advisors. They simply aren’t that way inclined and are too busy getting on with their day-to-day lives. So, you need to be brutally honest with yourself about the level of financial literacy you have as you create and implement your financial plans. You can’t afford to punch above your weight, make costly mistakes and possibly suffer a financial knock-out!
So, whilst I think it’s a great idea to strive to become your own financial advisor I do think it’s important to point out that I also believe it’s crucial to have a team of Grade A financial professionals (financial/tax/legal experts) in place whom you can turn to for critical advice.
There are times that you will need a second, more experienced opinion than your DIY Financial Advisory skills may be capable of. Here are a just a few examples of when it’s useful to get professional advice:
- When you’re transitioning from one stage of life into another (getting married, having kids, retiring, getting divorced, etc)
- Any major financial transaction such as the purchase of a property, buying or selling a business, receiving an inheritance, etc.
- When you are at a financial impasse or suffering from inertia and unclear about what to do next.
- When you’re looking for the best way to protect your family in the event of an accident, illness or death;
- In times of huge economic and market change.
Conclusion:
To become finically literate will require you to become knowledgeable on the financial requirements/constraints you have and the strategies, tools and techniques you will need to achieve your goals. As you delve into the complexity of DIY financial planning and building wealth, you will quickly realize why it is a full-time occupation for even an average financial planner. The question is whether you want to become an expert or whether you prefer to hand-off this financial responsibility to someone else…someone else that may or may not have your best interest entirely in mind. Either which way, this is a decision not to be taken lightly.
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About Keelan Cunningham
Keelan Cunningham is an entrepreneur, multiple business owner, author, and personal finance/wealth building specialist. Keelan’s passion is helping people improve their business acumen and personal wealth creation strategies, so they can lead a truly wealthy life in all aspects and with any luck similarly transform the lives of others.
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