It’s no secret that society appreciates a do-it-yourself (DIY) mentality. Scroll through your social media feeds, and you are sure to find a video of someone reupholstering a chair or a novice baker who tackled sourdough for the first time. There’s immense value and commitment that comes along with doing a project yourself, and I regularly commend the practice. Yet, DIY projects can get us into trouble when we try “the big stuff” on our own. For instance, if you’re a veterinarian, you may be well- versed in animal anatomy, but you may not be well-equipped to replace your home’s HVAC system. The same can be said for your finances. I often meet people and couples who have done their research when it comes to investments and savings plans. In doing so, many do well growing their wealth and creating a level of financial stability. Their success at that point may lead them to believe a financial expert’s guidance is unnecessary. But they don’t know what they don’t know! The Hidden Cost of the DIY Approach
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I have witnessed this scenario enough to know that this kind of thinking can be detrimental as a person nears retirement age. There are many risks one can face, but one that often goes unaddressed is the Goldilocks paradox . You have some who prefer to spend and enjoy their earnings with reckless abandon, leading to difficulty when it comes to preparing for the future. On the other side of the spectrum, you have those who are very thrifty. They set stringent limits on their spending, which may infringe upon the lifestyle they could be enjoying. Yet in both scenarios, a financial professional could provide the perspective and tactics they need for balancing safety against lifestyle rewards. The goal is to live the best life possible, without risking future needs! This is just one of many benefits that may be found with professional assistance. I cover this in much more detail in my new book, “The Generational Wealth System.” Here’s a noteworthy excerpt: “Financial advisors, accountants, and attorneys can often offer critical insights and guidance … But rather than justify the fees charged, the real question is, do they bring more value to your finances than they cost? If they are critical to achieving the financial goals, then probably. Additionally, if the fees are less than the added return they provide, or losses they circumvent, don’t the professional fees pay for themselves?”
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P.S. Have you had a chance to get my book yet? I would appreciate it if you checked it out on Amazon.com. And if you have read the book, thank you! A review would go a long way in ensuring others find this valuable information. Thank you!
—Krista McBeath
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