Can Financial Planning Be A DIY Job?

Today’s Prep:

Wondering whether or not you really need a financial advisor or if you could just figure it out on your own? Why do people choose to approach financial planning like a DIY project, and why do some of those DIYers later change their mind?

(Click the featured times below to jump forward in the episode)

 

Equipping Points:

We all love a bit of do-it-yourself (or DIY), when it comes to home improvement projects or arts and crafts. There are entire tv shows and websites dedicated to the art of DIY. But what about when it comes to financial stuff? Should planning for retirement be a DIY job?

There are a number of reasons that people decide to do retirement planning on their own. A big one is often about the cost. Some people want to save the money and feel like they can save for retirement without the fees. Are they right to think that?

Many of Eric’s clients were also former financial DIYers. So, what causes someone to switch to working with an advisor? For starters, sometimes the DIY mistakes can look bigger when you are dealing with a bigger account after years of saving.

Two things that often get overlooked when it comes to DIY financial planning is factoring in taxes and inflation. As nice as your DIY spreadsheet may look, does it have room in the plan for both of those? How about the rate of return, is that aligned with the potential volatility of the market?

Listen to the entire episode to see if DIY financial planning is the right thing for you or click the timestamps below for a specific segment.

[1:04] – Why don’t some people choose to work with a financial advisor?

[2:49] – What triggers someone to go from DIY to working with a financial advisor?

[4:38] – What is a big mistake that happens with those who decide to DIY their financial plans?

[6:34] – Is risk factored into a DIY financial plan?

 

Related Resources:

What’s in Your Financial Junk Drawer

Tending to Your Retirement Garden

Today’s Takeaway:

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Why Eric Loves Working as a Financial Advisor

October 22, 2020

Why does Eric do what he does? What’s his history and what are his passions? Find out on today’s episode of the podcast.

Read More

What Goes Into a Customized Financial Plan?

October 15, 2020

Why should you have a customized financial plan? What do you need to consider and what goals help you build an outline for your plan? Join us as we talk about what goes into the process of setting someone up for a secure future.

Read More

Things That Don’t Matter…Until They Do

October 8, 2020

Certain financial documents might seem like they can be put off for now. But when you need them, it’s important to be prepared ahead of time! Do you have all of these things in place?

Read More

Uncommon Sense in Financial Planning

October 1, 2020

When common sense isn’t followed, what does that look like? What common sense should we adhere to when it comes to financial planning?

Read More

Visiting the Financial Doctor

September 24, 2020

We’ve all been to the doctor at some point, so how is it like working with a financial advisor? We compare the similarities on today’s podcast!

Read More

Mailbag: Should I Withdraw from an Old Annuity?

September 17, 2020

When is a good time to withdraw from an annuity and what should you know ahead of time? Eric answers this and two other questions from the mailbag in this week’s podcast.

Read More

Heard It Through The Grapevine?

September 10, 2020

From million-dollar retirement benchmarks to presidential election fears or predictions, have you heard these through the grapevine? Eric shares what he thinks about these three financial rumors.

Read More

Is This Retirement Fact or Fiction?

September 3, 2020

Ever hear something and think, could that be true? Some of these financial concepts are fact and some are fiction–do you know which is which?

Read More

Are You Flirting with Financial Disaster?

August 27, 2020

You might feel great about where you stand financially but there’s a chance you could be flirting with disaster. We’ll tell you about three key areas where people make mistakes in their planning that can end up causing major financial problems in retirement.

Read More

How To Pack Your Financial Suitcase

August 20, 2020

When you go on a trip, a lot of times it helps to refer to a packing list to make sure you have everything. When putting together a financial plan, do you have everything in order? Let’s talk about what you need to put into your financial suitcase.

Read More

Leave a Comment