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Can you DIY your personal finances? By now, most of us are familiar with the term DIY or “do-it-yourself”. The idea behind DIY is essentially that anyone can figure out how to do something by spending a few hours on YouTube or on the internet. We make our own home improvements, fill out our own taxes, and make our own car repairs.
- But what about the more complex situations?
- What if your home needed a serious paint job?
- What if your car needed to have its’ tires replaced?
There are some situations in which we could DIY our own projects, but the key difference comes down to the time and process involved in doing so. The same goes for your financial life and planning your financial future. You can certainly do it yourself or, you can consult a certified financial professional. The outcomes may be similar but again, it comes down to the time and process involved.
In this BenchTalk, we are going to help you decide whether you can DIY your finances or if you would be better served speaking with a financial professional.
How A Financial Planner Can Help
One thing we do know for sure is that money is a necessity in our lives. Money helps us pay for where we live and put food on our table. For some, money is the end all be all and means everything to them. Others view money only as a means to accomplish other goals. It’s a wide spectrum and wherever you happen to fall on that spectrum one thing’s for sure, it’s incredibly important to plan your finances and be responsible for your money. This is where a financial planner can be invaluable. Financial planners help the client understand their situation, establish goals for the short-term and long-term, and develop and implement a plan to make sure they arrive where they need to be financially. Sure, you can DIY your finances by following the same basic formula. However, for most, it all boils down to three key components: time, ability, and desire.
How to DIY Your Finances: Time, Ability & Desire
These three things are absolutely necessary to DIY your financial future. If you have the time, the ability, and desire to DIY your finances then you are on the right track. But if you are lacking in even one of these areas, it might be time to consult a financial advisor. If you decide that you might need a financial advisor’s help, we encourage you to reach out. As always, we provide 100% independent and objective financial planning.