Would you ever cut your own hair?
Unless you’ve got a very simple hairstyle, you probably wouldn’t dream of trying to cut it yourself.
You could read a lot of books about how to cut hair, but you probably wouldn’t have the confidence to cut your own hair.
Why? Because you can see straight away if you’ve done a bad job.
If you persevered and cut your hair regularly, you may get better, but it would take a lot of time, and you’d have to put up with the results in the interim.
There are some things you just shouldn’t do yourself.
I’m amazed at the number of people I know who try and do their own financial planning. I usually point out to them that what they’re doing is not financial planning, but investing and speculating. You see, my friends here in Adelaide are happy to mention their investing prowess, but have neglected the other important aspects of financial planning.
- Very few have income protection.
- Few have sufficient life insurance.
- Only a couple had heard of critical illness insurance.
- Many don’t have Wills or Powers of Attorney.
- Many don’t understand how superannuation works.
- Most have no plan – just a vague idea of investing in shares.
The problem with the casual DIY investor is that there’s no immediate feedback by which they can judge themselves – unlike a DIY haircut.
If they invest in shares and the shares increase in value, they think they’ve done a good job. But compared to what? If your investment grew by 10% but the average return from the market was 15%, have you done a good job?
It’s time to outsource.
There’s so much in life that we can outsource – mowing lawns, cleaning, fixing the car, even getting someone to cut your hair! But there’s plenty you can’t outsource – looking after relationships, your health, experiencing life etc. My friends here in Adelaide tell me they don’t have enough hours in the day to do the things they want to do, yet some still try and do their own financial planning.
So maybe it’s time to join up with a good financial planner who can help you look at the big picture and get you on track. If you’re not already a client, call us today on 08 8364 0066 to find out how we can help you make a difference in your world.
photo credit London looks
