On The Agenda:

People love do-it-yourself projects. There’s even a DIY Network where you can watch shows about home renovation, landscaping, or interior design and how to do those things without professional help. Today we’re talking about the DIY mentality in retirement planning.

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Episode Show Notes:

On this episode of How Money Works, we’re talking about do-it-yourself financial planning and why it’s not usually the best approach.

We’ll share some of the most common retirement planning mistakes that people tend to make when they’re trying to handle it all themselves.

Some people don’t want to spend money on a financial advisor. Depending on their stage in life, people in their 30s or 40s might not see the need.

We have a client who came to us in his mid 40s because he realized he needed help, especially to organize all his accounts and help evaluate his goals.

Since 2017, if you just bought the S&P 500 and had a few tech stocks, it was easy to make money. But it has been more difficult lately, and more people are looking to financial advisors to help with the rollercoaster stock market.

The only person besides you who wants your investments to go up, is us. We want you to do great. We can help by looking at your risk tolerance and how to handle bumpy markets. If you’re not careful, you can panic and handle the bumpy ride all wrong.

When we design a portfolio for you, we make sure you have some safe money, like a CD, money market account or bonds. We can help you determine how much money you need in this pot.

Listen to the full episode or use the timestamps below to jump to a certain section. Thanks for listening.

Important Points:

0:47 – Don’t want to spend money

4:20 – Market downturns

9:04 – Money management

15:36 – DIY fails

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