Does your money need a "how" or a "who"?
Which approach are you taking?
Good morning,
If you have a tooth that’s killing you, what’s the first thing you do?
You might give it 24 hours to see if it begins to feel better.
Or - like me - you might go to WebMD or Google and search for your symptoms in an effort to self-diagnose.
Let’s assume for a minute that with the help of the internet and perhaps talking to a friend or two, you’re 93% sure you have a tooth that needs a root canal.
For me, the next step would be to schedule an appointment with my dentist to get a professional opinion on my amateur diagnosis.
The dentist might confirm that I do indeed need a root canal.
Or she might diagnose something completely different that I hadn’t even considered.
Regardless of the final diagnosis and prescribed treatment, are you going to attempt to perform a root canal (or whatever needs doing) on yourself, or will you go ahead and book your next dental appointment to get the tooth taken care of by a professional?
Personally, I’m booking a dentist appointment ASAP.
What about something less painful?
What about fixing something around your home.
Now, while I’m not willing to DIY a root-canal, I am willing to spend a few minutes on YouTube trying to figure out how to fix small, odd jobs around my house.
YouTube has truly been a time- and money-saver for me over the years.
With the help of various how-to videos and a little summer job experience, I’ve been able to repair our washing machine, patch some grout our shower floor, do all sorts of things with our TVs and other gadgets, replace light fixtures and ceiling fans, and more.
I don’t consider myself to be super handy but I’m willing to tackle a few smaller jobs inside and outside our home.
And there are many times when I haven’t thought twice about calling in a plumber, an electrician, or other professional to make sure the job gets done right the first time.
When I attempt to fix something around our home, it’s driven more by curiosity and a desire to learn something new or figure out how something works.
It’s not simply a frugal move to avoid paying someone else to do something I think I can handle.
As I write this, there are a few things Elizabeth and I want to “update” at our home.
Among them, a possible landscaping project.
We’re thinking new, safer front steps, removing and/or relocating some azaleas and hostas, cleaning up some of our overgrown foliage, and maybe even some artificial turf since we don’t get enough sunlight for grass (believe me, we’ve tried… multiple times).
I worked in landscaping a couple of summers during high school and college. But I was the “unskilled” labor.
Sure, we could save money if I did the work, but it could take me a month (or more) of weekends. And there’s a possibility I’d make mistakes and be left with a finished product that falls short of what we envision.
We’d much prefer to hire an experienced professional who - along with their crew - could complete a project like this in a day or two.
How vs. who
These types of decisions really boil down to an issue of “how versus who.”
I can either figure out “how” to do something and attempt it on my own. Hoping I get it right the first time.
Or second time. 🤞
Or I can instead identify “who” can do this for me at a reasonable price and with the expectation that they’ll get it right the first time.
When it comes to your toothache, the one that may very well need a root canal, I hope we can agree that it’s a “who” issue. In this example, your dentist is the “who.”
When it comes to replacing the water pump on your washing machine, that can be either a “how” or a “who” depending on your personal preference and your comfort level with rolling up your sleeves.
What about grocery shopping?
Traditionally, we’ve always taken care of that ourselves because we know how it’s done. I’m guessing you do your own grocery shopping too.
But with services like Instacart and Amazon, we can now choose to have someone else to do it for us. And have our groceries delivered to our front door.
Just so we’re on the same page here, I’m not passing judgment on when it makes sense to figure out “how” versus figuring out “who.”
That’s a personal decision, and only you can make that call.
How vs. who and your money
For some of you, money is a “how” matter.
You’ll read a book or some blog posts.
Maybe go to a workshop or take an online course.
And you’ll handle your own financial planning, investments, estate planning, and more.
Most of us start this way early in our careers when we’re dealing with our first 401k plan, have some savings we need to deal with, or need to figure out how to get a mortgage for our first home.
But maybe you’re in your 50s or 60s, and you’re doing your own retirement planning…
Regardless of your age or stage in life, some of you have decided to find someone (a “who”) to partner with and help you with your personal finances.
Maybe a financial advisor like me.
Again, there isn’t a wrong way or a right way to do this. There is only your way of doing this, and only you can decide the best way to address your personal finances.
There isn’t a certain income level or net worth that makes the hiring of a financial planner a foregone conclusion. I’ve met multi-millionaires that handle all their financial planning and investing on their own.
I think that’s great!
But what’s great for you?
What makes the most sense for your money-related decisions and more importantly, your life?
I don’t believe everyone needs a financial advisor. And I know I’m certainly not the right financial advisor for everyone.
But if you’d like to discuss things to determine if you might benefit from working with a financial advisor, whether that’s me or someone else, please feel welcome to get in touch.
It starts with a conversation.
And if we never speak, I wish you the best with your money and your life. Whether you’re tackling things on your own or are working with a professional.
Thank you for reading…
Until next Wednesday,
Russ
Always enjoy reading your posts. This one was also interesting. However, in the back of my mind, while reading it, I kept thinking there's one very important thing to consider. What can I afford? I would guess that many people researching things online (or elsewhere) are doing so because they don't have the choice of hiring a professional. Many of us are more or less "forced" to DIY or put off things because we just don't have the money right now. We are good with money, not deeply in debt. Just one of the many who are lower or middle class. Obviously when it comes to my health I won't take chances, always a professional, and not put things off. Financial and estate planning is a stretch these days. Saving up my pennies and hopefully soon can afford to consult an attorney to at least set up wills for hubby and me.