Financial Planning: DIY v/s Qualified Financial Planner
There is a huge ocean of information available on investing on the internet today. However, in order to create a successful financial plan is it more effective for you to work with a Financial Planner, or can it be done alone with pieces of information on the internet?
Financial planning is a complicated process of sourcing finances, assessing your financial needs, calculating the risk factor, and coming up with a plan to achieve your financial goals. Even after a financial plan is made, it’s execution and regular review is simply a time-consuming process.
Hiring a Financial Planner saves a lot of your time as research, execution, review and rebalancing can all be taken care of by a Professional. While there is a cost to hire a Professional, you may question whether the cost is worth it and whether your best interests would be served by doing things yourself?
There is certainly a good reason for asking this question, and a simple answer is in order.
Financial plan is not a DIY project.
It is believed that you will “save” money if you do not hire a Financial Planner.However, this is a myth! Could you eliminate the need to hire a Financial Planner by utilizing the power of the Internet and utilizing the Internet to direct your financial planning?
Many people benefit from this strategy. However, these are only a small group of Professionals which mainly includes dentists, bloggers, and other service providers.
Your time is worth a lot of money.
It took you a long time and a lot of money to build a highly specialized set of skills. Using your skills to earn money until you achieve financial freedom is what we suggest. Until then, you must maximize your utilize your skills to generate regular income.
You can save and invest the money from your regular income by consulting a Financial Planner on the right product mix to retire early.
It’s not as easy as you might think.
Getting all your finances in order is a big job and takes a lot of knowledge. If you do your own financial planning, you don’t often consider many essential elements and only take advantage of a few outliers.
For example: If you are planning to buy a dream car, one usually goes and take a loan and pay high interest EMIs over it. Whereas a Financial Planner can help you create the capital needed through investment in these goals for a dedicated time period or suggest you with low interest loans.
Don’t do it yourself, go with a Pro.
You should hire an experienced advisor who understands how to navigate the complexities of your practice and personal finances.
If you don’t consult a professional, you risk wasting your time on something you are not knowledgeable about. Investing patterns can also cause you to react emotionally, which may cause you to overlook the important elements of financial planning, as we discussed previously.
