Ep 53: DIY Financial Planning

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.



On this episode of The Retirement Huddle podcast, 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.

When we meet people who don’t want a financial advisor, they usually had a bad experience, lack trust or they are good at handling their own finances.

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.

Other people don’t want the expense of having a financial advisor. We met with a 74-year-old man recently. He lost his wife, and he has been managing his money. We showed him some ways to improve his portfolio.

When people come to us for help, they realize they need more help than just growing their portfolio. People realize it’s not all about growing the portfolio anymore. It’s more about how I’m going to take income from it.

Listen to the full episode or use the timestamps to jump to a specific section. Thanks for listening! We’ll be back for another show every other Thursday.

Today’s Rundown:

1:22 – No financial advisor

3:10 – Triggers to visit an advisor

4:30 – Costly mistakes

7:48 – Common mistakes



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