I have made an appointment to see a fee-based financial planner, and if nothing goes wrong, I will probably fork out a couple of thousand for him to do a comprehensive financial plan for me. I am also evaluating whether I will be handling over part of my assets for him to manage, specifically the equities portfolio, at a not-cheap fee, of course.
I actually had this idea a number of years back but didn’t execute because of the cost of engaging said planner, and more importantly…hubris.
Everyone around me, in both real life and virtual, was and still is advocating managing one’s own money. And here I was, university educated, with an engineering degree, no less. I’m not stupid; I can do maths. No reason that if everybody else could manage their own portfolios and various planning, why I couldn’t do the same.
It felt like if I succumbed to hiring out to a financial planner that I would be admitting that I am just too plain stupid to handle it all. That was really hard to swallow, so I didn’t.
And so I did the best I could. And I’ve got the basics covered, and my net worth is going in the correct direction at least. I’ve got a goal, and I think that I should be able to hit the target at the right time.
But with time passing, and the need for more fine tuning increases, I’m starting to feel a bit lost, and unsure and overwhelmed. And the more I educate myself, the more I’m realising past mistakes made, and the more I’m wondering if I really know what I’m doing (probably not) and I’m now constantly second guessing my next decision.
Gosh I’m tired of it all. I still like to read about personal finance management…but I’m starting to miss my romance novels. I realise that my interest and abilities only go so far, and I’m throwing in the towel. And my net worth has increased to a point where it is not ridiculous to spend that kind of money. It’s time to bring in the experts, even though I feel like a such a fraud…
No, I am not going to sit on the beach with cocktail while somebody else is doing things with my money. I will still be fully involved, but now, there is will be hand-holding and another brain to help put the pieces together. And if that makes me stupid, then I’m resigned. As long as I get to retire at 45.
And I’m writing this because I think there might be people out there who are also thinking they need to do it all by themselves. And if you are happy with that and can do it, kudos. But if you can’t and need help, it’s okay too. So we’re stupid, but at least let’s not be stupid and poor. Get some good help.