DIY Or Don’t DIY When It Comes To Your Financial Planning

October 10, 2019

The Principle:

Sometimes you see a house project that was DIY, and it’s beautiful. But what about all of the failed projects? Maybe you see them, maybe you don’t. Is DIY worth it when it comes to your finances?

(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)

Honest Takes:

Ever try to do some home repair and fail miserably? Whether you have the money to pay someone or you are trying to DIY to stay budget-friendly, it’s worth considering what the benefits are vs. the potential damage of doing the project on your own. The same is true with your finances.

When it comes to your retirement planning, you might be missing something when you do it yourself. If you are simply saving when you are in your 20s and 30s, DIY might be just fine. But once you start taking money out, how is it being done? Are tax strategies being considered?

Like with any home repair project, it’s important to consider the cost-to-benefit ratio of doing it yourself. Maybe you’d save yourself from some fees, but will you expose yourself to more risk if you make a rash or emotional decision with your retirement accounts? Is that a risk you want to take in regards to your future?

Listen to the full episode or click the timestamps below to hear a specific segment.

[0:17] – Home Improvement was a popular show in the 90s. Have you been inspired to do home repair on your own?

[4:08] – Brian shares an example of someone who did DIY with his assets for 30 years but then decided against it. Are you making emotional mistakes with your money?

[5:30] – DIY is fine for just saving, especially in your 20s and 30s. But what about in your 60s? [6:09] – Tax deferred equals debt, because you then owe money to the government.

[8:31] – When talking about your entire life savings, you might want to get professional help.

Today’s Truth:

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The Host:

Brian Bowen – Contact