Did you know that when Andrew Carnegie was drafted by the Army to fight in the U.S. Civil War, he paid another man $850 to report for duty in his place?
Granted, this was common at the time but this is a prime example of how this tycoon mastered the art of delegation.
In the early 1870s, Andrew Carnegie co-founded what would later be known as Carnegie Steel Company. By 1902, he was the richest man in the world.
According to Carnegie, “No person will make a great business who wants to do it all himself or get all the credit.” Undoubtedly, without Carnegie’s ability to delegate and outsource tasks, he would never have grown into the success that we think of him today.
So, let’s talk about delegating/outsourcing.
Throughout your career, you built a skillset that allowed you to complete jobs or projects better than anyone else. Once you got to a particular level of success, if a task came along that didn’t require your specific skillset, chances are you delegated that task to others (i.e. clerical staff, interns, entry level employees, outside firms, etc.) This makes perfect sense.
The reason why you did this was to maximize the utility of your time so you can spend it doing the most important thing that you could possibly be doing.
But now you’re retired. So what’s changed?
Your unique skillset is no longer the most important thing you can be doing with your time. Now that you’re retired, the most important thing you can be doing with your time is living your life. Your duty is to yourself.
So, do you really want to hire yourself as your own financial planner?
I don’t want to sound like a pessimist here, but life doesn’t last forever and to compare things to golf, in retirement you’re kind of on the back 9.
Why would you spend your extremely valuable time trying to do your own financial planning when you can easily outsource it to a qualified financial planner for a reasonable fee?
Here are some reasons why you should consider hiring a financial planner:
1) “That’s MY MONEY!”
The “Do It Yourself” approach to financial and retirement planning can be tricky. The simple fact that it’s YOUR MONEY makes you extremely emotional about most decisions.
How could you not be? You are human after all and this is your hard earned money that you’ve spent your entire career accumulating.
This is where it helps to have an objective, qualified financial planner steer you in the right direction and be the voice of reason when you get caught up in tough, important, and emotional decisions.
2) Peace of Mind
Have you ever bought something from a store that you have to build yourself at home? I have and I always question whether or not I built it well. (If my fiancé is asking, then OF COURSE I built it well.) But the fact is I would probably be more comfortable if the folks from the store came out and professionally installed it.
Hiring a financial planner is similar. It gives you peace of mind knowing that one of the top five most important things in your life (your finances) is being handled professionally. This means that you know your estate planning has been done properly, your assets are titled properly, your investment portfolio is efficient and not taking unnecessary risk, and all of the other things a financial planner can assist in.
Ask yourself this simple question: “What’s more important in life, time or money?”
(Time being the time that’s freed up when you outsource this work to a financial planner and money being the fee you pay to do so.)
Outsourcing your financial planning gives you your time back. Plain and simple.
Time is your most valuable resource because it has a finite value. You could attempt to handle your portfolio and planning, sure, but why would you? You should be making the most out of your time every day!