Managing My Own Money vs Hiring an Advisor
We get it. You’re smart. You have a good job. You have your life in order (at least most of it!). You don’t need any help with your money. Or do you? Are you able to devote your full attention to making sure your investment portfolio is positioned appropriately and that you have a full financial plan in place? Are you prepared to navigate through whatever unprecedented market environment we are in right now or will be in tomorrow?
Sometimes we need help and that’s not a bad thing, it’s just life. Every day we must make hard decisions and prioritize what we devote our time and energy towards, and some things are worth outsourcing.
Have you ever made an investment decision based on an experience or product you liked? I’m sure those Lululemon leggings feel like butter but is buying the stock a good investment? Do you actually know anything about the company’s fundamentals? Maybe you were considering buying Twitter stock when Elon Musk took over. Do you make investment decisions based off things you hear on social media? Or maybe you saw that those Stanley tumblers are all the rage and thought that might be something good to invest in. You get the picture.
These investments might end up being great…or they might end up becoming a cultural fad that is overshadowed by the next big thing.
It’s hard to not be impulsive with your money and to know what you should be doing with it. Sometimes you hold too much cash because you are nervous, or you aren't aggressive enough, or you are too aggressive when you don't need to be, or you are trying to time the market.
Maybe…just maybe, you should stop treating your money like you are at a blackjack table when you are thinking of splitting jacks and ask the dealer for some guidance.
The peace of mind you will receive by having someone professionally manage your investments will not only give you comfort, but it will reduce stress in your life. Not to mention the other benefits of having an actual investment plan in place for everything that matters most to you.
Managing your money when the market is booming, and everything is trending up may be easy or even fun. However, the market is clearly more turbulent, and we want to help you navigate it. Get some help, or at least affirm that everything you are doing for yourself is best for you and those you love.
Authored by Stephen Blahovec and Michael Rausch of North River Wealth Advisors. We are an independent, fee-only financial planning and investment management firm located in Pittsburgh, PA servicing clients locally and across the country. To learn more, contact us here.
This content is developed by North River Wealth Advisors from sources believed to be providing accurate information. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.