Once upon a time, ours was a world of Do It Yourself. A world in which the only time you called the plumber to fix the leak in your sink was when the duct tape gave way and the flooding in your kitchen was rising faster than you and your little bucket could bail. A world in which; if your sister’s boyfriend’s second cousin couldn’t replace the shingles on your roof, I’d be a monkey’s uncle.
Those days are long gone. Now technical advancements grow by light years not little tweaks here and there and we are at the mercy of specialists in just about every phase of our lives.
Today, the plumbing and the roof is not the major household concern. Being able to pay the mortgage on the house is the major concern. This requires some form of financial security as our primary goal and that requires that we find a way to manage our finances no matter how meager or how extensive.
Not too long ago, in the days of the specialist, financial advisors were everywhere. This was cool to those who had so much money lying around they didn’t know what to do with it and really needed someone to manage all this wealth for them while they continued in their lucrative jobs earning more and more income. That was then. This is now when we are lucky to have a job that pays enough to keep us and our families in food and shelter let alone provides us with something extra to invest.
Managing Your Own Finances
Managing finances of any extent is a lot more complex than putting money into a savings account. Managing finances means managing for a secure future by making astute investments with whatever funds are available now – investments usually including stocks and long-term investment vehicles. The question really isn’t whether you should hire someone to navigate the financial seas but whether you can properly steer through them yourself.
If the answer is no, you may want to consider allowing someone else to take the reins. At least for a little while.
You Can Learn As You Go
I’m rather of the opinion that never learning how to manage your own investments is rather like never learning how to change the tire on your car. Sooner or later, it’s going to come back and bite you. Which is why even if you’ve got someone else acting as the primary, holding the reins on your finances, you still really want to have enough of an understanding of the ins and outs of investing to be able to offer educated input.
It is, after all, your money. The last thing you want is to see it mismanaged to the point that there’s no turning back. Which means you can’t afford to be clueless. So by all means, let someone else manage your finances in the beginning. But make sure you learn enough along the way to be able to take the reins when the time is right.