I’ve talked about the dangers of Do-It-Yourself (DIY) planning before… and I can’t say it enough. Doing anything yourself, unless you are trained and experienced, can be both dangerous and costly.
Sound like an extreme statement? Think of something you would likely not consider fixing yourself. Here are my examples:
Ready for some real-life application of DIY dangers?
Married couple Rudy and Susan were two very capable executives who decided to have a professional test their “DIY plan”.
They thought they had it all figured out, yet they soon discovered that they had missed a few unknown dangers and miscalculated the impact of taxes on their plan!
It turned out there was an 82.4 percent chance they would run out of money before they reached their mid-80’s!
82.4 percent chance of running out of money.
82.4 percent chance of having to depend on family.
82.4 percent chance of having to go back to work to survive.
Not good odds.
They were not happy.
Seeing the results in black and white was a shock. A healthy shock.
The professional assured her that it was not their fault. The media tends to promote the false belief that you can do anything yourself.
Fortunately for this couple, they had obtained a second opinion, and there was sufficient time to make a U-turn and get them back on track for financial freedom.
Would you hire a part-time doctor? How about a part-time CFO for your company? Probably not. When is a second opinion ever bad?
We’re to help, starting with our free financial report: