121. 3 Mistakes of a DIY Investor

Sep 14, 2022

DIY investing mistakes

Most people enjoy being in control of their life and it’s hard to let go when it comes to money. That’s why it’s not a surprise that the do-it-yourself approach has cropped up everywhere over the past decade, but is DIY investing a successful strategy? We’re going to explore the idea of building your own retirement plan with a special co-host today, Darlene Tucker, CFP®, who is a colleague and a close friend of ours.

We’ve found that the typical DIY investor is a well-educated professional with reasonable means who prefers to build their own portfolios without help. Having information at our fingertips has given people more confidence to manage their own money, but the savings you’ll generate comes at a high cost to your retirement.

An experienced investment manager can help you navigate volatile periods, keep you from acting emotionally, and help you determine proper allocations as life changes, and that value often greatly outweighs the fees you would have saved from doing it yourself. Plus, there’s a lot more that goes into your retirement plan than investing. Join us as we share the observations we’ve seen and point out the mistakes that often occur when you choose the DIY approach to financial planning.

Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/

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https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188

How to Connect:

redefiningwealth.info

lswealthmanagement.com

Schedule a Review: https://redefiningwealth.info/schedule/

Timestamps (show notes):

2:13 – The typical qualities a DIY investor has

4:27 – The mistake of following the index  

8:09 – The appeal of having control  

9:12 – When you worry about fees

17:22 – Investing is just one aspect of planning  

20:23 – What happens to your spouse when you die?

23:42 – The value an advisor brings

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