Why You Shouldn’t DIY Your Financial Planning

Whether it’s financial planning for your business or your personal finances, it’s always a good idea to get professional help. This is especially true if you aren’t up to date with the latest happenings in the financial world.

We aren’t expected to know everything about everything – some things are best left to the professionals. In this case, financial planning. Even if you don’t want to get someone else to take over your financial planning completely, it’s best to at least get some advice from the professionals – like the folks at Crediful.


Here are a few reasons why you shouldn’t DIY your financial planning:

You’re not as experienced as the professionals

You’ve heard the saying – experience counts. When it comes to your money, you want to make sure that you are going the best route possible. This is where the experience of financial planners comes in handy. Doing the trial and error method yourself can be a costly exercise. You could end up wasting a lot of money trying different ways of investing or managing your money.

Financial advisors and financial institutions have experience in many financial matters, having studied and experienced different situations with a range of different clients. They can help you get it right the first time, saving you loads of time and dollars.

You’re too close to your money

Getting an outsider’s perspective of your money situation will help you see it in a more realistic light. We tend to lose sight of the big picture when we’re too close to something – often letting our emotions get in the way of making good decisions.

An independent eye can objectively look at how you are managing money and point out where you can improve.

Overdose of information available

When it comes to financial planning, there is an overdose of information available online. Trying to figure it out yourself can lead you down a long road of information overload. Often resulting in more confusion than when you started out. The consequence of this is finding it difficult to make decisions.

Where should you invest? Do you need a life policy? What is the best retirement plan for you? How should your business manage its cash flow? These are questions that you will have to answer, and with so much information available it’s hard to know which is the best route to take. A financial planner can help you narrow down your options and explain each step in an easy way for you to understand.

It takes time

Setting up a budget, making long-term plans, comparing different options, managing debt, getting on top of your taxes, making sure you have insurance and reading all the fine print is incredibly time consuming. All of this along with learning the financial jargon that comes with the territory. We don’t all have the extra hours in our day to make time for becoming an expert at managing our own finances. It can become a full-time job! So, getting some help from an expert makes sense.

Financial planning changes

Financial planning won’t be the same throughout your life. Times change. You might get married or divorced. Then there’s having babies, kids growing up and needing to go to college. You’ll get new jobs or start businesses. Businesses might fail or get sold. Loved ones die. Your financial situation will change as you go through different stages in your life. It’s important to adapt your financial plan with these changes.

It’s easy to forget about making these changes, which is why it’s helpful to have someone who is looking out for your best interests and advising you through each stage of your journey.

Managing your money can be stressful and lonely

Managing your money on your own can be extremely stressful and lonely. It means making tough decisions while figuring out the balance between what needs to be done and what you want done. It helps to have someone to bounce ideas off of, especially someone who you can trust. The support of a financial planner can help keep you on track with your money plans and give guidance where needed. They can also be there to tell you when to breathe and relax – advice that is often needed.

It also helps to have someone keeping you accountable for your decisions. Sticking to budgets and allocating money to savings can be tough to stick with. If you know that you have someone checking in on you and making sure that you are sticking with your plan, you will be a lot stricter with yourself. 

You’re still in control

The major reason people tend to avoid getting a financial planner is their fear of losing control over their money. However, you’re still in control and you still need to be responsible – you’ve just got something extra on your side to help you reach financial independence.

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

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