Episode #14: DIY Retirement Planning

The do-it-yourself mentality is really popular these days. There's even a DIY network where you can learn how to take on DIY projects. Discover why a DIY retirement might not be ideal.

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The View From The Pinnacle

The do-it-yourself mentality is really popular these days. There’s even a DIY Network where you can learn how to take on DIY projects. Discover why a DIY retirement might not be ideal.

Thing’s You’ll Learn Along Today’s Journey

[4:10] – Most folks who take the DIY approach to retirement planning either don’t trust advisors or simply enjoy doing the work on their own.

[5:36] – Many investors are wary of fees and believe they can save money by using Vanguard and other brokerage houses.

[6:33] – Of course you’re going to pay fees to your advisor. After all, they need to be paid as well. The trick is to determine whether the value you’re receiving for the fees your paying is worth the money.

[8:16] – While the DIY approach might work for awhile, it might not be a long-term solution for your retirement. While you might have been good at accumulating wealth on your own, you might find you need help trying to distribute and allocate your wealth as you plan to retire. Furthermore, it’s easy to make money in a bull market. It’s much harder to do so when the market is down.

9:42 – We work with several couples, and we find while one spouse might enjoy the DIY investing approach, the other might not. It’s typical of many couples that one spouse handles the finances. However, as a couple, you both need to be on the same page. If something happens to one of you, the other needs to be prepared to take on the managing of your finances.

11:23 – You might be the spouse who doesn’t enjoy personal finance, but you need to at least understand what’s going on. You need to build trust with an advisor and be aware of your financial situation. That way you’ll be prepared should you end up on your own.

Looking Back From The Mountaintop

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For over a decade, Sean Lee has helped families reach and maintain their financial goals. As a trusted advisor, he coaches and assists his clients with their financial goals by focusing on the fundamentals and takes a practical and personal approach when working with them.

As a trusted professional in Utah, Sean has been featured in The Wall Street Journal’s Market Watch, The Deseret News, The Salt Lake Tribune and USA Today. He has also been featured as a local financial advisor on Utah’s NBC station, KSL 5.

Questions for Sean?



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