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 is dangerous and costly.
If your phone is broken, do you try and fix it yourself?
How about your heart?
Rudy and Susan were two very capable executives, who decided to get their “DIY plan” tested.
They thought they had it all figured out, yet they soon discovered (among other things) that they had missed a few unknown dangers and miscalculated the impact of taxes.
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. Susan was very frustrated with Rudy.
I assured her that it was not their fault. The media (who only want you to watch, read or listen to them) promotes the false belief that you can DIY.
I asked, “Would you hire a part-time doctor? How about a part-time CFO for your company?”
Seeing the results in black and white was a shock. A good shock.
Fortunately for them, they had their plan checked. And there was sufficient time to make a U-turn and get them back on track for financial freedom.
When is a second opinion ever bad?