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Paying for Professional Services
Written by Scott Barclay It's a tradeoff, money or time! |
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You make the decision quite often to pay someone for something you could do yourself because well its just not worth the hassle or your time. It's a trade off, time or money. Oil change. I'd rather pay the guy to change my oil because not only is it well worth the money and my time, its a mess and I don't know the first thing about motors. That's an easy one. Paint the house. Ok, I know how to do it but again, I'd rather pay a professional and save my time. The common theme between those examples is those are one time events, a one-time cash outlay. Investment advice is much different because it is an ongoing cost or fee that can add up to be hundreds of thousands of dollars over time. In a previous article, I point out that a difference of only 1% in fees can add up to well over $20,000 (out of your pocket)(based on an initial 10k at 8% over 30 years). So when you are deciding on whether or not to seek 'professional' financial advice, keep in mind that you are paying a lot of money for that advice and only you can decide if it is really worth it. Scott Barclay is a respected and sought after speaker, workshop facilitator and author. Scott worked for some of the biggest brokerage firms on wall street and knows how the investment business really works. Visit the blog for more. |
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