Are you a big project person? Is trying new things just to see if you can do them a rewarding experience? If so, the enjoyment you receive often comes from learning & refining a process rather than any tangible outcome. Gardening, baking, and playing a musical instrument all fit in that category: you do them so you can keep doing them, not so that you can finish a task and move on.
And so I ended up a coffee roaster. To be honest, it really was not terribly hard to get started. I have a very entry-level roaster, I order beans from pretty much the only place that consumers can order green coffee in the U.S., and over several years found a method that works for what I like.
Is the coffee I roast at home better than the high-end coffee I used to buy? No, but it is consistently very good and costs about half the price of those expensive beans. (Based on my consumption, I estimate that the machine paid for itself after about 6-7 months.) But the cost difference is not the point – I like roasting my own coffee. It's intrinsically rewarding for me. Saving money is just a cherry on top (pun intended).
But not everyone finds that interesting or exciting. Some people just want to enjoy a nice cup of coffee without having to think about it or spend an hour every week roasting beans. That's totally fine. Doing it yourself is only valuable if you find value in the process. If you don't enjoy it, then it's worth the extra money to buy the nice beans and get on with your day.
Which brings us to the topic of managing investments. My uncle wrote to me after my blurb last week about "stock market chaos" to chime in about his own investing journey. Nothing terribly newsworthy, but it's clear that he likes managing his own investments. It's fun for him. He likes that the ideas he implements are his own, even if they don't always go the way he wants.
And that's 100% great! If the process of managing investments is personally rewarding, then you don't need to hire a professional to do it for you. That would rob you of joy. Buy yourself a few books on the basics, learn to do it yourself, and save the money you would have paid an advisor.
But for everyone else – everyone who doesn't want to learn about the stock market, finds the whole thing stressful, or would just rather focus on other things that are more interesting – having someone else do it for you is a big value add.
Sure, it costs money to hire an investment advisor. And you could save that money by doing the work yourself (almost anything can be done for less money if you do it yourself). But the value – emotional and financial – you receive from offloading that chore is often magnitudes greater than price tag. How great would it feel to know that your money is doing what it should – without you having to worry about it? What's that feeling worth to you?
There is no right or wrong here. Some people find a lot of satisfaction doing it for themselves, others find none. One approach is not better than the other, but one will probably be better suited for you.
If you want to manage investments yourself (and save some money in the process), you can – it's cheaper & easier than ever for ordinary people to access investing markets. However, if managing your investment accounts is low on the list of ways to fill your free time, then delegating that responsibility to a professional might be exactly right for you.
Want to talk about your investment strategy? Drop me a line! I'm always happy to have a conversation.
Thanks,
Timothy Iseler, CFP®
Founder & Lead Advisor
Iseler Financial, LLC | Durham NC | (919) 666-7604
Iseler Financial helps creative professionals remove stress while taking control of their financial lives. We'll help identify your current strengths and weaknesses, clarify and refine your long-term goals, and prioritize decisions to improve your financial well-being now and later. Reach out today to take the first step.
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