What Abraham Lincoln Said About Seeking Advice

Jul 28, 2021

The theme this week on the One Minute Retirement Tip podcast is: 5 inspiring quotes about money and investing. 

Today’s quote comes from Abraham Lincoln. He said: “A lawyer who represents himself has a fool for a client.” 

I like this quote because: 

• Too many people try to DIY everything from house flipping to cleaning their gutters to managing your finances. The problem when you don’t hire a professional is that you have blind spots and biases and that can do some serious damage. 
• Whether it’s cleaning your gutters or drafting your estate plan or doing your taxes or planning for your retirement, I’m a big believer in hiring the best help you can afford. Not everyone can pay top dollar for the best professionals, but there’s a reason why the wealthy people do it and don’t DIY - it’s because they know they’re going to be better off in the long-run by just focusing on what they do best, and outsourcing everything else they can. 

I’ve seen some pretty dramatic mistakes made when people try to DIY it with their money. These mistakes can be costly and irreversible. That’s the real danger here. If I try to DIY a kitchen backsplash and it looks like my 3 year old did it. That’s ok. I will have wasted money and will have to spend even more money having it fixed by a professional, but it’s reversible. Most money mistakes can’t be reversed, so I encourage you to pay for the best help you can afford, which is different for everyone. 

If you have more than $500,000 in your investment portfolio, then you can probably afford a financial advisor who can manage your money for you, and provide financial advice that’s tailored to you. Their expertise will likely far outweigh their fee in the long run because they are not just picking your investments. They’re looking at the big picture, rebalancing your portfolio, helping you make the right social security decision, keeping you invested when the stock market is in freefall, and not letting you invest in Bitocin at $60,000, and a lot more. 

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance