The perils of DIY wealth management: would you dare to go it alone?

February 9, 2023

As the world becomes more interconnected, our lives are becoming busier and busier. Not only must you cope with your own challenges, but you’re also bombarded with news and images of tragedies from across the globe. Nowadays, there is simply no switching off – you are “on” 24/7.  

It’s easy for overwhelm to creep in with so many conflicting priorities, and when it does, you have two options to decide between. You can batten down the hatches and do your best to figure things out yourself. Or you can seek help from someone who already knows exactly what they’re doing and can offer expert help on the very thing you’re struggling with.  

Foregoing expert help can cost in other ways

Have you ever tackled a task yourself because you felt that hiring a professional was too expensive? Chances are you discovered that the outcome was less than ideal and cost you a lot longer in time and effort than hiring the professional might have done.

You might have hired an amateur to do a job for a much lower price than a professional and learnt the hard way that this can often end up being even more expensive. What you saved on initial fees was probably spent several times over on fixing a botched job. As the renowned firefighter Red Adair once said: “If you think it’s expensive to hire a professional to do the job, wait until you hire an amateur”.

Taking care of your own finances can be similarly tricky. If you have the time and skill and you’re committed to keeping on top of everything year after year, it might be possible. But possible doesn’t mean optimal, and when it comes to your financial future and your family’s long-term wellbeing, is it really worth taking that chance?

In our years of helping families to manage their money and work towards their dream lifestyles in Singapore, we’ve seen how reassuring it can be to have an independent third party helping you to make these important decisions. Knowing that there’s always someone just a phone call away who can help you through the tricky situations that sometimes arise can create real peace of mind.

We’ve also seen how easily behavioural mistakes can sabotage your hard work and are experienced in helping you to avoid these before they cause costly mistakes that can take years to recover from.

So, you have a decision to make and two possible futures to consider: take your chances by planning your own financial future, or work with a professional who can offer a helping hand, peace of mind, and, in all likelihood, superior results.

We’re here to help

Money can cause crippling anxiety for many across the world. At times, managing your money can feel akin to scaling a mountain – the overwhelm can be very real.

Our mission is to make sure you never have to climb that mountain alone, while also helping you create a life you love by making smarter decisions with your money.

We understand that working with a professional isn’t always cheap, but attempting to go it alone can sometimes cause greater financial loss in the long term.

A lot of people decide to take their chances alone, but if you’d prefer the help of a friendly financial planner who truly understands where you want to go and how to help you get there, we’re here for you.

Get in touch

If you’d like to learn more about how we can help you to climb the mountain of planning for your future, we’d love to chat. Either contact your financial planner directly, email us at hello@ascentawealth.com or fill in our online contact form to organise a meeting and we’ll get in touch.