DIY or Delegate? How to Decide Which Financial Tasks to Take On Yourself

There’s a lot of buzz about taking control of your finances – and for good reason. Knowledge is power, and being hands-on with your money can save you time and fees. But not everything should be a do-it-yourself project. Here’s how to decide what’s worth tackling solo and when it’s smarter to call in the pros.

What You Can Handle Solo

If you’re organized and willing to learn, there are plenty of tasks you can manage on your own:

1.Creating a budget – this is foundational. There are tools available to make it simple to track your income and expenses. We were consulted for a Fortune article on this very topic if you want to take a look at it here. For the spreadsheet fans out there a custom Excel sheet works just as well.

2. Simple Investments – platforms like Vanguard, Fidelity, or robo-advisors can help you invest in low-cost index funds or ETFs without needing a financial advisor. Just make sure you understand the basics of diversification and risk tolerance. Lack of diversification or panic-selling during market dips can erode your portfolio.

3. Basic Tax Filings – if your financial life is straightforward – a W-2, maybe a couple of 1099s – DIY tax software like TurboTax or H&R Block should do the trick.

When DIY Isn’t Enough

There comes a point where doing it yourself can lead to costly mistakes. It’s tempting to think you’re saving money by doing everything yourself, but mistakes can be expensive. Here are some red flags that signal it’s time to seek help:

• Debt management issues: Struggling to pay off multiple loans or credit cards? A financial coach or advisor can create a strategy.
• Complex tax situations: If you’re self-employed, own rental properties, or have significant capital gains, a CPA is worth their weight in gold.
• Estate planning gaps: A poorly written will can create chaos for your loved ones. Estate attorneys ensure your intentions are clear and legally sound. A DIY will that fails to comply with state laws could be contested, dragging your family through court.

How Your Financial Needs Evolve Over Time

In the early stages of life, you might not feel the need for a financial advisor. This is your accumulation phase – your focus is on building savings and investments. In these years, a little guidance on allocations can go a long way, but full-time advisory support is often unnecessary.

However, as you age, your financial life grows more complex. Managing required minimum distributions (RMDs), paying for long-term care, and preparing for the transition of wealth to your loved ones require more nuanced planning. Having a financial advisor or estate planning attorney in place can help ensure everything is managed efficiently and with minimal stress for you and your heirs.

When we’re older, having a trusted team – such as a financial advisor, CPA, and estate attorney – provides a valuable starting point for your loved ones. This can help ease confusion about the assets you leave behind and make the process smoother for everyone involved.

DIY or Delegate: Staying in Control

No matter how much or how little professional help you seek, one thing remains crucial: stay informed. Educating yourself helps you ask the right questions and approach financial decisions as a partner, not just a passive participant. Even if you delegate tasks, understanding the basics keeps you in control.

The ultimate goal is balance. DIY where it makes sense, and delegate when it doesn’t. Whether you’re managing your money solo or assembling a team of professionals, the key is to create a financial plan that works for you—and one that can grow and adapt as your life changes.