In many industries, people distinguish between DIY and DIFM: “do-it-yourself” versus “do-it-for-me.” The same is true of investing and financial planning.
Whether you are trying to build a deck or a retirement portfolio, the internet is full of pertinent information to help you on your way. You may not be a carpenter, but you may have the tools and skills to build a deck. Add some information, time, and motivation, perhaps that new deck will appear in your backyard through your own efforts.
A successful DIYer has all of those things. It does not always work out, but when it does, someone has used their own skills and efforts to do something many others pay for.
When the do-it-for-me or DIFM route works out, people trade money for the time and abilities of professionals in order to get what they want and need. I’ve mentioned before that I mow my lawn with a checkbook—a textbook case of DIFM.
When it comes to plans and financial planning, we believe that is either a DIY thing—you are the expert on your plans and planning—or a collaborative process of discovery. We may support your efforts, help you define or refine what you’re trying to do, maybe do some arithmetic, but you are still the expert.
On the investment front, though, we operate on a DIFM basis. We strive to grow the buckets: we research investments and manage portfolios for those who do not want to go the do-it-yourself route. DIYers have plenty of resources available other places; we’re busy trying to grow the buckets for those who say “do it for me.”
(Of course, our perspectives on everything from planning to investing are available online 24/7 to anyone with an interest in reading our blogs, listening to the podcasts, or watching the videos. There are some DIYers who check in regularly there. But our one-to-one efforts all go to investment services on a DIFM basis.)
Anybody could be a DIYer, in any number of areas… but it doesn’t mean you have to DIY. Clients, if you would like to talk about this or anything else, please email us or call.
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