There’s a time and a place to do it yourself (DIY), even in investing and estate planning, but it’s important to know the conditions for success, risks, and limitations so you can make wise decisions. With many businesses offering DIY investing, will, and estate planning options, this episode of the First Business Bank Podcast addresses when DIY estate planning and investing can work and when it’s better to ask the experts.
This episode of the First Business Bank Podcast addresses:
- when investing yourself can work
- common hazards of DIY estate planning and even professional estate planning
- real examples of families split apart by DIY estate planning
- consequences of emotional investing and timing the market
- difficulties balancing portfolio risk and staying on top of the market
- potential downsides of discount brokerage firms and online estate planning tools
Taking on the risk and responsibility of your hard-earned legacy by doing your own investing and estate planning can have unintended consequences, like the example shared in the podcast about market timing. Sometimes, the fees you might avoid up front cost dearly in the end, so make sure to check out our podcast episode to help guide what might be among your biggest decisions.
