What Home Improvement and Personal Finance Have in Common
As someone who loves to do home improvement projects of all types, I know how valuable knowledge can be and how dangerous the lack of knowledge can quickly become (OK, spare me by not asking how I know about the lack of knowledge part)! I am sure everyone has picked up a paint brush and roller to recoat a wall, replaced some weather stripping around a door or completed other tasks around their home of a similar nature. Others may have experience with more significant tasks such as replacing electrical outlets, installing appliances or even completing tile jobs or laying hardwood flooring. When it comes to this second category of more advanced jobs in particular, knowledge plays a key role in determining whether you are proud of your project or you end up like “Tim the Tool Man Taylor” on the popular Home Improvement TV show of the 90’s. Click here for some of Tim’s bloopers.
For a long time, the source of knowledge was contained primarily in printed books- like the ones that I just cleaned out of an old cabinet in my garage a few weeks ago.
This Popular Science Homeowners Encyclopedia used to be cutting edge but is now ancient and outdated. Today, homeowners that need to replace an electrical outlet can learn everything they need to know about the safety and operational aspects by going to youtube.com. You can find thousands of free “how to” videos that will show you step by step how to accomplish the repair with details on any number of unique considerations. Furthermore, every homeowner has a limit to their skillset, so when you are in over your head you can quickly find qualified subcontractors via the web who can complete the project like a pro. Who in the world would ever depend upon those old Encyclopedias anymore?
Changes and advancements in personal finance have been even more dramatic over the last 20 years than in home improvement. How you can best achieve what is important in your life and legacy is entirely different today than the tools and techniques that were available in the past. Having said that, we find that too many families we are meeting still use the Popular Science Homeowners Encyclopedia version of personal financial planning! This may include outdated mutual fund solutions, a lack of tax efficiency and cost controls and/ or the absence of real, ongoing wealth planning. Unfortunately this outdated approach is more likely to lead to a “Tim the Tool Man Taylor” outcome than the life and legacy outcome that you are dreaming about.
Let me help you evaluate whether you are benefiting from the most advanced solutions available today and an advisory relationship that is based on trust and transparency. You can call me directly at (812) 602- 6306 or email email@example.com and talk with an Evansville fiduciary adviser. You can also visit our website at www.paynewealthpartners.com to learn more about our Indiana financial planning firm. Enjoy your successful (and safe) home improving!
Date Published: April 12, 2017
Authored By: N. Perry Moore, CBEC™, CFP®, MBA
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