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► Coordination of financial affairs with your other financial
professionals
Most retirees will need to address most or all of these issues
in retirement. Do you feel you have the necessary expertise to
effectively protect and grow your wealth? Overconfidence and
a constant drumbeat from the media that you should do it
yourself lead many people to try to coordinate all aspects of
their financial lives themselves.
When I have a problem or challenge, I look for an expert in
that area and let them handle it. I pay them for their expertise,
having done the math and concluding that I am most likely
better off than trying to do it on my own. I have a tax person,
an attorney, an insurance agent, a mortgage broker, and so
on. There is no doubt in my mind that I have more money for
having worked with these professionals than had I done these
things myself. I believe that most people should do the same.
Think about the wealthiest people you know. Do you think
they became wealthy by saving CPA or attorney fees, or do you
think that their wealth may be attributable, in part, to advice
from these professionals? I’m almost certain that wealthy
people don’t buy a copy of Money magazine each month and
make investment and financial decisions for themselves based
on what they read. Do you think anyone would hire you to
Chapter 5: Things That Can Wreck Your Retirement
