By Mercury Wealth Management

01/08/2013 The field of financial planning isn’t one you just wake up one morning and decide to dive right into. There are a lot of rules and regulations to wrap your head around to begin with. Beyond that, there’s a bit of a learning curve required to master the art of financial investing too. It’s not something that can simply be learned by reading a self-help book. But, it’s not only the mechanics of doing the job that make it a mistake to invest in your own retirement. These are just a few of the reasons that it’s not a good idea to become the master of your own retirement and financial planning.



People are too Emotionally Involved



It’s true that it’s your money and your comfort upon retirement that are on the line. It’s easy to get emotional about things like that—especially in light of the volatility of the past few years and what that has done to retirement plans and accounts around the world. However, the real emotional involvement is sometimes with particular investment options. People tend to invest in products or companies they believe in.



Unfortunately, the fact that you like a product doesn’t make the maker of that product a sound investment. Even when things begin looking grim though, people hold onto the investment because they still like the products and believe in the company name. It’s an emotional decision, and that can be very bad for your retirement. An investment advisor doesn’t have the emotional connection to the asset and will sell when the market indicates the sale needs to be made.



There is Too Much Conflicting Advice



Then there is the fact that if you turn to the Internet or self-help books for help and advice for planning your own retirement there is simply too much conflicting advice available. You have people out there who are well-qualified offering expert advice, some who have no clue and are running convincing scams in order to sell products, and others still who simply got lucky with their investments.



It’s impossible to know who to listen to unless you already have a firm grasp of how financial markets and investments work. For the most part, people don’t have that and turn to the advice found online—which is a costly mistake to make.



The costs of hiring a financial planner are very small compared to the potential rewards of doing so. They almost always balance each other out quickly and can often be returned in the tax savings proper financial planning can provide alone.