However, going the do-it-yourself route requires asking yourself some honest questions first.
After all,you’re not as objective as you think.
Ask these questions before being your own financial advisor
What are your financial goals?
Before making any investment decisions, you need crystal clarity on what you want to achieve financially.
check that you have specific short- and long-term financial goals mapped out.
How much time can you devote to managing your finances?
Effectively managing your own finances and investments is a time commitment.
How much experience do you have with investing concepts?
If these sound foreign to you, start reading up before making investment choices.
How comfortable are you taking risks with your money?
Managing your own investments means you have to determine your own risk tolerance.
How would you react if the market dropped and you lost money?
Can you sleep at night with a high-risk portfolio?
Knowing how much risk you’re able to handle will guide what types of investments you choose.
Will you stay disciplined and stick to your investment strategy?
It can be tempting to make rash investing decisions based on emotions like fear, frustration, or excitement.
The DIY route gives you more control but also more responsibility.
Weigh your responses carefully as you decide if being your own financial advisor fits your needs and abilities.
Or you may not go the human route at all, and insteadchoose to go robo.
