6 Professionals You Need in Your Life
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If you are the type of person that likes to do everything yourself then you can quit reading now, this post is not for you. If, however, you are like me and just smile and nod when your friends start talking about the new engine mod they just installed in their car or watch “This Old House,” for the design ideas and go get some coffee when they start talking about actual installation…sit back and enjoy.
The following are six professionals that will drastically improve the quality of your life if you give them the chance. The problem is most people don’t take the time to build relationships with these people and end up just throwing darts at the yellow pages when crisis comes, or even worse, wasting endless amounts of time and money trying to do it all on their own.
Accountant/Financial Adviser - It should come as no surprise that a key aspect of skilled living is managing your money well. I place accountant and financial adviser together because whether the roles are fulfilled by one person or two they should always work together. An investment strategy that doesn’t take into account good tax planning is meaningless.
A couple of years ago I began using my dad’s long-time accountant to do my taxes. I could have instead taken the time, as so many do, to do my taxes myself, but in using an accountant I found two huge benefits: 1) peace of mind in not having to lay in bed at night worrying whether or not I had missed something 2) time freed up to do other things I enjoy a lot more like spending time with my wife and daughter, reading, studying investments, etc. If you are looking to hire a professional in this area and you’re confused by all the acronyms like CPA, CFP, etc. here’s a good article on CNNMoney that explains it well.
Tailor - I am a big fan of dressing up, but there’s nothing worse then wearing ill-fitting clothes and feeling more like a clown than James Bond. Most people don’t realize the benefits of having clothes tailored. For guys, most American made dress shirts seem to be cut for 300lb CEOs than they do an average joe. The Italians make their clothes for more physically fit guys, but unless you’re ready to shell out a few hundred dollars per shirt, these aren’t always a viable option.
For years I trounced around weddings and special events with the sides of my dress shirts flowing in the wind. It wasn’t until I found a tailor who informed me he could bring the sides in on all my dress shirts that I discovered the joy of wearing shirts that actually fit. Surprising to me, the price for this service was very reasonable. Not sure how to find a decent tailor? Go to a high-end department store like Nordstrom’s or Neiman Marcus and ask an associate who they recommend, or ask your local dry cleaner. Find a tailor that you trust knows your style and you’ll be clothed well for life.
Mr. Fix-It - More damage has been done to homes, cars and other possessions by people who are convinced that they can “do it themselves” than almost anything else. One of the best examples of this is “Flip That House,” on TLC. All you have to do is watch the first five minutes to know how the flip is going to turn out. If they decide to hire professionals to do the work they almost always finish the project on schedule and on time. If they decide that their 5-year subscription to “The Family Handyman” qualifies them to completely remodel a house you can sit back and watch tempers flare, marriages crumble and money vanish.
If you have the knowledge and skills and find hammering nails soothing, than by all means, have at it. But, for the rest of us developing a good relationship with a professional handyman is incredibly valuable. Hiring a professional will cost you money, but there is a great difference between first costs and life-cycle costs. While you may avoid some first costs by DIY you will make up for them in life-cycle costs.
Lawyer - All the jokes aside, at some point everyone needs a lawyer whether its for simple tasks like drafting a will or something more serious like a civil suit. Like most things in life it is far better to have already have a lawyer that you know and trust before the storm comes than trying to find one in the midst of serious crisis.
Lawyers can do much more than people realize depending on their areas of expertise and can be a great help, but these benefits are only as strong as the relationship you form with your lawyer beforehand. Here’s an article from Business Week on “How to Hire a Lawyer.”
Doctor - Staying healthy is something all of us want, but part of this equation is having a good doctor that you trust and feel comfortable with. Nothing is worse then sitting there naked on the butcher paper debating how much you should reveal to your doctor. Finding a doctor you can be completely open with will greatly increase the quality of your personal care.
Akshay Kapur, on his highly informative health care blog explained in a recent post, “…your primary care practitioner (PCP) is your gatekeeper to the rest of the medical world, so it is worth your while to develop a strong relationship with one.” So how do you find the right doc? Kapur recommends the relatively new website Vitals which provides backgrounds on doctors similar to a consumer report.
Real Estate Agent - As I mentioned in my last post on home buying, “Since buying a house is the single largest purchase most of us will ever make, knowing how to do it well is a great skill to have.” In order to navigate the real estate market well, having an informed and skilled real estate agent in your corner can pay huge dividends.
First, they know the market. Every market is different so it pays to have the expertise of someone who knows a local market well — the history, trends, and future changes. Second, real estate agents are constantly talking with each other so they are the first to know when a great property comes along.
All six of these pros can greatly help you navigate various areas of your life, but as I’ve tried to stress, their help is only as good as the relationship you have formed with them beforehand. Do not wait until you’re in the thick of it to search for professional help. Life is meant to be enjoyed, so build yours in such a way that you can focus on the things that matter most like relationships, travel and hobbies and leave the dirty work to the professionals.
What professionals have been of great benefit in your life? How have you developed relationships with these people and what have the benefits been?
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5 comments
I disagree that a “financial advisor” will improve your life. In fact, they will likely take between 1-5% of your nest egg every year–potentially an impact in the hundreds of thousands of dollars over an investment lifetime.
The following are two situations when you may need some help:
1. You have ZERO interest in investing. If you absolutely don’t care and wouldn’t invest if someone didn’t do it for you, then I would get help. It’s better to pay someone then not to do it at all.
2. If you have more than $1,000,000 of investable assets. A financial advisor can help diversify a portfolio while shielding your nest egg from taxes. However, never allow someone to manage your portfolio on a commission basis. Accept a flat fee only.
Most investors do not need the help of a professional in this area.
Brian,
I agree with you in a sense. Financial adviser was something I struggled with whether or not to put on the list. I for example, have a financial adviser that I literally haven’t talked to in 4 years…it hasn’t been necessary. I don’t have to pay him anything though unless I use his services and since I have everything set up like I want, I haven’t.
As long as you have a decent understanding of investing and a desire to learn you don’t need a financial adviser, but there are so many people that need one simply to help them towards their goals. Nearly everyone would say they have an interest in investing, but most actually just want a get rich quick plan and have no desire in learning anything about investing. For these people, a financial adviser may be the only person pushing them towards making financial planning a priority.
I would much rather see someone that has very poor money mgt skills have a financial adviser (lots of bad ones out there, so obviously I’m talking about a good one) help them invest even if they pay him a fee than never create a financial plan and end up 45 years old realizing they should start saving for retirement sometime soon.
Agree with you though, no need to pay someone else if you have the knowledge and discipline to do it in your own.
Nowadays a college education somewhat affords us the “knowledge” part of handling our finances. Even if you were an English major, you probably dealt with loans and payback information through financial aid. That’s enough of a wake-up call!
But the discipline can be hard to muster up. Keeping track of one’s finances can be very emotional. If you made a lot of money for a few months, you might get excited and go on a spending spree. If you’re in between jobs and the last thing you want to do is watch your accounts deplete slowly but surely.
Its in those times that an adviser is a must. On neutral ground, almost anyone can manage…almost anything. But when things get hairy, you need an objective soul to look at your life and say, “you’ll be ok (or wont)”. Its why psychiatrists have their own psychiatrists. Leave daily self-analysis to the Buddhists
Great post! Being 6′7″, I have considered a tailor because I have never been satisfied with my dress clothes. If they’re as affordable as you say, perhaps I should look into this more closely.
@ Shawn K,
You definitely have to look around for good rates, but they’re out there. For simple alterations most good dry-cleaners will have people that can do basic things for a good price.
-Cam
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