The blog is courtesy of IRC Wealth.
“I’m not the smartest fellow in the world, but I sure can pick smart colleagues.”
~ President Franklin D. Roosevelt
Having a team of experts to support you, especially the “business” side of YOU, Inc., is crucial. Because everyone, even the smartest person in the world, can benefit from the experience, knowledge, and insight of trusted advisors such as an accountant, attorney, financial planner, and/or personal coach. And while you may be DIY in some of these areas, there can be times when an outside opinion is necessary and can make life easier.
With yourself as the CEO of YOU, Inc., here are some of the benefits each of these experts can bring to help your life run more smoothly and with more success:
Even if you file your own taxes, having a CPA review your forms can help you keep up with the tax code as well as any red flags that might lead to an audit. If you’re a business owner, having an accountant can not only let you focus on growing the business, but also help identify potential issues early. They may even help you save money with better tax planning and awareness of special rules like tax credits.
Hopefully, you won’t need a lawyer very often, but at a minimum having an attorney who specializes in estate planning and asset protection to help create a will, a revocable living trust, a durable power of attorney for finances, and a durable power of attorney for health care is crucial. Already having a relationship with an attorney can also be one less hurdle if you ever really do need one in the future.
Many people choose to manage their own investments. A financial planner, however, should do more than invest your money. They should also help you identify your financial goals and then create a realistic and simple plan to achieve them. And then be there to support and advise you, adjusting the plan as necessary along the way.
Personal Coach, Therapist and/or Counselor
Whether it’s career, relationships, or spending too much money, everyone has challenges and there are times when having an outside perspective who is completely focused on what’s best for you can make a huge difference. Don’t be afraid to ask for help. The personal, and often the financial rewards, can be significant.
As you’re choosing your team, keep in mind that these individuals should not only resonate with YOU and your culture and beliefs systems but also with each others. Your goal is a cohesive team that reflects what you want and communicates with each other as necessary; you don’t want them to operate in silos. To further help you succeed, you also want your team members to share their knowledge and educate you. Because even if you’re not the smartest person in the world, with your team behind you, you’ll be that much closer.