Paying for an expert’s services is an investment. Trying to do things yourself, or more cheaply, can end up costing you more in the long run.
What happened when I didn’t hire an expert
Last week when my car was towed away, I learned a valuable lesson. My mechanic is good at looking after my car, and I am good at looking after his superannuation and investments.
If Craig stopped being a mechanic and traded his own shares, he may possibly lose money. When I stopped topping up investments and decided to top up my own oil, it resulted in engine seizure. Valuable lesson: stick with what you’re good at and leave the rest to the experts!
What happened when a client ignored my advice
Once, as a professional investment adviser, I suggested that a client sell 40,000 dollars’ worth of gold and buy silver instead. He decided that he knew better, and missed out on making over 30,000 dollars when silver went up by 83 percent in the same year.
Avoid experts and you could pay in more ways than one
There are many experts with whom you will come in contact, and some will charge more than others. This is because they are worth it, and the repercussions of not using them can be terrible. Imagine if you decided to save money and perform your own surgery?!
Instead of thinking how you can possibly save 100 dollars fixing your own TV antenna, calculate the cost of falling off the roof and spending six weeks off work.
Instead of trying to save a few dollars doing something for which you are not qualified, or not good at, try figuring out how you can MAKE a few extra dollars by doing the things you’re great at. As a micro business owner, this might mean outsourcing to a bookkeeper or web designer.
Just as you may need to hire experts for various tasks, there are many people who will need to hire you. If there’s ever been a time to hire an expert, now is that time.
What are your thoughts on why you should hire an expert?