What You're Paying For.

I’ve written before (link here) that investors can manage their own investments and stick to their financial plan without the help of a professional. All it takes is grit, resolve, humility, and a lot of hard work.

Notice I didn't say intellect. And that's even with the likes of ChatGPT, Claude, or any other chatbot available to make you feel smarter than you are. The tools aren't the problem or the solution, though.

Not counting engineers, we humans are not rational economic beings.

In meetings, I often say, "Here's what a rational economic being would do. But, given what you told me is important, here's what I'd suggest you do." Behavioural finance exists for a reason.

Here are just a few examples of what a rational economic being would do.

• Take the whole 25 years (or maybe 30) to pay off their mortgage in full.
• Invest every penny of a lump sum as soon they get it.
• Allocate every penny of their long-term savings to equities (stocks).

And here's what people actually do, depending on who they are.

• Pay down their mortgage as quickly as possible without investing a penny.
• Wait for a crash or slowly buy into the market with that lump sum.
• Hold more cash or bonds than they should in their long-term savings.

There's no wrong answer. My job is to guide you to what's optimal, to what a rational economic being would do. But I also have to let you know that doing what makes you comfortable is often a better course of action. Now, don't get me wrong, I'll always try–in fact, I'll push you–to what's rational.

But whether you choose the rational or comfortable path, you're still signing up for decades of discipline.

Grit to stay invested when the market drops 30% and every instinct (and person you know) tells you to sell.

Resolve to stick with your mortgage decision when interest rates move against you, when your friends are doing the opposite, and when every headline says you're wrong.

Hard work to stay boring while your friends brag about their stock picks.

And humility to admit you have no idea what the market will do next year, what rates will be when your mortgage renews, or whether you'll have the grit, resolve, and discipline to see it through.

That's what it takes to do this yourself. And if you can do all of that for decades, you don't need me.

But most people don't want to. They have better things to do with their lives than think about this every day for thirty years.

And if you'd rather not, that's what I'm here for. To know the rational answer, to know you, and to be there when things get tough. That’s what you’re paying for.