Money Glee Monday #46 - Why automating your investment plan could be for you

Let's consider if you could get someone to wake up early, drive or even better run to the gym and perform a workout for you, while you would still see the benefits of getting fit and staying healthy. Unfortunately Virtual reality or Artificial Intelligence hasn't created this opportunity yet however this analogy can work in the investing world and might be an option for you if you're not confident in your ability to do the necessary research or make the decisions to do so.

Automating your investment plan

Automating your investment plan will generally involve consulting with a financial professional (adviser) and then working through the goals that you want to achieve. Once this is defined for you and by you it's time to then put the systems in place to bring the investment plan to life.

There should be no monkeying around about your investment plan

There should be no monkeying around about your investment plan

  It is important that you consider the below things before automating your investment plan:

  • Be clear that while you can outsource responsibility you can't outsource accountability and you're the one who will care most about your results
  • Understand the skills, talent and abilities of the person who is helping you outsource the investments being implemented in your investment plan. Get reviews and speak to other clients of the adviser where you can
  • You may require multiple "experts" to help you automate your investment plan

Once considering the above points, the major benefits involved in automating your investment plan are that you can move towards your goals reducing procrastination and delays along with looking to get advice to move you more effectively towards the desired outcome for your investment plan

What are your thoughts on automating an investment plan?

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