TALKING FINANCE with Michelle Higgerson of Baiocchi Griffin Private Wealth SOME RECORDS WERE MEANT TO BE BROKEN I've been feeling like quite the broken record player lately. You know the feeling, conversations with different people yet the topic centres around the same central theme, or quite literally a conversation with the same person and the same sentence coming out of your mouth over and over again. While this is a daily occurrence for parents, my broken record is not telling kids that there's food in the pantry, that [item] doesn't live there, or to put the washing in the basket, but instead my record player is getting stuck on conversations around money and how to spend it (funnily enough). As you may expect, financial prudence is my modus operandi; long have I lived by the rule of spending less than earned, paying yourself first, and understanding where your money is being spent. The broken record playing of late, though, has been around what constitutes a smart and sensible use of money. For example, I could attempt fixing a blocked drain myself, as someone with no plumbing knowledge, skills or appropriate tools beyond just a whole lot of hoping for the best. Or I could outsource the task to a skilled plumber, which would definitely increase the price of the fix, but likely see it resolved in a shorter timeframe and with less damage and frustration. I could also load up a friend's trailer and move house solo, certainly a cheaper option than paying a team of removalists, but add on the cost of a back injury from lifting heavy furniture incorrectly along with the patch jobs required from knocking said furniture into walls when trying to manoeuvre around corners etc. Again, the cost is higher, but arguably more smart and more sensible. The same argument extends to managing investments. There is the option to self-manage, which incurs minimal to zero cost in dollar terms. Though what price do you put on your time spent reading about investment opportunities, thinking about appropriate changes, and keeping adequate administration records? Alternatively, these tasks can be outsourced to an investment professional, who will do all of the above (plus more), saving you from the need to even lift a finger. Yes, there is a cost involved, but more often than not this cost is recouped in the form of additional investment returns, again making it a more smart and more sensible use of your money. Freeing up your time, and wallet, means you can get back to the more important things, like telling your kids that [item] doesn't live there. BAIOCCHI GRIFFIN PRIVATE WEALTH Level 1, 462-464 Peel St, Tamworth NSW 2340 6766 9000 AFSL No 424658 This article is general in nature and does not take your individual situation into account. You are advised not to act on anything contained herein, or discussed as a consequence of the contents of this document, without receiving financial advice from a suitably qualified person such as a financial planner, lawyer or accountant. Follow us on Twitter @BaiocchiGriffin Find us on Facebook facebook.com/Baiocchi GriffinPrivate Wealth www.bgprivatewealth.com.au 3343 TALKING FINANCE with Michelle Higgerson of Baiocchi Griffin Private Wealth SOME RECORDS WERE MEANT TO BE BROKEN I've been feeling like quite the broken record player lately . You know the feeling , conversations with different people yet the topic centres around the same central theme , or quite literally a conversation with the same person and the same sentence coming out of your mouth over and over again . While this is a daily occurrence for parents , my broken record is not telling kids that there's food in the pantry , that [ item ] doesn't live there , or to put the washing in the basket , but instead my record player is getting stuck on conversations around money and how to spend it ( funnily enough ) . As you may expect , financial prudence is my modus operandi ; long have I lived by the rule of spending less than earned , paying yourself first , and understanding where your money is being spent . The broken record playing of late , though , has been around what constitutes a smart and sensible use of money . For example , I could attempt fixing a blocked drain myself , as someone with no plumbing knowledge , skills or appropriate tools beyond just a whole lot of hoping for the best . Or I could outsource the task to a skilled plumber , which would definitely increase the price of the fix , but likely see it resolved in a shorter timeframe and with less damage and frustration . I could also load up a friend's trailer and move house solo , certainly a cheaper option than paying a team of removalists , but add on the cost of a back injury from lifting heavy furniture incorrectly along with the patch jobs required from knocking said furniture into walls when trying to manoeuvre around corners etc. Again , the cost is higher , but arguably more smart and more sensible . The same argument extends to managing investments . There is the option to self - manage , which incurs minimal to zero cost in dollar terms . Though what price do you put on your time spent reading about investment opportunities , thinking about appropriate changes , and keeping adequate administration records ? Alternatively , these tasks can be outsourced to an investment professional , who will do all of the above ( plus more ) , saving you from the need to even lift a finger . Yes , there is a cost involved , but more often than not this cost is recouped in the form of additional investment returns , again making it a more smart and more sensible use of your money . Freeing up your time , and wallet , means you can get back to the more important things , like telling your kids that [ item ] doesn't live there . BAIOCCHI GRIFFIN PRIVATE WEALTH Level 1 , 462-464 Peel St , Tamworth NSW 2340 6766 9000 AFSL No 424658 This article is general in nature and does not take your individual situation into account . You are advised not to act on anything contained herein , or discussed as a consequence of the contents of this document , without receiving financial advice from a suitably qualified person such as a financial planner , lawyer or accountant . Follow us on Twitter @BaiocchiGriffin Find us on Facebook facebook.com/Baiocchi GriffinPrivate Wealth www.bgprivatewealth.com.au 3343