Before taking on that next task, ask yourself: Is the benefit worth the effort? A few simple questions can help you decide when doing it yourself makes sense – and when you might benefit from expert support.
While people often equate “value” with assets like money or property, what really creates meaning in our lives is time. Time is the one truly limited resource, and while there are steps we can take to increase our longevity and vitality (such as eating high-quality food, exercising and sleeping), the time we have remaining is finite – which is why, as much as possible, we should spend it doing activities we find personally enriching.
With this mindset, it might be worthwhile approaching a task not asking “Can I do this?” but instead “Should I?” The difference lies in understanding the true value of time and the opportunity cost of doing something yourself versus hiring it out. Here are four key questions to ask to help you make smarter decisions with your time:
Do I Enjoy This Task, or Is It Just a Chore?
Perhaps the most important factor to consider is if a given task is one you enjoy. For some, washing the dishes or mowing the lawn is strictly a chore to complete as quickly as possible, while others get a great feeling of satisfaction crossing necessary tasks off a to-do list. (Even mundane tasks are worth doing if they bring joy or create a sense of accomplishment. Sometimes the value lies in the experience, not the efficiency.) For tasks you dislike, though, hiring someone can be a win on multiple levels.
Example: If you don’t want to spend your evenings tracking investments, second-guessing allocation decisions, calculating tax implications or reacting to headlines, consider working with someone whose job is to monitor and interpret the market. You gain fewer decisions to stress over, fewer mistakes made out of fatigue or emotion and more uninterrupted time for interests you actually enjoy. The value is not just better use of hours, but better use of attention.
Is This Task Preventing Me From Doing Something More Fulfilling?
Opportunity cost refers to the consequences of the choices we make – after all, the time we spend to complete a project could have been spent doing something else. So what would you otherwise be spending your time on? Could you be spending more time with loved ones, working on a more meaningful project or simply resting to recharge? Time spent on more administrative tasks can crowd out higher-impact opportunities.
Example: Completing an insurance review can feel like a burden – so much so that many people just keep putting it off. If deciphering stacks of forms written in legalese sounds onerous to you, consider sharing the responsibility with your financial advisor team. By sitting down with an advisor who understands your family dynamics and financial circumstances, you may be able to check an important to-do off your list without investing a lot of your time.
Am I Properly Prioritizing the Right Tasks?
Sometimes the challenge isn’t having too much to do – it’s not knowing which tasks deserve your attention first, especially when several priorities feel equally urgent or important. Should you be saving more aggressively, paying down debt, investing for growth or planning for a future milestone? When multiple options pull at your attention, constantly revisiting the same unresolved tradeoffs can be draining. Having help identifying, sequencing and simplifying those choices can create peace of mind and free you to focus on what matters most right now.
Example: You may be trying to accomplish multiple financial goals, such as saving for retirement, helping with a child’s college fund, paying off a mortgage and planning memorable experiences with family and friends. Left alone, you might bounce between goals – making small moves in several directions without confidence that any of them are “right.” A financial advisor can put structure around your decision-making, translating abstract goals into a coordinated plan and showing how progress on one goal affects the others.
Will Doing This Myself Save Money or Cost Me More in the Long Run?
You might be tempted to save money by taking on a project yourself – and for tasks that are relatively straightforward like simple home maintenance, that might be the right decision. But for more complicated projects, achieving the results you want could require expertise, time, resources or personnel you don’t currently have. Delegating to an expert might lead to better results, faster execution and fewer headaches.
Example: You might prepare your own taxes and assume you’ve saved money once the return is filed. But filing isn’t the same as planning. A financial advisor can review your completed return to spot missed opportunities – such as inefficient deductions, poorly timed income or overlooked charitable strategies – that could reduce future taxes. In many cases, that insight leads to smarter decisions going forward, saving far more over time than the cost you avoided by doing it yourself.
Wealth isn’t just about money – it’s about freedom, focus and fulfillment. By asking yourself the right questions, you can make intentional choices about how you spend your time and energy – and when it’s best to partner with a financial expert you trust. No matter your role or where you are in your financial journey, the principle remains the same: Your time is your most valuable asset. Spend it wisely.
This information has been developed by a member of Baird Wealth Solutions Group, a team of wealth management specialists who provide support to Baird Financial Advisor teams. The information offered is provided to you for informational purposes only. Robert W. Baird & Co. Incorporated is not a legal or tax services provider and you are strongly encouraged to seek the advice of the appropriate professional advisors before taking any action. The information reflected on this page are Baird expert opinions today and are subject to change. The information provided here has not taken into consideration the investment goals or needs of any specific investor and investors should not make any investment decisions based solely on this information. Past performance is not a guarantee of future results. All investments have some level of risk, and investors have different time horizons, goals and risk tolerances, so speak to your Baird Financial Advisor before taking action.
