Do You Suffer from “Do-It-Yourself-itis?”

Your fear of asking for help may be hurting your financial life.

When I was growing up, my family struggled with what I now call "Do-It-Yourself-itis." My dad grew up in poverty on a farm, where they didn’t even have indoor plumbing. To have a warm bath, they had to heat water on the stove. Their philosophy was simple: "If something breaks, fix it yourself." Everything was kept within the family and the community. My aunt, who had taken a few college accounting classes, did everyone’s taxes in the family. We didn’t seek help beyond our inner circle because we lacked trust in outsiders. We’d rather go without than ask someone we didn’t know for help or advice.

This mistrust of outsiders is common in close-knit Appalachian culture. Additionally, we had money scripts running in our minds that painted wealthy professionals and rich people as greedy and corrupt. While this mindset is common in lower-income circles, it’s the opposite of what wealthier people do.

In a study I conducted, I found that ultra-high-net-worth individuals are much more likely to seek advice and counsel from financial advisors, attorneys, CPAs, business coaches, and other professionals, unlike middle- and lower-income individuals. The wealthy are less likely to try to do it all on their own. As a result, they make fewer costly mistakes because they have a team in place to help them protect and grow their money. Having professionals assist with business plans, taxes, investments, and expenditures can help you achieve success much faster than trying to do everything yourself.

Wealthy people understand that they don’t have the time or energy to become experts at everything. While having the resources to hire professionals is less of an issue for those with money, a common misconception among middle- and lower-income groups is that expert advice is too costly. This belief is understandable, but the irony is that not having professionals at your disposal will likely cost you more than if you’d consulted an expert in the first place. Often you can pay just a couple of hundred dollars for an hour of their time, which could save you thousands in the long run. Trying to do everything yourself and refusing to ask for help is a guaranteed way to waste valuable time, lose large sums of money, and fill yourself with regret.

Identifying the mental blocks that prevent you from asking for help is the first step to overcoming them. While these blocks vary from person to person, some common ones include:

• Shame or embarrassment about being judged
• An unwillingness to trust financial professionals
• Not knowing who or what to ask

If you struggle with any of these mental blocks, you’re not alone. You can break free from them by being honest with yourself and keeping an open mind. For feelings of shame or embarrassment, try to adopt the mindset of a rich and successful person—they have no shame in asking for help, so why should you? Push past the discomfort, let your curiosity and desire to think like the wealthy surpass your embarrassment. If you stretch yourself, you might find a mentor or team of mentors who can change your life.

Wishing you excellent financial health,

Dr. Brad Klontz

P.S. If you pre-order my new book, Start Thinking Rich, you'll get FREE access to my Start Thinking Rich Community and upcoming Masterclass. Here's the link to learn more: https://startthinkingrich.com/bgroup