During speaking engagements, I like to talk about financially successful people and how they are constantly focused on building their respective empires. One of my favorite examples is Beyonce and Jay-Z. Most might call them a power couple. As a power couple, their time (like most others) is precious, and I’d assume they’re really busy. Busy being parents and being moguls. So when do they find the time to become experts in all the various components of financial planning? They don’t! Highly financially successful people (from my research over the years) all do the same thing with their finances. They work with a group of people to keep their finances on point. This group of people is called the Money Team.

In my opinion, EVERYONE needs a Money Team! (Yes, that includes me too) This team of professionals is comprised of the following (not in order of importance):

I’m sure some of you reading this are saying, “I can’t afford to pay all these people.” And that may be the case now, but think about it this way. You’re investing in these professionals to keep your financial house in order. Remember, do you really have the time, or do you want to devote it to becoming an expert in all seven of those areas? Some may choose the Do-It-Yourself (DIY) route, and that’s perfectly fine. Keep at it as long as you get the results you want.

However, experience has taught me that many DIYers lag behind in reaching their financial goals within the time frames they initially set. Plus, because they don’t work with experts, they sometimes make or have made questionable financial decisions that weren’t in their best interest. Nobody is there to validate the decision(s) in question, so many DIY financial people don’t achieve the financial success they dream about.

When I talk about the Money Team, one of the first questions most people ask is, “Why do I need all these people?” Let me break it down, and I’ll cover each team member’s importance in order.

Banking professional – Banking has changed over the years, and the industry relies heavily on conducting business virtually. However, what hasn’t changed is that people will always need to borrow money. So when you need money, looking good on paper or on a computer is one thing, but having a relationship with a lender can be highly beneficial for your transaction. If you don’t believe me, ask a business owner who has tried to get a loan from a financial institution with no previous relationship.

Tax professional – Everyone should pay their fair share of taxes and not a cent more. Everyone should also make it a point to avoid issues with the IRS. If you’re a business owner, you should know what you can and can’t do from a tax standpoint based on how your business is structured. If you don’t work with a tax professional, you’re probably paying the government more money than you should. A tax professional is critical to your financial success because they track constantly changing tax laws and codes at the federal, state, and local levels. And you don’t have the time (nor do you plan on making any) to do that kind of research to stay up to date with all the tax changes.

Insurance professional – You may need to consider several types of insurance during your lifetime: life, disability, health, umbrella, business, and long-term care, to name a few. This may prompt you to work with multiple insurance professionals because certain licenses are required to sell specific types of insurance. Thus, you must make sure the insurance professional is properly licensed. No matter what kind of insurance you’re looking to add, the process should go in this order. With the help of your insurance professional, you (1) determine how much insurance (whatever type it is) you need, then (2) explore the various options based on the need. The process should always follow those steps.

Investment professional – This team member has fallen out of favor (somewhat) because many people feel they can use technology and do their own investing, be it for general purposes or retirement. While I know this is true, studies show the average person gets better long-term returns simply because they work with an investment professional. Why? Because this professional helps you avoid getting emotional when making investment decisions. Just ask yourself: what did you do with your investments back in 2008-2009? Did you run scared and take your money out of the market? Or did you invest more and capitalize on one of the greatest bull market runs, which started in the latter half of 2009? Having someone close to you who can help you make prudent investment decisions is why this person matters.

Real Estate professional – Whether you’re looking for your first home, an investment property, or need help with real estate transactions, you will probably need this expert to assist you. The real estate market is like any other market; it will ebb and flow, and at times it’ll be a buyer’s market, and at other times, it will be a seller’s market. So it’s easier to navigate the market with this professional by your side.

Attorney – For legal matters, you will need help from a legal professional. Like the insurance expert, you might find yourself enlisting the services of multiple attorneys depending on your specific needs, and you’ll want to make sure your attorney is properly licensed. For example, if you need estate planning and want to make sure your family is taken care of long after you’re gone, you’ll probably be better served by an estate planning attorney than a divorce attorney.

Financial planner – This member could serve as your team’s quarterback. They aren’t trying to sell you any particular product, but they work with you to give you clarity about your financial situation. Essentially, this team member helps you see your entire financial situation from a 5,000ft view. Plus, as they work through the planning process with you, they will probably ask to coordinate their efforts with your other team members. For example, if your financial planner is having a retirement conversation and trying to figure out if a Pre-tax or a Roth contribution is better within your 401k, they will want to consult with your CPA or accountant. Lastly, you may meet with your financial planner at some agreed-upon frequency, like quarterly, twice a year, or annually. This will ensure that everything is going…as planned.

The key takeaway here is time. You don’t have enough time in the day to become an expert in everything. Let the experts do their job because their sole purpose is to help you do the heavy lifting. Becoming a financial rockstar isn’t easy when you go at it alone. But with your Money Team in place, you can get back to living life with a lot less stress.