And for many projects, that sort of approach is sufficient. But when it comes to quitting your job and depending on your wealth to live on, do you feel knowledgeable enough to be confident you have examined every angle?
Do you understand all of the laws, regulations, and scenarios that could affect you, your money, how you access it, and how much you have to turn over to the feds and, if applicable, your state and local municipalities?
Sometimes a little professional advice–someone who’s seen a lot, been through it before, and knows all of the ins and outs–is definitely warranted, especially if you have doubts yourself.
Our tee ball team was coached by a small town CPA. My parents were looking for someone to help them with their taxes, which were complicated by some of the master limited partnerships in which he was invested.
Since my tee ball days, my coach grew his business from a one-man operation in a tiny village to one of the biggest public accounting firms in the state. The founder is still nice enough to meet personally with my parents each year and do their taxes.
I thought that if anybody could look over my plans for FIRE, it would be their firm. I filled out the “contact form” on their website and assumed I’d get a call back from a receptionist to book a time with their newest accountant.