The ADHD Homestead

Create the life you want with the mind you have.

Tag: money

ADHD & money: Our experience with a financial planner

A lot of adults with ADHD experience financial stress. Fiscal responsibility requires impulse control, tolerance for boring paperwork, and an ability to plan ahead and defer pleasure spending. We have to stay on top of our bills (and their due dates). And that’s assuming we have a steady job that covers expenses with room for savings.

I’ve always considered myself good with money — ADHD and all — but I want to tell you about my recent experience with a financial planner. I balked at the idea when my husband first suggested it. After all, I (and most of my family) take pride in my ability to handle money responsibly, without asking for help. However, hiring a financial planner was one of my best decisions in recent memory.

Regardless of where you are with money, I highly recommend a financial planner to make sure you’re on the right track. Here’s what the process looked like for us.

Financial planners aren’t just for rich people

While many wealth management consultants only see people with over $1 million in assets, there’s a whole network of planners who take on smaller clients. At first, I thought hiring a financial planner made a statement about how much money you had: enough that you couldn’t figure out what to do with it. But we all need to save for the future, even if we’re not making a ton of cash.

Our financial planner reviewed the full inventory of our assets — from our bank accounts, to our employer-sponsored retirement accounts, to an IRA my grandmother insisted I open as a teenager — and gave us a list of tweaks. His suggestions had little impact on our current lifestyle, but those investments will be worth a lot more down the road. I’d been on the right track, funneling money into long-term savings to “hide” it from our temptation to make impulse purchases. Our financial planner helped us make sure we were saving the right amount, and that the money we saved was being invested wisely.

If you don’t have much, it’s even more important to run a tight financial ship. Our financial planner recommended using automatic transfers. We love them. Money disappears into accounts we’re keeping for retirement, a new kitchen, and our son’s college education. I realized we need to prepare for R’s preschool tuition bill. It isn’t due for several months, but it could hurt our emergency buffer if we don’t set money aside. I also started brainstorming ways we could save on our monthly expenses. I used to think relatively little about money and hope for the best. When there was money left over, I transferred it to savings. Otherwise, our paychecks covered everything we needed. Now I’m more conscious of big-ticket expenses coming up — and how much we need to save — thanks to automatic transfers that keep me on a schedule.

How we found our financial planner

We started our search through the Garrett Planning Network. Most of Garrett’s planners work with smaller clients, and they don’t receive any commissions for their work. In other words, they charge a fee for the hours they spend crafting your plan, and that’s the only way they get paid. They have an obligation to work in your best interest.

After we made a list of planners in our region, we narrowed it to one who looked like the best fit. Then we arranged a get-to-know-you meeting. I used this guide from the Wall Street Journal to brush up on the basics of the business. Before our meeting, our planner asked for a basic inventory of our finances. We met and discussed expectations, made sure we understood his services and fees, and ultimately decided to proceed.

My husband was skeptical at first. I’d done all the initial research, and he had only the planner’s website as an introduction. After our initial meeting, he was completely sold. This was critical: we were trusting someone else with part of our financial future. I wasn’t willing to pull the trigger unless we both felt confident.

Deadlines, deadlines

Not only did our financial planner give us advice we wouldn’t have thought of on our own, he gave us a to-do list. We’ll probably check in with him again in a year or two. I’ve been more motivated to carry out his suggestions than I would’ve if I’d been on my own. If nothing else, I don’t want to show up to our check-in empty-handed.

For adults with ADHD, this readymade to-do list — not to mention having someone else do the mountain of research on financial minutiae — seems like a fantastic idea. A future check-in establishes external accountability, something notably absent in my previous DIY financial management strategy. As hesitant as I was to enlist help with my financial future, I feel like it’s already paid for itself.

What do you think? Have you worked with a financial planner? Do you struggle with money? 

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Decluttering, ADHD, & the hidden cost of selling unwanted stuff

When I declutter, I’m always tempted to sell unwanted stuff. The prospect of a few bucks in my pocket clouds my judgement. Sometimes I forget my goal: to simplify my life. To lower my stress and anxiety.

Money is great, but be careful about selling too much. Sometimes it costs more than the stuff is worth. The trick is to know when to sell and when to give away — and when your ADHD might tip the scales.

selling stuff ADHD

Closing the sale: ADHD hyperfocus strikes again

Last month, I wrote about decluttering our video games, and how I hoped to make money in the process. Even though our Guitar Hero equipment was outdated, I thought I could get $60 for it. I listed it on several local websites, finally getting a few bites on Craigslist.

It had been sitting in our storage room for a few years. The buyer wanted to test everything before giving me cash. He asked if I might bring the equipment to him — an hour away.

I almost said yes. Then I stopped mid-text message and reminded myself: my time is valuable. I’ve already spent time texting with this guy and writing for-sale posts.

It’s easy to hyperfocus on pieces of the decluttering process, especially when we think we can make an extra buck. My brain zeroed in on one goal — selling this stuff and getting the task out of my stack — and blocked out everything else. I almost forgot to stop and look at the big picture.

The big picture, as in: I was considering spending two hours in the car to sell game controllers for $60. In many ways, my time is priceless. If I’m putting a number on writing alone, an hour is worth $70-$150. The math doesn’t add up.

When to sell & when to donate or give away?

Of course, how much you need the money will tip these scales. We all value a dollar (or 10) differently at various points in our lives. These guidelines keep me sane while I’m simplifying and paring down. Tweak them until they work for you.

  • First, ask yourself how much you can get for the item. A quick search on Craigslist should give you an idea. Keep this in mind always. Something you can sell for $500 is worth a lot more effort than a collection of $10-$20 items.
  • Then, set a deadline to sell it. Promise yourself you’ll donate the item or give it away if it hasn’t sold within a few weeks.
  • Create boundaries before you list something for sale. Examples from my life: I only communicate via text or email (no calls). I won’t drive more than 10 minutes to meet someone. If plans to meet fall through, I’ll consider rescheduling once — but not after that. Most of all, I use my intuition. If someone feels difficult to schedule or communicate with, I remind myself I don’t owe them anything and move on.

Never forget the value of an hour (or minute)

Our time and energy are valuable. People with ADHD struggle to budget these resources, and often shortchange our true priorities. All the more reason to think twice before selling tchotchkes on the internet or elsewhere.

The reality is, ADHD makes the extra step — selling rather than tossing into a donation box — more difficult. We should accept that fact without judgement, then make choices that work for us. Simplifying and decluttering extends to our energy and obligations, not just our homes and physical stuff.

Sometimes the wisest choice is boxing it all up and scheduling a charity pickup — even if it might be worth a little something.

Have you faced similar choices while paring down your clutter? How do you decide the fate of unwanted items that may have value?

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