BUSTED: The 4 Biggest Myths about Financial Planning
Financial Planning. Here are the four biggest myths surrounding these ominous words. You may be surprised that Financial Planning actually isn’t all that scary–what’s scary is if you don’t address it!
- Financial Planning is only for the Rich
This is considered one of the most common assumptions surrounding financial planning—and also the most incorrect. Financial Planning can help anyone from a wealthy woman to a woman just starting out, to a woman who has a few ideas and investments already in place. Financial planners are the experts at what they do. They spend their days immersed in the financial world all while continuing to learn each day—saving us women lots of time and effort to learn the ins and outs.
- I am too young to have to worry about financial planning
You can never be too young to start saving. Many people think that they are too young and don’t have enough money to begin with to even think about saving. This is exactly the reason you should get a financial planner! They can help you start saving with the smallest amounts of money you can afford to save. In the long run, you will be very happy that you put away even a few dollars each month and watched it grow for 50 years instead of 20 years.
- Financial Planning is only for those who want to invest
Financial planning as a service encompasses many categories including saving, retirement planning, college planning, taxes, insurance, investing, estate planning, and more. Many people make the mistake that financial planners are only available to assist in investments with stocks and bonds but fail to realize that they can help in many other ways.
- Financial Planning is too expensive
I know what you’re thinking: “Why would I pay someone with money, to help me save money?” Sounds a little contradictory, right? But paying just a minimal amount to get advice and help in making the right choices, can lead to lots of extra cash for you in the long run.