8 Myths of Financial Planning Debunked

There are a lot of misconceptions about financial planning. Consider the other side of these eight common myths.

  1. One of the most common mistakes people make is assuming that unless they are wealthy, they don’t need a financial plan. What many people don’t realize is that the way to a higher net worth may be achieved through financial planning; a successful plan can help anyone more efficiently use their assets to build wealth over time. In fact, research has shown that financial planning can benefit those at lower income levels as well as the top 1 percent. Financial planning is about helping you achieve both short- and long-term financial goals, such as buying a car or home, putting your child through college or saving for retirement—common goals whether you are wealthy or not.Financial planning is only for the wealthy.

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