Myths in Financial Planning

10 Fatal Myths Of Financial Planning Must Avoid

The following are some of the common mistakes made by consumers in their approach towards Financial Planning

  • Feel to be planned
  • Don’t set measurable goals.
  • Make a financial decision without understanding its affect on other financial issues.
  • Confuse Financial Planning with investing or buying financial products.
  • Neglect to re-evaluate their comprehensive life situation in one go.
  • Think that Financial Planning is only for the wealthy.
  • Think that Financial Planning is for when they get older.
  • Think that Financial Planning is the same as retirement planning.
  • Wait until a money crisis to begin Financial Planning.
  • Expect unrealistic returns on investments.
  • Think that using a Financial Planner means losing control.
  • Believe that Financial Planning is primarily tax planning.
  • Plan things in isolation, like – Insurance, Investments, Retirement, PF, etc.