Seven myths of financial planning

(The author is a financial planning coach. Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to reachyourviews@gmail.com)

Myths of financial planning. After all, its your hard earned money...

1. Am very busy; no time to plan personal finances:

 

















Yes. All are busy. Busy @ work, busy @ home, busy on tours. But they are not the excuses to avoid the financial planning. After all, its your hard earned money and precious life to secure.

2. I don't need a plan - anyway I do invest money

 
























"I do invest money as and when I feel like".

"I do invest money as and when I get time".

"I invest when I need to plan for my taxes".


But these are not the ways to approach financial planning. Financial planning is a very simple exercise to follow and definitely not rocket science.


After all, its your hard earned money...

3. I can plan for myself - get info in the internet:

You can certainly plan it for yourself. Information is flooded everywhere.  But unfortunately that's not your priority always. Your work is... Leave it to a financial planner whose job is just that. 

After all, its your hard earned money...

4. I can't decide my future goals and objectives right now; they keep changing:

Yes. Life is dynamic these days; goals and objectives keep changing. Things are not the same; days, weeks and months later. But that should not deter from planning for the future. Its all the more critical to make financial planning to handle the dynamic life. Financial plans are to reviewed and revisited to make them relevant to the current scenario. 

After all, its your hard earned money...

5. My colleague's friend's doctor cousin helps with me with investment ideas:



 
























Soliciting or taking financial advices from people who are not directly linked to the field is a very dangerous trend. Seek the expert's advice on investments. Say no to financial planning based on hearsay.

After all, its your hard earned money...

6. No big deal in financial planning exercise:

It's a big deal to make financial planning for securing our financial future.

•  Do you have adequate life cover?
•  Do you have enough health cover?
•  Am saving I saving regularly?
•  Am I investing the right way?

Just a sample check list for you........ 

After all it's your hard earned money.....





7. Am too young or (too old) to plan:


 
























One is not too young or too old to plan. Circumstances in life might have prevented doing financial planning at various stages. Better late than never... Planning @ the younger age is the ideal thing.  

After all its your hard earned money...




(The author is a financial planning coach. Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to reachyourviews@gmail.com)