Financial Planning Myths Debunked
Small business owners or locals, it seems that everyone is always talking about the same thing: the rising cost of living and how it can seem so difficult at times to get ahead. What if we told you that there was a way to start saving and feeling confident about your financial future… by using a financial planner? We know, we know – you’re thinking “But I don’t have enough money to go to a planner,” “Financial planners are just for older people,” or “a financial planner is just for personal use, not for my business.” Well – think again! Check out these three financial planning myths and why they are, in fact, just myths.
Myth #1: You Can Only Use a Financial Planner if You’re Rich
Developing a financial plan means taking stock of what your short and long-term goals are. A financial planner helps you create this plan (and stick with it) so that you can take what you have now, save, and grow it over time. Anyone who has an interest in improving their financial situation should work with a planner. They are the experts in this area and it’s important to work with others to accomplish your goals – we work with personal trainers for exercise and doctors to improve our health, so why should our finances be any different?
Myth #2: Financial Planning is Most Beneficial for Older People
Financial planners are often dismissed as being just for older people, but studies show that developing a comprehensive financial plan has benefits for people of all ages. Preventing early financial mistakes and learning how to budget and save are important at any life stage, and the earlier you start the more money you’ll have for later in life. Working with an advisor is a great way to learn what you should and should not do with your money, so that you can make smart decisions to reach your personal goals.
Myth #3: As a Small Business Owner, I don’t Need to Use a Financial Planner
Financial planners are extremely important for business owners because they can help you answer some of the tough questions related to owning a business. They will help you protect what you’ve built over the years so that you can maintain your business for years to come. Certified financial planners can insure both assets and people, which helps with long-term wealth preservation. Need help determining what will happen with your business when you want to retire? Financial planners help with succession planning so that you can hand off your business with ease. They can also help with tax planning to make sure you are paying the correct amount of taxes every year!
Working with a financial planner helps you stick to your plan by adjusting, adapting, and working through the hurdles that life puts in the way so that you can achieve financial health. Whether you’re just graduating from university, expecting a new baby, retiring, or anything in between, there’s never a wrong time to look at your financial future!