Financial Planning Myths
Most people do not like to talk about their finances, especially if their finances are strained. However, talking about your finances with the right people can help to ensure that you are able to set and reach your money goals. Talking with a financial planner will also help to ensure that you do not believe these common financial planning myths.
- Myth 1 – Only rich people need financial planners. Financial planning can benefit anyone who wants to set money goals or organize their finances. While some financial planners specifically target wealthy clients, the majority of planners work with people of all different income levels.
- Myth 2 – I have simple finances and can figure them out on my own. Finances can be much more difficult to manage than you realize, even if you only have a few assets. Financial planners can give insight into options that you may not have even known about or considered that can help improve your financial situation.
- Myth 3 – Financial planners can only help with investments. Investing can help to add to your overall portfolio, but it is not the only thing that a financial planner will help with. Financial planners can help with insurance, budgeting, retirement planning, or estate planning.
- Myth 4 – Credentials do not matter. The letters that are after a financial planner’s name can tell you a lot about the planner. Working with a Certified Financial Planner, or CFP will ensure that you work with someone who has demonstrated their knowledge across various financial topics.
- Myth 5 – Once I find the right planner, I do not have to do anything. In order to benefit from all of your financial planner’s hard work, you have to work at it. They cannot make you save more and spend less every day (only you can do that).
For all of your financial planning needs and to ensure that your finances are in order, contact Phocus Companies in Phoenix, Arizona.
