People love myths, especially ones that agree with their perceptions and opinions no matter however incorrect they might be. Sadly, many people strongly believe those illusions without confirming the truth or untruth about what they believe.
Today, let us look at some common delusions people have about finance.
1. Forever Young
These people have a belief that they are young and will always remain so. Due to this wrong idea, they neglect financial planning by finding excuses. Well, you are the sufferer if you don’t do any kind of Financial Planning Advisory. Without budgeting, without investing for the future and without tracking your income and expenses, you will be the sufferer in the end. You might be young today but will grow old. You might be healthy today but that doesn’t guarantee health on all days throughout your life. You will have to grow old and sick. You will have to retire.
2. “My money is managed by somebody else, so why worry?”
Imperative aspects of your life, especially finances[India’s First Financial Advisory Portal], should be handled by you and not anybody else. Take control of your finances. You are earning good income and are physically sound, mentally alert. Why do you depend on another person to take care of your finances? What if you trust your finances with somebody who back stabs you later on? Are you prepared to be cheated?
3. “Only rich people have to deal with finances”
Personal finances Advisory Portal are meant for everyone regardless of financial status. You might be rolling in money and born with a silver spoon. Otherwise you might be struggling to make ends meet. Either ways, personal finance is crucial for you. Budgeting, saving, investing, getting Financial Insurance Advisory Portal, creating a will, having a trust, etc. is for everybody! This has nothing to do with you eating from a gold plate or barely making ends meet.
4. “Financial planning is all about retirement planning / investing”
Financial planning doesn’t deal with one aspect. Retirement planning is one aspect while investing is another aspect. But getting insurance, having a rainy day fund, budgeting, creating and managing assets, etc. is also financial planning. Constant rise in inflation rates makes financial planning more crucial for all of us.
5. Barely interested
These people claim to be barely interested in investing, budgeting, etc. This excuse could be reasonable because not everybody can be interested in one thing. I might be interested in one thing while you would be interested in another. However, finances are for everybody regardless of their interest. If you aren’t interested, at least do the basics such as maintain a monthly budget, investing in a few funds as per your risk appetite and buying appropriate insurance.
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