Myths Related To Financial Planning

By Author: mark harris
Total Articles: 57
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Finance is a very broad subject. Theoretically, every person who earns money should carefully plan his or her financial status and accordingly lead his life. Some people think that as they have very less money, they should not be doing financial planning. Other think that they already have money invested in insurance, they don’t need financial planning or financial advisory. Several salaried employees and business men prefer fixed deposits and bonds from nationalized bank and assume that their financial responsibility is over. However, this is not the case. A Certified Financial Planner is a must for you as an individual and a business man in order to have a safe and sound financial journey.

In some cases, the concerned persons assume that the employers will take responsibilities such as health and pension and thus, they are not active or take the initiative for creating a wealth management portfolio. This is again, one of the most prevalent myths and wrong notion in this sector. And in some cases, it has been found that the subject believes that insurance policies such as health insurance, life insurance etc are only ...
... required in case of extreme possibilities such as death and/or disability. This is again, a wrong thinking, and they should always trust and believe in a certified financial planner and advisor.

Another false notion among the youth is very common related to retirement planning. In a recent market survey, it has been found that more than 80% of youth believe that retirement planning is not at all required. They believe that retirement is still far away, and they can manage it perfectly few years before the actual retirement process. In a small percentage of those who took the survey also believed that they will inherit their ancestor’s property and money, and thus retirement will be taken care of magically.

Such pre-dominant ignorance and lack of knowledge related to financial planning clearly demonstrates the need for further education and initiatives in this sector. Unless and until a person is financially secured, how can he think about matters which are larger than his life? His ambitions, passions and interest will all bury within the fight for survival. And the modern contemporary social-economic mindset is driving such mentality to larger genre of population.

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