Four Myths about Financial Management

When it comes to money, everyone has what they think is the best advice. However, it is important to note that healthy financial management may not be the same for everyone because each person has different needs and different goals. Here are a few myths about financial management in Nanaimo.

Financial Planning is Just for the Rich

Perhaps the biggest myth when it comes to financial management is that it should only be used by the wealthy. This could not be further from the truth. Actually, those with less money could benefit even more from financial planning because they need to maximize every single dollar that they have coming in. Smart financial management can help you create more earning potential when you have just a little bit to work with.

Financial Planning Only Involves Investing

Although investing can be a large part of financial planning, it is not the only thing that a good financial planner can help you do. Your financial planner has to be able to help you with your financial life as a whole. This includes, but is not limited to budgeting, planning for your retirement, estate planning, insurance, and much more. If you already have a financial planner that is not providing you a multifaceted solution, it may be time to find a new one. Please understand, while having the same financial planner for a long time is the ideal, it is not a requirement.

The Financial Planner Does All the Work

Another myth is that the financial planner is a magician that can simply direct money into your account. This is not true. A financial planner can give you a treasure map to show you where you can be financial in a few years, however, he cannot take the necessary steps for you. An effective financial planner will have you heavily involved in your planning. He will ask you what your goals are as well as ask questions about your immediate needs. If you are kicked back and thinking that your planner is doing everything, there may actually be nothing being done at all.

Anyone can be a Financial Planner

While your uncle AL may seem to know everything there is to know when it comes to the financial world, you want to have a certified financial planner to take care of your portfolio. You want to choose someone with the CPF designation behind his name.

If you are ready to start planning for your financial future, contact J A Smith & Associates Inc today. They have a solution for every budget and need. To know more visit their Facebook page.

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