Host
Gail Sullivan
Podcast Content
Since money is usually a vital part of our lives, now is the best time to take appropriate measures to improve our financial lives. When it comes to money management, you may have heard a lot of suggestions. Choose any money topic and you will notice that there is no shortage of opinions on how to spend money, where to invest or how to save more money.
While sharing your experiences with money can help others, offering to follow your example may not help them at all. Without deliberately trying to sabotage your financial future, keep in mind that some people are not as financial wise as they think or seem ; while they may believe they are on the right path, this is often not the case due to misinformation and common money myths they are led to believe.
Financial planning can be like overcoming a minefield of money myths; so let's take a look at these money myths, because uncovering the truths about money will lead to a better financial life. Since we've covered the most important money myths about spending and saving, let's now talk about some investment myths.
Many people believe financial planning is all about cramming as much money into a 401 or IRA, which means no life until retirement, in fact it is suitable for anyone looking to manage their money more efficiently, and also for ordinary people who want to understand how to manage their money in order to fulfill their dreams.
You will find many free tools on the Internet such as budgets and retirement calculators. If you are looking for an inexpensive guide to choosing and managing your investments, online services called advisor robots can help you. You don't need to be rich to hire help if you are overwhelmed or confused, planning big life changes like divorce or starting a business or if your finances have become too complicated for a DIY plan.
Most consultants have a more diverse and flexible approach to customer service, so especially if you live in an era when there is not much money, this may be the best time to ask for help. Therefore, working with a financial advisor can help you manage your finances and can be a valuable resource. For many people, financial advisors can help you answer these and other questions, develop financial plans, and help you achieve your goals.
However, many people are unwilling to cooperate with financial planners, often due to myths or misunderstandings about financial planning. For example, investment management in financial planning is sufficient, and some financial planners also serve as investment managers. On the contrary, they are not the general manager. So: Financial planning is based on the relationship between the planner and the client, and reasonable planning needs.
For many, a financial planner should be viewed as a family and not necessarily as an individual planner ; for a couple, a financial planner plans the future of their family ; it is imperative that the counselor understands and encourages a broader discussion with both spouses beyond financial goals to understand their overall goals for how they see themselves in the future ; and adult children can become consultants, impacting the management of financial assets in the future, or at least proving many of the decisions made.
If you need help defining your financial goals, look for financial education and career guidance programs, online tools like Financial Engines and GuidedChoice, suggested by your retirement plan provider and impartial financial advisors.