Seven myths of investing and financial planning

(The author is a financial planning coach. Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to reachyourviews@gmail.com)

We are growing in our life and our income levels are steadily rising; so does our bodacious goals about our own future. It's highly important that you get the basics right in terms of securing your financial future. Lots of myths hang around the financial planning; let's understand them one by one...

Myth No: 1 - Investing involves tension:

1.  "No tension for me. My money is safe in my bank"

2.  "Don't want tension. My capital should be safe"

3.  "Don't want tension. I am not keen on returns"

What in life has no tension. We have cleared our school, college exams; got good courses in PG with lots of tension; cleared tough job interviews; waited for right life partners; got admission for kids in the school which is no less easy these days.... So it is a continuous  process.

On the other hand, you should not feel tensed for  planning your investments, but, for not planning your investments. No results come with least efforts. After all its your hard earned money and you need to put in efforts to understand and make your money work harder. 

A financial planning coach can make your planning easy...

Myth No: 2 - Planning is a time consuming and wasteful exercise:

It may be time consuming but certainly not a time wasting exercise. After all its your hard earned money and you need to spend time on it to make it effective. If this is not your priority list, it will not augur well for the financial future. Anything which earns should money not be a waste of time. As your work earns you money, your money earns more money.... 

A financial planning coach can help you rationalize your time and efforts and guide you maximize the returns.

Myth No. 3 - It adds no value to me:

So OUTSOURCE....

Your core is job something else and  not investing and managing it. It's just a part time job for you. Leave it to a financial planning coach whose job is to manage your money and handle your planning. 

We are in the world and era of outsourcing; It's better you outsource your financial planning needs to a professional.

Myth No. 4 - One needs pots of money to make a plan:

Millionaire or not, everyone needs financial planning. It's nothing to do with the size of wealth one owns. After all every one has financial goals and objectives to be met @ a future date.

A financial planning coach will be able to guide you through... 

Myth No. 5 - No idea about the future:

Yes. No body has... But that should not deter you from making a plan. On the contrary, you must plan when you are unsure of the future. With the average shelf life of our jobs/careers coming down, its all the more important to plan well in advance for our financial security.

Seek the guidance of a financial planning coach to understand your priorities and goals and plan accordingly.

Myth No .6 - No idea what I want:

Many times we just don't know what we want. That's true in financial planning as well... Those are the times we just to decide not to decide anything. Indecision becomes a decision. I may have goals and objectives, may not know how to attain them. I may have multiple goals, but no idea to prioritize them and make a plan. But it's critical to have gain some idea about what one wants...

Who else other than a financial planning coach can guide you through on this dilemma...

Myth No. 7 - Not now; I can do @ at a later stage. 

The key mantra to financial success is " Earlier the best". It's better to plan early as there is a huge cost of delay one to has to pay. 

The cost of insuring goes up every year @ every age...

The returns you accumulate over the years depends on how early you start...

The investment options diminish as one grows old... 

Do your financial planning and do it right NOW.... A financial planning coach will guide you through...

(The author is a financial planning coach. Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to reachyourviews@gmail.com).

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