Newspaper article The Daily Mercury (Mackay, Australia)

Busting the Myths on Advice; It Pays to See a Financial Planner to Help You to Budget

Newspaper article The Daily Mercury (Mackay, Australia)

Busting the Myths on Advice; It Pays to See a Financial Planner to Help You to Budget

Article excerpt

Stephen Schill

AMP Financial Planner

WE all look for professional advice when it comes to building a home or diagnosing an illness.

But according to research, between 60 and 80% of Australians have never used a financial planner.*

Many people don't seek financial advice because they're embarrassed about their financial situation, they don't have enough money to invest or they think it's only relevant for retirement planning.

Everyone can benefit from visiting a financial planner whether they're young or old, high or low income, single or married. Financial advice can help people save money, protect their loved ones and build wealth for the future.

Five myths and facts about financial advice

Myth: I don't have enough money to invest.

Fact: You don't need a large lump sum to invest or a high disposable income.

Everyone, regardless of their income or how much savings they have, can benefit from visiting a financial planner. You don't need to be a high net worth individual to reap the rewards of advice. Financial planners can help with everything from budgeting and debt management, through to superannuation and retirement planning.

Myth: It's only for people who are close to retirement.

Fact: It's never too early to seek advice.

Many don't think it's necessary to visit a financial planner until they're approaching retirement. While it's never too late to seek advice, it's also never too early. Young people who are just starting their working life can benefit greatly from financial advice. People who establish good money habits early on are less likely to develop financial problems later in life. Also, the earlier a person starts building wealth, the better. For instance, salary sacrificing into super from a young age can drastically boost a person's nest egg due to the effects of compound interest.

Myth: I don't need it and I don't have the time.

Fact: It's one of the most important things you can do.

Money issues are often delegated to the C[pounds sterling]too-hard basketC[yen], but there can be devastating consequences if people bury their heads in the sand. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.