Busting Those Financial Myths

Daily News (Warwick, Australia), July 5, 2014 | Go to article overview

Busting Those Financial Myths


WE ALL look for professional advice when it comes to building a home or diagnosing an illness but, according to research, 60-80% 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 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. Advice can help people save money, protect loved ones and build wealth for the future.

Myths 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 people 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 dramatically 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 "too hard basket" but there can be devastating consequences if people bury their heads in the sand.

Most Australians don't have adequate insurance to protect their loved ones in the event of loss of income. …

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