I'd like to debunk a few myths about financial planning. These myths are usually reasons why people don't see financial planning advice or solutions to their financial problems.
1. Financial planning is not just for the wealthy
You don't have to be rich to take advantage of financial planning. Having a budget is necessary for not only the wealthy but also the financially-strapped. There are many solutions that don't cost money that can help you budget and financially plan your future. You could always start out with the debt-elimination calendar method if you don't know where to start. It doesn't cost a dime and is and is a good place to start.
2. Financial planning is difficult
Many people think that because financial planning is difficult, it's can't be done. Those that are wealthy or have little debt have most likely planned their finances well. In order to get out of debt and become financially free, some sort of financial planning is necessary, but it's not difficult. As I mentioned, it can be as simple as using a debt-elimination calendar, or financial software that can help make things easy through technology. You can come up with all the excuses in the world to avoid financial planning, but one myth that isn't true is that's it's difficult to do.
3. Financial planning is time consuming
This can actually be true if you don't know how to plan well, but it can also be a complete myth if you have the right tools. You can spend a lot of time planning financially or you can spend a little time. If you can't budget your finances, then you most likely can't budget your time, so if that's the case then you will be spending a lot of time making plans. If you manage you time well, and set a schedule, like I do, maybe once a week, or once a month, to update your budget, you'll be well on your way to planning your future without spending a bunch of time. With the right tools such as the Worth Account, you'll be able to plan your finances quickly and accurately, while eliminating your debt in the mathematically quickest way possible.