If you are ready to get serious about your finances, investment planning is something you should seriously consider. However, many investors or future investors have some mistaken ideas about investing that can get in the way of meeting their financial goals.
To help you have your best chance of success, here are three investment planning myths that you should ignore:
- Myth #1: Investment Planning and Financial Planning Are the Same- It’s easy to see where the confusion comes from, but investment planning and financial planning are not interchangeable terms. Whereas financial planning is the overall process by which you achieve your financial goals, investment planning is a subset of that. It allows you to figure out which investments you should make as part of your financial plan.
- Myth #2: Investment Planning Is Only for the Wealthy- Investment planning can help build your wealth whether you are already wealthy or not. Even if you are only investing small amounts of money at a time, this can help you prepare for a better future.
- Myth #3: Having More Investments Means You’re Diversified- Having lots of investments is not equivalent to having a diverse investment portfolio. Instead of having lots of investments in only one sector, it’s better to have a few investments in many sectors because that will help you mitigate risk.
If you’re ready to start with investment planning, you’re in the right place. Contact Planning Bucket to find a financial advisor suited to your needs and start securing a better future for yourself.