Myths can sound extremely believable and realistic. Many people believe in them for a great deal of time until someone goes out of their way to debunk them.
Countless things can have myths attached to them, and the realm of finances is no different.
But, what exactly are some of the most common financial advice myths? Do they have any bearing to them? And do you also believe in them? In this article, we’ll shed some light on the matter at hand. Read on below to learn more.
Myth 1: Financial Advice Is Unnecessary
Nowadays, Australians are very anxious regarding their finances and spending habits. Aside from that, it doesn’t help that we have so many choices when it comes to our finances including what we spend our money on, how we invest, and how we want to protect our money as well.
These decisions can have a huge impact on your future so it can be daunting to make a decision without being confident it’s the right one.
Luckily though, financial advisors exist for this very reason. Financial advisors can give elaborate advice on how you should spend your money, how you can grow your money, and how you can achieve your money goals.
Even large-scale investors have professional financial advisors to back them up. When you think about it, those investors owe their financial security to their advisors.
Aside from investors, business owners also tend to have financial experts at their beck and call. One study conducted in the past revealed that 80% of business owners better understand financial matters because of seeing advisors.
Along with business owners and large-scale investors, more and more individual professionals and artists are seeking personalised financial planning services. Successful artists and creatives I work with often find themselves going through financial fluctuations due to the nature of their careers.
This means it can be difficult to know how to best manage your money when your finances vary so frequently. But doing nothing with your money can have huge tax implications so it’s wise to seek guidance from an expert to help you.
Myth 2: Financial Advice Is Too Expensive
The reason many people avoid advice from financial advisors is that they think that they’re too expensive. We are here to set the record straight: financial advice can seem expensive initially, but the financial gains are worth it.
It’s an odd concept to think that you spend money to have someone save you money or grow your money.
But the saying, “You can’t make money without spending” has never been more true.
Making sound financial choices based on professional advice can save you a great deal of money.
Ultimately, financial advisers exist so they can help you achieve your financial goals. Peace of mind about your finances is a very powerful thing which is why most people don’t see that price as “too expensive”.
Myth 3: “I Won’t Make Any More Money Than I Pay for Financial Advice”
Similar to the previous myth, this one is not true.
There are so many different financial advisers out there with a range of different specialties and different clients that they work with.
Some financial advisers only work with very high-net wealth individuals while some work with you to help you pay off debts and create a budget. The scale of financial advice is huge.
But the important thing to remember is that a financial adviser won’t want to work with you unless they can help you.
Ultimately, if you’re not achieving your financial goals and gaining more than you’re paying in fees, you’re not going to stick around and the adviser won’t profit either. This is why we only work with clients to who we can add value to.
Are you Looking for Financial Advice in Adelaide?
Not that you’ve overcome these three common myths, you may be thinking that financial advice is indeed right for you.
No matter what your financial goals are, Novo Wealth can help.
Novo Wealth is the leading ethical financial planning group based in Adelaide specialising in ethical investment and responsible financial planning.
At Novo Wealth, we believe that financial decisions can have an enormous impact on our planet and society which is why we help people take the responsible path to financial freedom.
Are you ready to help change the world?
We have in-house financial planners in Adelaide that can help you. Book a chat with us today.