Comments on: Financial Planning Myths

By: Money Making Sense » Blog Archive » Weekend Linkage – Olympic Edition

Fri, 19 Feb 2010 11:24:31 +0000

[...] Financial Highway shares wisdom on dispelling financial planning myths. [...]

By: Weekly Wisdom: Passion and Personal Financial Freedom » The Online Investing AI Blog

Sun, 14 Feb 2010 09:53:01 +0000

[...] a myth. So are these financial planning concepts compiled by Financial [...]

By: Ken

Ken — Fri, 12 Feb 2010 21:28:23 +0000

Great thoughts you share here! We all need to know the truth about financial planning. We all need to have a plan that works. I would say that without financial planning (through self-education or a professional) one could very well never become rich. Ignorance is NOT bliss.

By: Mama Zen

Mama Zen — Tue, 09 Feb 2010 17:39:09 +0000

Nice post! Just discovered your blog (a friend post on twitter)… and your Myths list is very interesting, I’ll go read these

And you confirm… my financial planner is not a good one. Hopefully, my accountant is!

By: Dustin @ Inzolo

Dustin @ Inzolo — Tue, 09 Feb 2010 17:18:10 +0000

About 6 years ago we where struggling under a load of debt and we decided to visit a financial planner. In hindsight they were the wrong kind of financial planners because your myths were not myths in this case. They didn’t offer a lot of help to get us out of our current debt situation. Their advice and plan was vague. We ended up selling our home based on their advice. We really didn’t need to and would have come out better financially had we kept it. Lesson 1: Don’t visit a financial planning company owned by a credit card company!

Shortly after dropping them, I went on a personal finance self-education spree and read all kinds of the “right” books on the subject and listened to Dave Ramsey’s podcasts every day in the car.

Yes, I can see where a financial planner would be an excellent investment for most people, but choose your financial planner wisely!

By: Craig

Craig — Tue, 09 Feb 2010 15:35:06 +0000

True, it can be for anyone and should be for everyone. The cool thing is there is no one method or right way, you do what works for you so get started.

By: 2 Cents

2 Cents — Tue, 09 Feb 2010 12:47:21 +0000

These are some really good ideas. I think educating ourselves about personal finance is a necessity for everyone, whether you use a planner or not. As you said, no one cares about your money like you do.

Secondly, I wish more people would look at the basics like budgeting and saving first before they dive headlong into investing. Skipping steps is hazardous to your wealth.