Never Fall For These 10 Personal Finance Myths

4. Financial planning not necessary to save

It is never too late to get started with financial planning. You never know when you will need money in future as  circumstances change at various stages in life.

At your young age, you can create a smart budget that can save much money for big events in your life—like your marriage or buying a house. Even there are many advantages of starting an early plan as the interest that you earn on the invested income will increases by compounding and that in turn increases the investment corpus by a phenomenal amount. Planning your finance at the younger age is an ideal thing.

5. Good to have a retirement plan

Around 50 percent of the population thinks that buying a simple retirement plan would make them completely prepared for rest of their lives. Many researches, over the years, show that most of the retired population face financial crisis due to lack of financial support. A good share of the population also suffers from credit card debt. Moreover, at times the medical expenses are too much which the medical insurance plans do not cover fully. As earning is necessary, saving your earnings for your retirement is equally important to make your retirement peaceful.

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