Personal financial planning appears to be a long-drawn process, something only meant for those who have a lot of money and for those who can afford to take professional help for doing this activity. Well, these are the myths for starters! To keep it simple, financial planning is about meeting one’s life goals through proper management of one’s financial affairs.

To a majority, such knowledge would come in bits and pieces from elders, family members, friends and other literature leaving the scope of some myths and gaps creeping in. Let us try to demystify!

Myth 1: Doing is planning, planning is doing.

Imagine a child making a nice structure using building blocks. Little does the child realise that her/his focus is only on the building and not about making a foundation. Children are expected to create, dismantle, create again, with such toys. However, imagine yourself doing that with your hard-earned money! It is clearly not the wisest thing to do!