If you’re new to the world of financial planning, it’s safe to assume that you’ve been getting a lot of unwanted advice and opinions about the same. Many would straight away tell you that it’s great and that now you’ll get rich soon, and many will tell you to get out before you go bankrupt. The fact is, neither side is correct, and neither knows what personal finance is all about.

These two aren’t the only myths that plague the common public when it comes to financial planning and personal finance. Self-proclaimed ‘experts’ and ‘pros’ would rattle off a dozen more if you gave them a chance to do so. But how do you, a new investor, filter out what is a myth and what isn’t. Here are the four biggest personal finance myths you’d be better off not paying heed to.

1) I’m Not Rich Enough

If financial planning was only for the rich, there would be almost no investment options available for the average working professional. Contrarily, there are countless ways any adult in India can take control of their finances to grow their wealth and eventually achieve financial independence.

And if you think that you’ll have to pay exorbitant fees to a financial planner then you’re wrong again. There are a number of certified financial planners and wealth management firms that work with all types of clients, including students, bachelors, young professionals, couples starting a new family, retirees, and the list goes on. Just be clear about your budgets, so that even if you can’t avail the services of a financial planner that you like, they can recommend someone they trust.

2) I’m Not Old Enough

You’re also not young enough to not have to worry about your financial future. As a rule of thumb, the earlier you start your financial planning journey, the better equipped you’ll be to meet the financial requirements of your personal goals and dreams. It’s quite a no-brainer really. Especially if you talk about retirement planning, the earlier you start doing it, the more time you get to comfortably cruise towards your retirement goals as well.

You also get the added advantage of availing tax cuts that gain significantly boost your savings when you’re younger; not to mention, your insurance premium will be considerably lower than if you take up a cover when you’re in your late middle age.

3) I Can Worry About Retirement Later

Unfortunately for many investors, this logic ends up leaving them quite unprepared to deal with their retirement expenses when D-day arrives. As mentioned earlier, starting retirement planning early gives your portfolio a massive head start.

Ensure that your financial plan takes into account different stages of your life, and especially your retirement. Avoid investing with a ‘let’s make a quick buck’ mindset. Your financial security as a retired individual is of utmost importance, as there are a lot of hidden costs associated with old age that a weak financial plan would be unable to address.

Remember, your friends and family are not financial experts, don’t attempt to rely on them or the internet to build a financial plan. Take the help of a certified financial planner or wealth management firm to help you chart out your financial roadmap and make your way towards a richer life.