3 Financial Myths that Persons should avoid

3 Financial Myths that Persons should avoid for their financial growth

   In this article we are going to discuss briefly some of the financial myths that persons should avoid for their financial growth.

■ Retirement planning can wait

   Persons in their age of 30s and 40s often tend to put off their retirement planning for their later years. Instead, they prioritise other financial goals such as purchasing a car or home or saving for holidays. 

    However, such individuals neglect the power of compounding. The more time they will give to compound, the more amount they will get at the age of retirement.     

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■ Mutual fund dividends are good

    The dividend option is also inefficient in terms of taxation as the earned dividends are taxed as per the tax slabs the person fall in. 

    Thus, investors should always opt for the growth option and, thereby, benefit from the power of compounding to generate a bigger amount over a period of time.

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■ I don’t have enough money to invest; it’s not worth it

    Many Mutual Fund schemes offer lower minimum investment amounts. With such amount, one does not need a high savings to start investing in Mutual Funds. 

    Instead, individuals with lower savings rates should start investing through the SIP mode and benefit from the power of compounding.

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