Even when a person has all their records in order they may still be financially disorganized. Many people take a compartmentalized approach to making financial decisions, treating each one separately, as if it had no effect on the other areas of their finances. They don’t focus on the big picture.
The result? They may end up with strategies that are at odds with one another and fail to create a positive impact across the board.
Being financially disorganized can:
- Increase your costs
- Increase your risk
- Decrease the chance of real success
Myths and failed strategies leading to financial disorganization
Wisdom that’s aimed at everyone isn’t right for anyone…because everyone’s situation is unique.
You’re bombarded every day on television and radio, in newspapers and magazines, from friends and even financial advisors with advice that’s presented as universal truth—but which in reality, may not apply to your finances at all. These myths and failed strategies create yet another obstacle between you and your financial goals.
Here are some examples of common financial myths:
- "My money only needs to keep pace with inflation."
- "I will be in a lower income tax bracket at retirement."
- "Compounding interest creates a financial miracle."
- "I won’t need life insurance when I retire."
Wealth Dynamics provides the technology and know-how to assist you in creating a wide angle view of your financial structure and the factors affecting your wealth.