Making the best use of your income is an important decision that you shouldn't make alone. In order to get your money working for you so that you can reach strategic goals and prepare for retirement, it is an excellent idea to secure the services of a financial planner. Unfortunately, many people shy away from this beneficial aid after hearing and believing common myths. Below is a list of the top four misconceptions about financial planning services and their respective truths.
- Having a lot of money in the bank can be a great thing, especially if the money you have is designed for your retirement, but having the money in the wrong investments can also result in paying a lot of taxes. The investments you choose to purchase with your money can either increase your tax liability or decrease it, and there are a number of good strategies you can use as a way to decrease your tax liability.
- Technical analysis is a technique used by forex traders to take advantage of general trends in the market. Technical forex traders use a combination of charts and indicators to time their entry and exit points into the market, ensuring they are buying their currencies at the correct time and selling before the market plummets. If you are looking to get into the world of forex trading, technical analysis can be a great starting point.
- Private wealth management services can yield high returns on investments. Americans with financial assets exceeding $1 million are classified as high-net-worth individuals, and will see their investments make the most return for them if they are to invest with private wealth management services. With the many services claiming to have the experience needed to manage your financial portfolio well, it's difficult to determine which company or individual you should place your confidence in.