Wealth myth-busting: Separating fact from fiction
When it comes to managing your finances, there’s no shortage of advice – some helpful, some less so. At McHardy, we like to cut through the noise and set the record straight. Here are a few common financial myths we often hear:
Myth 1: You need to earn a lot to invest.
Truth: Investing isn’t just for high earners. Even small, regular contributions can grow significantly over time thanks to compounding. Starting early matters more than starting big.
Myth 2: Debt is always bad.
Truth: Not all debt is created equal. Strategic borrowing – for example, a mortgage or business loan – can be a useful tool if managed responsibly. The key is knowing the difference between productive debt and high-interest consumer debt.
Myth 3: You should time the market.
Truth: Attempting to buy low and sell high consistently is extremely difficult. A disciplined, long-term approach is usually far more effective than chasing short-term gains.
Myth 4: Financial planning is only for the wealthy.
Truth: Good financial planning benefits everyone, no matter your income or net worth. It’s about clarity, control, and making sure your money is working toward your priorities.
Myth 5: You can’t change your financial habits.
Truth: Small, consistent changes make a big difference over time. From budgeting to saving to investing, adopting even one new habit can improve your financial confidence and future security.
At McHardy, we believe that knowledge is power. Busting these myths helps our clients make informed decisions and focus on what truly matters: building and protecting wealth in a way that supports their goals.
Ready to rethink your finances?
