Busted! Don’t Believe These Common Investing Myths!

Common investment can help individuals save money for their future financial goals. It can provide security and peace of mind knowing that money is set aside specifically for retirement or other long-term goals.

It can also help to diversify an individual’s portfolio, which can mitigate risk. However, owing to several myths, people need clarification about opting for it. Still, they need to remember that common investment can be a helpful tool for individuals as they plan for their financial future.

To help you steer clear of these misconceptions, Westgroup Financial Management Inc. has debunked some of the most widely believed myths about common investing.

Myth 1: Now is not a good time to invest

There is never a good or a wrong time to invest if you are aware of the market risks. When you take balanced or informed risks, you can start anytime. Start with a smaller investment, then slowly proceed further.

Myth 2: Cash and GICs are risk-free

In GIC, you deposit and receive interest on that money, which functions similarly to a savings account. But to say that it is entirely risk-free and one can blindly make such investments would be wrong. It is crucial to conduct in-depth research on the risks involved in staying financially safe.

Myth 3: I have a pension, so I don’t need additional savings

A pension is a fixed amount of money you may receive from a source, but depending upon the amount, it may or may not meet the increasing inflation standards. However, investments can work as an additional source of income that can be used as savings for a more secure future.

If you’re looking to steer clear of these myths, reach out to Westgroup Financial Management Inc. We are experts in financial planning and specialize in finding the best solutions to meet your financial needs. We have built our business around integrity and honesty, focusing on improving your financial path. We serve clients across South Surrey, White Rock, Delta, Vancouver, West Vancouver, North Vancouver, New Westminster, Coquitlam, Burnaby, Langley, Chilliwack, Port Coquitlam, Port Moody, Mission, Abbotsford, Pitt Meadows, Maple Ridge, Squamish, Whistler, Victoria, Nanaimo, Kelowna, Penticton and Kamloops, BC.

Get in touch with us today!

For a complete list of our services, please click here. If you have any questions about Westgroup Financial Management, we’d love to hear from you. For more information, please call us at (604) 588-9688 or email us at admin@westgroupfinancial.com.