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Having a financial plan is a great way to take care of yourself and your family, both today and in the future. Unfortunately, there are a number of myths floating around that can get in the way of a sound financial planning process. Here are a few that I hear most often — and why they’re wrong.

Financial planning is only for the wealthy.

Financial planning is for everyone, and arguably, it’s even more important for those who need to make their money go farther. The planning process is crucial for all households to go through to answer questions about how to manage expenses, save for retirement, and make the most of their income.

While income and expenses vary from person to person, planning for how to effectively allocate money is equally important for everyone. Ultimately, financial planning is intended to help you achieve your own specific financial goals no matter how big or small.

Financial planning is the same for everyone.

The planning process will vary greatly, depending on your personal circumstances. No two financial situations are truly identical, and this planning is intended to be tailored to your specific needs.

While it may seem on the surface that this process can be boiled down to a handful of general recommendations or habits, discussing your own set of circumstances with a financial advisor will allow them to point you toward solutions that will benefit you the most. A financial plan for a near retiree, or a self-employed individual, or a growing family can look dramatically different. Developing a plan with you as the focal point is most important in determining how to achieve your own specific objectives.

I don’t need to have a financial plan if I’m making the right decisions.

Often, financial planning doesn’t come to mind until help is needed urgently. If you find yourself staring down a big purchase or facing financial difficulty, it may feel like financial planning has become important for the first time.

In reality, financial planning is intended to be a proactive process that helps you avoid dire situations. Planning, by definition, is about acting in advance of these types of situations so that you are as prepared as possible. While it may feel as though you haven’t faced financial difficulty and can navigate life on your own, the financial planning process can bring up crucial topics that you may not have otherwise recognized. For example, you may be spending a higher portion of your income than you need to be or falling behind on retirement savings. It also may seem that buying a product at one point in time is a “fix” for a specific financial need, but you need to be aware of what implications your purchase may have down the line, and for that you need planning.

I only need to have a financial plan done once.

Financial planning might seem as simple as developing a plan and following it to financial success. However, it’s very likely that your financial circumstances will change throughout your life. Realistically, you’ll receive raises, face unexpected expenses, change jobs or careers, and undergo several life-changing events after your initial plan is developed.

Your financial plan should function as a living document, intended to be a starting point that changes and adapts as your own situation changes. As you get closer to retirement, you may find yourself having a lower tolerance for investment risk, or a desire to save more to fund the next stage in life. Revisiting your plan on an ongoing basis to ensure that it still aligns with your goals and objectives is crucial to successful planning.

If you have questions about your own financial plan, consider reaching out to an experienced financial advisor to start a conversation.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Ryan Andert and not necessarily those of Raymond James.