Financial Myth Busters

In this fun episode, Scott, Nick, and Philip debunk 11 common financial myths. The topics range from misnomers about investing to oversimplifications dealing with personal financial planning. Scott, Nick, and Philip address these myths: Markets go up or down based on which political party holds the presidency. (2:58) It’s a bad time to invest when the market is at an all-time high. (6:29) I can time the markets. (13:44) “Risk-free” government bonds protect against all types of risk. (23:13) Stocks are risky. (29:47) I shouldn’t own stocks during retirement. (35:12) If the market averages 12% and I withdraw 8%, then I’ll net 4%. (38:52) You should be debt-free before investing. (42:42) When paying off debt, you should start with the smallest balance first. (46:21) You have to be wealthy to start investing. (48:03) I don’t need a financial plan or a financial advisor. (50:23) Charts referenced: https://bcswealth.com/wp-content/uploads/2024/03/The-Benchmark-Podcast-Financial-Myth-Busters-Episode-Charts.pdf