Gurdayal Singh | Jun 16 2025 18:00
Financial decisions can feel overwhelming—especially when you’re basing them on information that isn’t actually true. At Benefit Consultant Inc., we work with professionals and families throughout Chino, Eastvale, and Ontario, CA, and we’ve noticed that many of our clients come in believing myths that could cost them real money down the line.
Here are five of the most common ones—and what you really need to know:
Myth #1: “I don’t need life insurance until I have kids.”
While having children is a major reason to get life insurance, it’s not the only one. Life insurance can be a key part of wealth building, estate planning, and even retirement funding. Plus, buying a policy earlier in life typically means lower premiums.
Myth #2: “I’m too young to think about retirement.”
Waiting until your 40s or 50s to plan for retirement can limit your options. Starting early—even with modest contributions—gives your money more time to grow, thanks to compounding. That’s especially important for professionals in high-income fields like tech or medicine, where income planning can get complex fast.
Myth #3: “My employer benefits are enough.”
Many people in Chino rely heavily on their employer’s 401(k) and basic insurance coverage, assuming it's all they need. But employer plans often have limitations, especially around income replacement and long-term goals. A personalized strategy gives you more control and better outcomes.
Myth #4: “If I’m healthy, I don’t need disability or long-term care coverage.”
Unfortunately, health isn’t a guarantee. One injury or illness could temporarily or permanently affect your ability to earn. We help clients protect their income now—so they’re not scrambling later.
Myth #5: “I’ll just figure it out when I make more money.”
Waiting until you hit a certain income threshold might feel logical—but it often leads to missed tax opportunities, lost investment growth, and poor risk protection. The best time to build a plan is now, whether you're starting out or earning six figures.
Quick Recap: Common Financial Myths
- “Life insurance is only for parents.”
- “I’ll worry about retirement later.”
- “My job’s benefits are enough.”
- “Healthy people don’t need protection.”
- “I’ll plan when I make more money.”
Let’s Talk About What’s Actually True
If you’re in Chino, Rancho Cucamonga, or nearby areas and want to build a financial strategy based on facts—not fear—Benefit Consultant Inc. is here to help. We’ll walk through your current situation, clear up confusion, and design a plan that works for your life.