“I don’t have enough money to invest” is one of the most prominent investing myths I hear. Because the truth of the matter is, any amount of money is enough money to start investing, and regularly contributing even small amounts can accumulate into a large nest egg over time, (thanks to compound growth).

Like with anything in life, starting small is better than not starting at all. And although the rising cost of living may make it feel impossible to ever get to where you want to be financially, I’m here to tell you there’s a way. For some, it’s starting small, and for most, it’s debunking the common investing myths that are likely holding them back. 

Debunking the Top Investment Misconceptions 

Myth #1: "A big portfolio automatically means I'm diversified."

Having a larger portfolio doesn't automatically mean you're reducing risk. Diversification isn't just about the number of accounts you have or the size of your investments, but more about how those investments work together.

You could own dozens of funds across multiple institutions and still have significant exposure to the same industries, companies, or economic trends. Because true diversification views your wealth as a single, cohesive picture rather than a collection of individual accounts.

When it comes to diversification of your portfolio, it’s important to ask yourself: “Do I actually know how my investments work together?" 

Myth #2: "More money with more managers must be safer."

Many successful investors assume that spreading assets across multiple advisors or institutions automatically reduces risk. When in reality and more often than not it creates complexity. Without someone looking at your entire financial picture, it's easy for investment overlap, tax inefficiencies, inconsistent strategies, or conflicting advice to develop. 

It’s kind of like having too many cooks in the kitchen. Things can move quickly, and when there isn’t proper communication amongst every member, things can be missed, overlooked, or duplicated unnecessarily.

At Boakes Wealth Management, we work with you to see the full picture and ensure your investment strategy is aligned with your financial goals and plans. 

Myth #3: "If my net worth keeps growing, my financial plan must be working."

Of course, your wealth growing is something worth celebrating. However, this doesn't automatically mean your financial strategy is optimized, as there are other aspects to consider, like: 

• Are your assets structured tax-efficiently?
• Are you taking unnecessary investment risks?
• Is your estate plan keeping pace with your wealth?
• Does your financial plan still reflect your goals today?

Sometimes we see things going well and assume they can’t get any better, but when it comes to investing, short-term success can often mask opportunities for improvement. Our team is here to ensure your wealth continues to work intentionally for you and your family, not just now but for the long term. 

Myth #4: "I should keep most of my wealth liquid, so I always have options."

Liquidity indeed has value, and having access to cash can create flexibility and greater peace of mind for many people. However, keeping too much wealth sitting on the sidelines can come with its own cost, and you might be losing more than you’re gaining. 

Money that isn't working toward long-term objectives may not keep pace with inflation or generate the growth needed to support future goals. That’s why finding the right balance between accessibility and long-term investing is often more effective than focusing solely on one or the other.

Common Financial Myths in Agriculture 

For families in agriculture, wealth is often tied to the business they've spent decades building, which can create a unique set of financial questions. Here are some that I’ve seen pop up from time to time. 

1. "Farmland always goes up in value... doesn't it?"

Farmland has historically been a strong long-term asset. But like any investment, values fluctuate based on interest rates, commodity prices, supply and demand, and regional market conditions. This is why diversification and establishing a solid financial plan remain important, even when land has performed exceptionally well.

2."My farm is my retirement plan."

For many families, the farm represents both a livelihood and the peace of mind that comes with a guarantee of future wealth. The challenge, however, is that wealth tied up in land isn't always easy to access when retirement begins. Whether you decide to sell the land, transfer ownership to the next generation, or manage succession, it all requires careful planning.

This is why having investments outside of your farm is a wise choice, as it can provide flexibility, income, and greater financial independence throughout retirement.

3."My parents never invested outside the farm."

Perhaps you’ve inherited your family's farm and know that their investments were solely tied up in the farm. However, previous generations often faced very different economic conditions, and factors such as land values, tax rules, succession planning, life expectancy, and retirement expectations have all changed significantly.

I recently worked with someone who inherited the family farm that had been passed down for generations. Financial myths had been passed down, too, and they were looking for clarity on the best approach to a financial plan for the farm and their family moving forward, and how they were now interconnected. Because they had accumulated their own wealth independently of the farm before inheriting it, they wanted guidance on the best financial plan going forward and what investing could look like for them in this new position. 

The reality is that today's farm families are navigating a more complex financial landscape. Building on your family's legacy doesn't necessarily mean following the same financial path; rather, it means adapting to today's realities while protecting what previous generations worked so hard to build.

4."Why would I need an advisor when my equity is all in land and equipment?"

It’s important to have an advisor who knows your story, goals and overall financial picture because assets like land and equipment represent significant wealth.

When it comes down to it, financial advice isn't only about managing investment portfolios, but also about helping individuals coordinate tax planning, retirement income, succession strategies, estate planning, insurance, liquidity, and investment opportunities alongside their business. And the reality is, the larger and more complex your assets become, the more valuable a coordinated strategy can be.

Final Thoughts 

The biggest financial risks are sometimes the common assumptions we've never stopped long enough to question or find the right answers to. 

Whether you're managing an investment portfolio, running a business, or planning the future of a family farm, it's worth stepping back and asking:

• Are my investments truly diversified?
• Does my financial plan reflect where I am today?
• Am I relying too heavily on one asset?
• If someone looked at my entire financial picture, what opportunities might they see?

The answers to these questions may reveal opportunities you didn't know existed.

Financial planning isn't about dwelling on what you perhaps could have done better up to this point, but about making sure what you've built continues to support the life you want to lead. 

At Boakes Wealth Management, we’re here to help you challenge all the common financial misconceptions, uncover opportunities, and build a strategy that works for you and your goals for years to come.

Shannon

Shannon Boakes, CFP, FMA, CIWM, FCSI | Investment amp; Wealth Advisor, Financial Planner, RBC Wealth Management | RBC Dominion Securities | T. 519-758-1270 | C. 226-208-0357 | 22 Colborne Street, 2nd Floor Brantford, ON N3T 2G2 | www.boakeswealthmanagement.com 

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