In our ongoing Financial Wellness Series, we’re diving into how you can better budget for your physical, mental, and emotional health, and that includes investing. Welcome to Wealth Check.

Some myths are harmless—superstitions about luck or tips for getting rid of a stain. But others, especially those related to finances, can seriously impact your financial well-being. Misconceptions about investing are one of the biggest barriers to achieving your financial goals.

As you work on improving your financial literacy, it’s important to challenge outdated beliefs about money and investing. Just like breaking old habits in your health journey, it’s essential to clear away limiting financial myths. Here are the top investing myths you need to let go of.

1. Investing Is Too Confusing

When you first start investing, it might feel overwhelming—much like learning any new skill. But as you gain financial literacy and experience, things will become much clearer and more manageable.

Think of it like starting a yoga practice. At first, learning the poses can feel awkward, but as you become more familiar with the terminology and alignment, the practice gets easier. Soon, you’ll be confident enough to challenge yourself and advance further.

Everyone starts somewhere, so don’t let the fear of being a “beginner” hold you back. Investing may be confusing at first, but over time, it will become second nature as you gain experience.

2. Investing Is Only for the Rich

One of the most persistent myths is that you need to be wealthy to invest. In reality, anyone can start investing, regardless of income level. It’s not about how much you have; it’s about getting started.

William Bevins, a certified financial planner with Cypress Capital, explains that the myth that only the rich can invest dates back to the time after the Great Depression when money was tight. This outdated belief has stuck, but it’s no longer true.

“The key is to just start,” says Chris Muller, vice president of Money Under 30. “You can start with as little as $50, and the power of compounding interest will do the rest of the work for you.”

Starting small is a great way to ease into investing, just like joining a gym. Fitness centers aren’t just for people who are already in great shape—they’re for everyone, and the first step is simply showing up.

There are plenty of investment options for small amounts of money. Do your research and find what works for you. “Your investment can serve as a passive income stream that helps you build wealth over time,” advises CPA Mark Stewart.

3. I’m Too Young or Too Old to Invest

Age is irrelevant when it comes to investing. Whether you’re in your 20s or nearing retirement, there are smart investment choices that align with your life stage.

Tom Koesternen, a chartered financial analyst with The Guaranteed Loans, explains, “Age doesn’t determine whether you should invest. The earlier you start, the greater your chances of growing your wealth over time. Holding off on investing because of your age can hinder your financial goals.”

For example, if you start contributing just $50 a month in your 20s, assuming a 7% return, you could have over $240,000 by the time you’re 70. Chloe Elise, a certified financial coach, points this out as a simple yet powerful way to secure your future.

On the other hand, if you’re close to retirement, don’t feel pressured to dramatically shift your portfolio to safety. Ilene Slatko, founder of DSS Consulting, advises that most of us will live 10-15 years post-retirement. Becoming too conservative with investments can hinder your long-term financial growth, which is essential for maintaining purchasing power.

The Takeaway

Just as outdated health myths can hinder your wellness, believing in financial misconceptions can hold back your financial growth. One of the most important steps in improving your financial well-being is overcoming the myth that investing isn’t for you. Investing is a powerful tool for anyone who wants to achieve long-term financial success, regardless of their income or age.

Start small, stay informed, and let go of the myths holding you back from reaching your financial goals.