Financial planning is something you might think is for people like that annoying Facebook FB, -2.69% friend who posts about his awesome Silicon Valley job and fabulous vacations on the Cote d’Azur. Or maybe it’s a vague task you imagine getting to someday — after the kids are out of diapers, once the credit cards are paid off or when that long-awaited promotion comes through.

If so, think again: Financial planning is for you, and ideally, done now.

Here are some common myths about financial planning and what you should know.

Myth: Financial planning is only for rich people

Financial planning is for ordinary folks, too — anyone who wants to figure out how to manage their money to achieve their dreams.

“If you have goals for what you want to do or need help in crafting them, then you’re a good candidate for financial planning,” says Frank Pare, president of the Financial Planning Association and the PF Wealth Management Group in Oakland, California.

Myth: Financial planning costs too much

You can create a financial plan yourself. You’ll find a variety of free tools online, such as budgeting and retirement calculators. If you want low-cost guidance in picking and managing investments, online services called robo advisers can help.

Or you can hire a financial planner. You don’t have to be wealthy; some planners charge hourly fees for advice. Hiring help is a good idea if you’re overwhelmed or confused, planning a big life change such as a divorce or starting a business, or your finances have grown too complex for a do-it-yourself plan.

Many types of financial advisers compete for your business. Fee-only financial planners don’t make commissions on selling products, so they can provide objective guidance without conflicts of interest.

Myth: Financial planning can wait until life settles down

That could be a long, long wait, because life has a funny way of never settling down. The earlier you start with financial planning, the better your chances of achieving your goals and navigating challenges that arise.

“It’s kind of like dancing,” says Patricia Jennerjohn, a certified financial planner and owner of Focused Finances in Oakland, California. “You can’t do a fancy lift until you know where your right and left feet need to be.” Get a plan in place, then adjust as your needs change and your finances grow more complex.

Read: How to find a competent, ethical financial adviser

And if life feels too chaotic, a financial plan might be just what you need. “I see it as an educational process to give people control and understanding,” says Peter Creedon, CEO and certified financial planner at Crystal Brook Advisors in Mount Sinai, New York. That promotes peace of mind, which can lead to better decision-making.

Myth: It’s all about the portfolio

“People think, ‘If I get my portfolio really well invested, that will take care of me,’” Jennerjohn says. But while a diversified investment portfolio is important, it’s only one piece of the puzzle.

Beyond investments, a comprehensive financial plan looks at your overall financial situation — debts, income, savings and cash flow. It considers insurance needed to protect assets, retirement and estate planning, and tax strategy.

You don’t have to have a full-blown financial plan to invest. Contribute to a 401(k) at work? Got an IRA? You’re already an investor. But having a financial plan can help guide your investment choices so they align with your big-picture goals.

Myth: Get a plan, and you’re set

Sometimes clients want to believe all their financial problems will be fixed in one shot, Jennerjohn says. But you have to follow up on the recommendations, such as practicing good spending habits to reach savings goals, getting enough life insurance, and keeping your will up-to-date.

Expect to monitor and regularly update your plan, because it’s a living document. Just as there is an annual tax season, Pare says there should be an annual financial planning season. Pick a time when your calendar tends to be slower and use it to tend to your financial plan each year.

“It’s not, ‘Here’s the rest of your life on paper,’” Jennerjohn says. Life changes, and so will your plan.