Quick Verdict
Mostly myth. You can plan your money even if you cannot save much right now.
Why People Believe It
When rent, groceries, travel and family expenses use up most of your earnings, even a small savings target can feel out of reach.
Reality Check
Planning does not have to begin with an investment. You can start by knowing how much money comes in, which bills are due and what you need for essentials. If you can put aside a little, that is useful. But if your income cannot cover basic needs, there may genuinely be nothing left to save. In that situation, looking for ways to increase income, cut major costs or deal with expensive debt may matter more than forcing yourself to save a fixed amount.
A Better Rule
First understand your income and essential expenses. Save what you reasonably can, without cutting back on basic needs.