Financial Planning – Arlington Heights, IL
The most popular misunderstanding regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make intelligent investment decisions, but there's a whole lot more to it. Financial Planning is the process of developing strategies to help you take care of your financial affairs efficiently and meet financial goals. It's a holistic process that can help you make better decisions by turning vague objectives into concrete strategies, giving a road map for action. Having a financial plan - and sticking to it - provides you with a real advantage when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Arlington Heights, IL
Often individuals say that they are saving for retirement or saving for their children's education. They sound like precise goals, however they are really quite vague. Financial planning can find the important numbers - How much do you need to save and by when? If you are not sure whether or not you'll have enough to live on post-retirement, it can create anxiety. But when you know what you have to do and that you are following the financial plan, it provides peace of mind and confidence. Whenever your situation changes from single to married, from renting to buying a home, having kids or caring for aging parents, financial planning will help you make better-informed decisions.
Certified Financial Planners - Arlington Heights, IL
Most people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable options and prudently use the limited resources for attaining financial freedom. Say, if you have identified retirement and funding your child's education as your financial goals, but you only have Rs. 1,000 extra each year to achieve these objectives, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you'll have the secure feeling of knowing that a professional has reviewed your situation and that you're doing something positive for your financial predicament. Financial planning provides a road map with an action plan that - if implemented faithfully - will take you where you want to go fiscally.
Missing the big picture is a problem seen too frequently with clients. If you are focused on the near-term rather than on much wider long-term implications, then you may end up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making as opposed to knowing that various kinds of investments are susceptible to differing tax rates might be harmful for your financial wellness. A Certified Financial Planner will make you understand that the type of investment you choose has an effect on the after-tax return. Keep in mind, it isn't about the returns an investment generates; it comes down to the net income that comes in your hand. Many of you do not realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you are worried about and you do not realize that there will be a drag on the ultimate amount of cash you will have because of the tax liability which is waiting for you.
Influence of Financial Planning - Arlington Heights, IL
The influence of sound financial planning on overall financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the center, each of the different components of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your dream car, debt management etc - are spokes on the wheel. Once you begin to make progress along every one of those spokes, you'll begin to gain traction overall, and you will see your ability to realize your financial goals really start to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who have planned out a financial path appreciate greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning can be a life process. Ideally, you need to meet a financial planner as soon as possible in your life and set up a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on the right track.
For more details, please do not hesitate to contact us at any time and we'll be glad to help you!
