Financial Planning – Aurora, IL
The most common misunderstanding about financial planning is that it is all about investing. Of course investing is a part of financial planning as you should make smart investment choices, but there's a whole lot more to it. Financial Planning is the method of developing strategies to help you manage your financial affairs effectively and meet financial targets. It is a holistic process that can help you make smarter decisions by turning vague objectives into concrete plans, providing a map for action. Having a financial plan - and sticking to it - provides you with a true edge when it comes to planning your retirement and also other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Aurora, IL
Frequently folks say that they are saving for retirement or saving for their children's schooling. They seem like precise goals, however they are really quite vague. Financial planning can find the key numbers - How much do you need to save and by when? If you aren't sure whether or not you'll have enough to live on post-retirement, it can create anxiety. But once you know what you should do and that you are following the financial plan, it gives you peace of mind and confidence. When your situation changes from single to married, from renting to buying a house, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed choices.
Certified Financial Planner - Aurora, IL
The majority of people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated decisions and prudently use the limited resources for reaching financial freedom. Say, if you have identified retirement and funding your child's education as your financial targets, but you only have Rs. 1,000 extra every 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 specialist has reviewed your needs and that you're doing something positive for your financial situation. Financial planning provides a road map with an action plan that - if implemented diligently - will take you where you want to go in financial terms.
Missing the big picture is an issue seen too frequently with clients. If you are centered on the near-term rather than on broader long-term implications, then you could wind up impairing the build up of wealth. For instance, depending on pre-tax returns for financial decision-making as opposed to knowing that different types of investments are subject to differing tax rates might be harmful for your financial well-being. A Certified Financial Planner can make you understand that the kind of investment you choose impacts the after-tax return. Keep in mind, it's not about the returns an investment creates; it's about the net income that comes in your hands. Lots of you do not realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you're concerned with 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 that is awaiting you.
Impact of Financial Planning - Aurora, IL
The impact of sound financial planning on over-all financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the center, each of the various aspects of your financial life - like buying a home, saving for retirement, planning for children's education, owning your ideal car, debt management and so on - are spokes on the wheel. Once you start to make progress along each one of those spokes, you'll begin to gain traction overall, and you will see your ability to recognize your financial targets really begin to take off. Additionally, we all know that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who have mapped out a financial path enjoy greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning is 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 on a regular basis to review the Financial Plan to make sure you're on track.
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