Financial Planning Services – Bellwood
The most prevalent misconception about financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make wise investment decisions, but there is so much more to it. Financial Planning is the method of creating strategies to help you manage your financial affairs efficiently and meet financial targets. It's a holistic method that can help you make smarter decisions by turning vague objectives into concrete plans, giving a map for action. Having a financial plan - and sticking with it - will give you a real edge when it comes to planning your retirement and other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Bellwood
Often folks say that they're saving for retirement or saving for their child's education. They sound like distinct goals, but they're really quite vague. Financial planning can find the important 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 stress and anxiety. But once you know what you have to do and that you are following the financial plan, it gives you peace of mind and assurance. Whenever 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 decisions.
Certified Financial Planners - Bellwood
Many people do not have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable choices and prudently use the limited resources for reaching financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial targets, 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 peace of mind of knowing that a specialist has reviewed your circumstances and that you're doing something beneficial for your financial situation. Financial planning provides a road map with an action plan that - if followed diligently - will take you where you want to go financially.
Missing the big picture is an issue seen too frequently with clients. If you are focused on the near-term rather than on much wider long-term implications, then you could end up impairing the build up of wealth. For example, relying on pre-tax returns for financial decision-making rather than knowing that various kinds of investments are susceptible to differing tax rates could be damaging for your financial wellness. A Certified Financial Planner can make you understand that the type of investment you choose has an effect on the after-tax return. Bear in mind, it isn't about the returns an investment creates; it comes down to the net income that comes in your hand. A lot 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's waiting for you.
Impact of Financial Planning - Bellwood
The impact of sound financial planning on overall financial well-being is multifold and also multidimensional. Actually 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 ideal car, debt management and so on - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you are going to begin to gain traction all round, and you'll see your ability to understand your financial targets really start to take off. Further, we all know that one of the greatest causes of stress and conflict in relationships is cash. Individuals and also families who've mapped out a financial path enjoy greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning can be a life process. Preferably, you need to meet a financial planner as early as possible in your lifetime and establish a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on the right track.
For more info, please feel free to contact us at any time and we will be happy to help you!
