Financial Planning Company – Blue Island, IL
The most common misconception about financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make smart investment decisions, but there is so much more to it. Financial Planning is the process of developing strategies to help you control your financial affairs efficiently and meet financial goals. It's a holistic process that helps you make smarter decisions by turning vague goals into concrete strategies, providing a road map for action. Having a financial plan - and sticking with it - gives you a real edge with regards to planning your retirement and also other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Blue Island, IL
Often individuals say that they are saving for retirement or saving for their little one's schooling. They could be seen as distinct goals, but they're really quite vague. Financial planning can discover the important numbers - How much do you need to save and also by when? If you aren't sure whether you'll have enough to live on post-retirement, it can create anxiety. But when you know what you should do and that you are following the financial plan, it offers peace of mind and assurance. 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 can help you make better-informed decisions.
Certified Financial Planner - Blue Island, IL
Many people don't have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated decisions 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 goals, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you'll have the peace of mind of knowing that an expert has reviewed your situation and that you are doing something positive for your financial predicament. Financial planning offers a road map with an action plan that - if implemented diligently - will take you where you want to go fiscally.
Missing the big picture is an issue seen all too often with clients. If you are focused on the near-term rather than on broader long-term implications, then you may end up impairing the accumulation of wealth. For example, relying on pre-tax returns for financial decision-making as opposed to understanding 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 impacts the after-tax return. Bear in mind, it's not about the returns an investment generates; it comes down to the net income that comes in your hand. Lots of you do not realize the delayed tax implications on the foreseeable future 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 money you'll have because of the tax liability that's waiting for you.
Impact of Financial Planning - Blue Island, IL
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 heart, each one of the different elements of your financial life - like purchasing a house, saving for retirement, planning for children's education, owning your dream car, debt management etc - are spokes to the wheel. Once you begin to make progress along every one of those spokes, you will start to gain traction all round, and you'll see your ability to realize your financial goals really begin to take off. Further, we all know that one of the greatest causes of stress and conflict in relationships is money. Individuals and also families who have planned out a financial path enjoy greater well-being, fret less, sleep much better and have vibrant relationships.
Financial Planning can be a life process. Preferably, you should meet a financial planner as soon 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 are on track.
For more details, please do not hesitate to contact us at any time and we will be happy to help you!
