Financial Planning – Bridgeview, IL
The most typical misunderstanding about financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make sensible investment decisions, but there is much more to it. Financial Planning is the process of developing strategies to help you control your financial affairs effectively and meet financial targets. It is a holistic process that can help you make better decisions by turning vague goals into concrete plans, giving a guide for action. Having a financial plan - and sticking with it - gives you a true edge when it comes to planning your retirement as well as other long-term financial and life goals.
Financial Planning For the Future - Bridgeview, IL
Frequently folks say that they are saving for retirement or saving for their children's schooling. They could be seen as specific goals, but they're really quite vague. Financial planning can find the important numbers - How much should you save and also by when? If you aren't sure whether you will 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 provides 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 parents, financial planning will help you make better-informed decisions.
Certified Financial Planners - Bridgeview, IL
The majority of people don't have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed options 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 each year to achieve these goals, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the reassurance of knowing that an expert has reviewed your circumstances and that you are doing something beneficial for your financial predicament. Financial planning offers a road map with an action plan that - if followed diligently - will take you where you want to go in financial terms.
Missing the big picture is a problem seen too frequently with clients. If you're focused on the near-term rather than on broader long-term implications, then you could end up impairing the accumulation of wealth. For instance, depending on pre-tax returns for financial decision-making as opposed to knowing that different types of investments are susceptible to differing tax rates could be harmful for your financial well-being. A Certified Financial Planner can make you understand that the kind of investment you choose has an effect on the after-tax return. Don't forget, it isn't about the returns an investment generates; it's about the net income that comes in your hand. A lot of you fail to realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you're concerned about and you fail to realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability which is waiting for you.
Impact of Financial Planning - Bridgeview, 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 buying a home, saving for retirement, planning for your children's education, owning your ideal car, debt management etc - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you will begin to gain traction all round, and you'll see your ability to recognize your financial targets really start to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is money. Individuals and also families who have mapped out a financial path enjoy greater well-being, worry less, sleep better and have strong relationships.
Financial Planning can be a life process. Essentially, you need to meet a financial planner as early as possible in your life and begin a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on the right track.
For more information, please don't hesitate to contact us at any time and we will be happy to help you!
