Financial Planning Company – Carol Stream, IL
The most common misconception about financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make sensible investment decisions, but there is a lot more to it. Financial Planning is the process of developing strategies to help you manage your financial affairs effectively and meet financial goals. It's a holistic method that can help you make smarter decisions by turning vague targets into concrete plans, supplying a map for action. Having a financial plan - and sticking to it - gives you a real edge with regards to planning your retirement as well as other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Carol Stream, IL
Often people say that they're saving for retirement or saving for their children's education. They sound like precise goals, but they're really quite vague. Financial planning can discover the key numbers - How much do you need to save and by when? If you're not sure whether or not you will have enough to live on post-retirement, it can create stress and anxiety. But once you know what you should do and that you are following the financial plan, it offers peace of mind and confidence. When your situation changes from single to married, from renting to buying a home, having children or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planners - Carol Stream, IL
The majority of people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated decisions and prudently use the restricted 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 every year to achieve these targets, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that a specialist has reviewed your circumstances and that you are doing something positive for your financial predicament. Financial planning offers a map with an action plan that - if implemented faithfully - 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 are focused on the near-term rather than on much wider long-term implications, then you may end up impairing the accumulation of wealth. For instance, depending on pre-tax returns for financial decision-making instead of understanding that different types of investments are susceptible to differing tax rates could be harmful for your financial health. A Certified Financial Planner can make you understand that the kind of investment you choose affects the after-tax return. Bear in mind, it's not about the returns an investment creates; it's about the net income that comes in your hands. A lot of you do not realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you're worried about 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 awaiting you.
Influence of Financial Planning - Carol Stream, IL
The impact of sound financial planning on overall financial well-being is multifold and also multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the middle, each one of the various elements of your financial life - like purchasing a house, saving for retirement, planning for your children's education, owning your dream car, debt management and so on - are spokes on the wheel. Once you start to make progress along each one of those spokes, you will begin to gain traction all round, and you will see your ability to understand 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've mapped out a financial path appreciate greater well-being, fret less, sleep better and have vibrant relationships.
Financial Planning can be a life process. Ideally, you need to meet a financial planner as early as possible in your lifetime and set up a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on the right track.
For more info, please feel free to contact us at any time and we will be glad to help you!
