Financial Planning Services – Chicago
The most prevalent misconception regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make wise investment choices, but there's a whole lot more to it. Financial Planning is the process of creating strategies to help you take care of your financial affairs efficiently and meet financial goals. It's a holistic process that can help you make smarter decisions by turning vague goals into concrete strategies, supplying a map for action. Having a financial plan - and sticking with it - provides you with a true advantage when it comes to planning your retirement along with other long-term financial and life goals.
Financial Planning For the Future - Chicago
Frequently people say that they are saving for retirement or saving for their child's schooling. They seem like specific goals, but they're really quite vague. Financial planning can discover the key numbers - How much must you save and by when? If you're not sure whether you'll 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 self-assurance. When your situation changes from single to married, from renting to buying a house, having children or caring for aging parents, financial planning can help you make better-informed choices.
Certified Financial Planners - Chicago
The majority of people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable options and prudently use the restricted resources for reaching 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 choose 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're doing something beneficial for your financial predicament. Financial planning provides 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 all too often with clients. If you're focused on the near-term rather than on much wider long-term implications, then you might wind up impairing the accumulation of wealth. For example, relying on pre-tax returns for financial decision-making rather than knowing that different types of investments are subject 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 affects the after-tax return. Keep in mind, it isn't about the returns an investment generates; it's about the net income that comes in your hands. A lot of you fail to realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you are concerned about and you fail to realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability which is awaiting you.
Impact of Financial Planning - Chicago
The impact of sound financial planning on over-all financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the heart, each of the various components of your financial life - like purchasing a home, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management and so on - are spokes to the wheel. Once you begin to make progress along each one of those spokes, you are going to start to gain traction all round, and you will see your ability to recognize your financial goals really start to take off. Further, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and families who have planned out a financial path enjoy greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning is really a life process. Ideally, you should meet a financial planner as soon as possible in your life and generate a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on track.
For more details, please do not hesitate to contact us at any time and we will be glad to help you!
