Financial Planning Company – Chicago Ridge, Illinois
The most common misconception regarding financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make intelligent investment decisions, but there's a whole lot more to it. Financial Planning is the process of creating strategies to help you manage your financial affairs effectively and meet financial goals. It is a holistic method that can help you make better decisions by turning vague goals into concrete strategies, offering a map for action. Having a financial plan - and sticking with it - provides you with a true advantage with regards to planning your retirement and also other long-term financial and life goals.
Financial Planning For the Future - Chicago Ridge, Illinois
Frequently people say that they're saving for retirement or saving for their children's schooling. They sound like specific goals, but they're really quite vague. Financial planning can find the important numbers - How much must you save and by when? If you're not sure whether or not you'll have enough to live on post-retirement, it can create stress and anxiety. But when you know what you have to 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 mothers and fathers, financial planning can help you make better-informed decisions.
Certified Financial Planners - Chicago Ridge, Illinois
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 knowledgeable 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 each and every year to achieve these goals, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you'll have the secure feeling of knowing that a professional has reviewed your needs and that you're doing something beneficial for your financial situation. Financial planning supplies a road map with an action plan that - if followed faithfully - will take you where you want to go fiscally.
Missing the big picture is a problem seen too frequently with clients. If you are focused on the near-term rather than on broader long-term implications, then you might wind up impairing the build up of wealth. For example, relying on pre-tax returns for financial decision-making instead of knowing that various kinds of investments are susceptible to differing tax rates could be harmful for your financial wellness. A Certified Financial Planner can make you realize that the kind of investment you choose impacts the after-tax return. Keep in mind, it's not about the returns an investment produces; it's about the net income that comes in your hands. A lot of you do not realize the delayed tax implications on the future nest eggs. It is 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 is awaiting you.
Influence of Financial Planning - Chicago Ridge, Illinois
The influence 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 center, each one of the different aspects of your financial life - like buying 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 each one of those spokes, you will begin to gain traction overall, and you will see your ability to realize your financial goals really start to take off. Additionally, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who have mapped out a financial path appreciate greater well-being, fret less, sleep better and have vibrant relationships.
Financial Planning is really a life process. Ideally, you should meet a financial planner as soon as possible in your life and set up a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on track.
For more information, please feel free to contact us at any time and we will be happy to help you!
