Financial Planning Services – Deerfield, IL
The most popular misconception about financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as one should make smart investment decisions, but there's a lot more to it. Financial Planning is the process of developing strategies to help you manage your financial affairs efficiently and meet financial goals. It is a holistic process that can help you make better decisions by turning vague targets into concrete strategies, providing a guide for action. Having a financial plan - and sticking with it - gives you a real advantage when it comes to planning your retirement along with other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Deerfield, IL
Often people say that they're saving for retirement or saving for their little one's education. They sound like precise goals, however they are really quite vague. Financial planning can find the important numbers - How much do you need to save and by when? If you are not 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 self-assurance. Whenever 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 Planner - Deerfield, IL
Most people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make informed choices 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 goals, but you only have Rs. 1,000 extra each and every year to achieve these targets, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the secure feeling of knowing that an expert has reviewed your needs and that you are doing something positive for your financial situation. Financial planning offers a map with an action plan that - if followed diligently - will take you where you want to go financially.
Missing the big picture is a problem seen all too often with clients. If you are centered on the near-term rather than on much wider long-term implications, then you could wind up impairing the build up of wealth. For instance, relying on pre-tax returns for financial decision-making as opposed to knowing that various kinds of investments are subject to differing tax rates could be damaging for your financial well-being. A Certified Financial Planner can make you understand that the type of investment you choose affects the after-tax return. Don't forget, it's not about the returns an investment creates; it comes down to the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the future nest eggs. It's pre-tax returns you're concerned with 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 that's awaiting you.
Impact of Financial Planning - Deerfield, IL
The impact of sound financial planning on over-all financial well-being is multifold and also multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the center, each of the different aspects of your financial life - like buying a home, saving for retirement, planning for children's education, owning your favorite luxury car, debt management and so forth - are spokes on the wheel. Once you start to make progress along each one of those spokes, you will start to gain traction all round, and you will see your ability to recognize 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 appreciate greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning is really a life process. Preferably, you need to 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 are on track.
For more details, please don't hesitate to contact us at any time and we'll be glad to help you!
