Financial Planning Company – Des Plaines
The most common misunderstanding regarding financial planning is that it is all about investing. Of course investing is a part of financial planning as one should make smart investment decisions, but there's a whole lot more to it. Financial Planning is the process of developing strategies to help you control your financial affairs efficiently and meet financial targets. It's a holistic process that helps you make better decisions by turning vague targets into concrete strategies, providing a map for action. Having a financial plan - and sticking with it - provides you with a real advantage with regards to planning your retirement as well as other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Des Plaines
Frequently individuals say that they're saving for retirement or saving for their child's schooling. They sound like specific goals, but they're really quite vague. Financial planning can find the key numbers - How much do you need to save and by when? If you aren't 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 provides peace of mind and self-assurance. 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 Planner - Des Plaines
Many people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer advice on how best to make educated options and prudently use the limited resources for attaining financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial targets, 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'll have the secure feeling of knowing that a specialist has reviewed your circumstances and that you're doing something beneficial for your financial situation. Financial planning offers a road map with an action plan that - if implemented faithfully - will take you where you want to go fiscally.
Missing the big picture is an issue seen too frequently with clients. If you are devoted to the near-term rather than on much wider long-term implications, then you may end up impairing the build up of wealth. For instance, depending on pre-tax returns for financial decision-making as opposed to knowing that various kinds of investments are susceptible to differing tax rates might be damaging for your financial health. 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 hand. Many of you fail to realize the delayed tax implications on the future nest eggs. It's pre-tax returns you're worried about and you fail to realize that there will be a drag on the ultimate amount of money you will have because of the tax liability which is waiting for you.
Influence of Financial Planning - Des Plaines
The influence 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 center, each one of the different components of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your dream 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 overall, and you will see your ability to recognize your financial targets really start to take off. Additionally, everyone knows that one of the greatest sources of stress and conflict in relationships is money. Individuals and also families who have planned out a financial path enjoy greater well-being, fret less, sleep much better and have vibrant relationships.
Financial Planning is a life process. Ideally, you need to meet a financial planner as soon as possible in your lifetime and set up a long-term relationship. Then meet regularly to review the Financial Plan to make sure you're on the right track.
For more information, please do not hesitate to contact us at any time and we will be glad to help you!
