Financial Planning – Dundee, IL
The most common misconception regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make smart investment choices, but there's much more to it. Financial Planning is the method of developing strategies to help you take care of your financial affairs effectively and meet financial goals. It's a holistic process that helps you make smarter decisions by turning vague targets into concrete strategies, giving a guide for action. Having a financial plan - and sticking to it - will give you a true advantage when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Dundee, IL
Frequently folks say that they are saving for retirement or saving for their little one's schooling. They could be seen as distinct goals, however they are really quite vague. Financial planning can discover the important numbers - How much should you save and also 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 assurance. When your situation changes from single to married, from renting to buying a house, having kids or caring for aging parents, financial planning can help you make better-informed choices.
Certified Financial Planners - Dundee, IL
Many people don't have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable decisions and prudently use the limited resources for reaching financial freedom. Say, if you have identified retirement and funding your son or daughter's education as your financial goals, but you only have Rs. 1,000 extra every year to achieve these targets, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that a professional has reviewed your needs and that you're doing something beneficial for your financial predicament. Financial planning provides a road map with an action plan that - if implemented diligently - will take you where you want to go in financial terms.
Missing the big picture is an issue seen all too often with clients. If you're devoted to the near-term rather than on much wider long-term implications, then you might wind up impairing the accumulation of wealth. For instance, depending on pre-tax returns for financial decision-making instead of knowing that different types of investments are susceptible to differing tax rates might be damaging for your financial health. A Certified Financial Planner will make you understand that the kind of investment you choose has an effect on the after-tax return. Remember, it's not about the returns an investment produces; it's about the net income that comes in your hand. A lot of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you're 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 that's awaiting you.
Impact of Financial Planning - Dundee, IL
The impact of sound financial planning on over-all financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the heart, each of the different 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 forth - are spokes on the wheel. Once you start to make progress along every one of those spokes, you'll start to gain traction all round, and you'll see your ability to realize your financial goals really begin to take off. Further, everyone knows that one of the greatest causes of stress and conflict in relationships is money. Individuals and families who have planned out a financial path appreciate greater well-being, fret less, sleep much better and have vibrant relationships.
Financial Planning can be a life process. Preferably, you should meet a financial planner as early as possible in your lifetime and set up a long-term relationship. Then meet on a regular basis to review the Financial Plan to make sure you're on the right track.
For more details, please don't hesitate to contact us at any time and we'll be glad to help you!
