Financial Planning – Elgin, 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 wise investment decisions, but there's so much more to it. Financial Planning is the process of creating strategies to help you take care of your financial affairs effectively and meet financial targets. It's a holistic process that helps you make better decisions by turning vague goals into concrete plans, providing a road map for action. Having a financial plan - and sticking to it - will give you a real edge with regards to planning your retirement and also other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Elgin, IL
Often individuals say that they are saving for retirement or saving for their little one's education. They seem like precise goals, however they are really quite vague. Financial planning can find the important numbers - How much should you save and also by when? If you are not sure whether or not you will have enough to live on post-retirement, it can create anxiety. But once you know what you have to do and that you are following the financial plan, it offers peace of mind and assurance. Whenever your situation changes from single to married, from renting to buying a home, having kids or caring for aging parents, financial planning can help you make better-informed decisions.
Certified Financial Planner - Elgin, IL
Many people do not have unlimited resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated decisions and prudently use the limited resources for attaining financial freedom. Say, if you have identified retirement and funding your child's education as your financial targets, 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 will have the peace of mind of knowing that an expert has reviewed your circumstances 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 in financial terms.
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 may end up impairing the accumulation of wealth. For example, relying on pre-tax returns for financial decision-making rather than understanding that various kinds of investments are susceptible to differing tax rates could be harmful for your financial wellness. A Certified Financial Planner will make you understand that the type of investment you choose affects the after-tax return. Remember, it's not about the returns an investment generates; it's about the net income that comes in your hand. A lot of you do not realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you are concerned about and you do not realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability that is awaiting you.
Influence of Financial Planning - Elgin, IL
The impact of sound financial planning on overall financial well-being is multifold and also 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 house, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management and so on - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you are going to begin to gain traction all round, and you'll see your ability to realize your financial targets really begin to take off. Additionally, we all know that one of the greatest causes of stress and conflict in relationships is money. Individuals and also families who've planned out a financial path enjoy greater well-being, fret less, sleep better and have strong relationships.
Financial Planning is a life process. Ideally, you should meet a financial planner as early as possible in your lifetime and begin a long-term relationship. Then meet regularly 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 will be happy to help you!
