Financial Planning – Elmhurst, Illinois
The most popular misunderstanding about financial planning is that it is centered on investing. Of course investing is a part of financial planning as you should make sensible investment decisions, but there is a lot more to it. Financial Planning is the method of developing strategies to help you manage your financial affairs efficiently and meet financial targets. It is a holistic method that helps you make smarter decisions by turning vague targets into concrete strategies, giving a guide for action. Having a financial plan - and sticking with it - provides you with a real advantage with regards to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Elmhurst, Illinois
Frequently folks say that they're saving for retirement or saving for their little one's education. They could be seen as precise goals, however they are really quite vague. Financial planning can discover the important numbers - How much should you save and by when? If you are not sure whether or not you will 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 children or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planners - Elmhurst, Illinois
Most 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 reaching 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 targets, a Certified Financial Planner will help you select among your priorities. Whatever you decide, you will have the peace of mind of knowing that a specialist has reviewed your situation and that you're doing something beneficial for your financial predicament. Financial planning offers a map with an action plan that - if followed faithfully - will take you where you want to go financially.
Missing the big picture is a problem seen too frequently with clients. If you're focused on the near-term rather than on much wider long-term implications, then you could wind up impairing the accumulation of wealth. For example, relying on pre-tax returns for financial decision-making instead of understanding that different types of investments are subject to differing tax rates could be damaging for your financial health. A Certified Financial Planner can make you realize that the kind of investment you choose impacts the after-tax return. Bear in mind, it isn't about the returns an investment generates; 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 are concerned with and you fail to realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability that is waiting for you.
Impact of Financial Planning - Elmhurst, Illinois
The influence of sound financial planning on overall financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the heart, each one of the different elements of your financial life - like purchasing a home, saving for retirement, planning for children's education, owning your favorite luxury car, debt management etc - are spokes on the wheel. Once you begin to make progress along each one of those spokes, you'll start to gain traction all round, and you will see your ability to recognize your financial targets really start to take off. Additionally, everyone knows that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who have planned out a financial path appreciate greater well-being, worry less, sleep much better and have vibrant relationships.
Financial Planning is really a life process. Ideally, you should meet a financial planner as early as possible in your life and generate 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 do not hesitate to contact us at any time and we'll be happy to help you!
