Financial Planning Services – Eola
The most popular misunderstanding regarding financial planning is that it is all about investing. Needless to say investing is a part of financial planning as you should make sensible investment decisions, but there is a whole lot more to it. Financial Planning is the process of developing strategies to help you manage your financial affairs efficiently and meet financial targets. It is a holistic process that helps you make better decisions by turning vague objectives into concrete plans, offering a road map for action. Having a financial plan - and sticking to it - will give you a real edge when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Eola
Often people say that they're saving for retirement or saving for their child's education. They seem like specific goals, however they are really quite vague. Financial planning can find the key numbers - How much must you save and by when? If you're not sure whether you will have enough to live on post-retirement, it can create 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 kids or caring for aging mothers and fathers, financial planning can help you make better-informed decisions.
Certified Financial Planners - Eola
Many people do not have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make knowledgeable options and prudently use the restricted 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 objectives, a Certified Financial Planner can help you select among your priorities. Whatever you decide, you will have the secure feeling of knowing that a specialist has reviewed your needs and that you are doing something positive for your financial predicament. Financial planning provides a map with an action plan that - if implemented 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 devoted to the near-term rather than on broader long-term implications, then you may wind up impairing the accumulation of wealth. For example, 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 kind of investment you choose has an effect on 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 do not realize the delayed tax implications on the potential nest eggs. It's pre-tax returns you are worried about and you do not realize that there will be a drag on the ultimate amount of cash you will have because of the tax liability which is waiting for you.
Impact of Financial Planning - Eola
The influence of sound financial planning on over-all 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 center, each one of the different elements of your financial life - like buying a home, saving for retirement, planning for your children's education, owning your favorite luxury car, debt management and so on - are spokes to the wheel. Once you start to make progress along every one of those spokes, you are going to start to gain traction overall, and you'll see your ability to recognize your financial targets really begin to take off. Additionally, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and also 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. Essentially, you need to meet a financial planner as soon as possible in your lifetime and establish a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on track.
For more information, please don't hesitate to contact us at any time and we'll be glad to help you!
