Financial Planning – Evanston, IL
The most popular misconception regarding financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as you should make sensible 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 goals. It's a holistic method that can help you make smarter decisions by turning vague targets into concrete strategies, providing a guide for action. Having a financial plan - and sticking to it - provides you with a true edge when it comes to planning your retirement and other long-term financial and life goals.
Retirement Planning/Children's Education Funds - Evanston, IL
Often people say that they're saving for retirement or saving for their little one's education. They sound like specific goals, however they are really quite vague. Financial planning can find the important numbers - How much must you save and also by when? If you aren't 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 provides peace of mind and confidence. When your situation changes from single to married, from renting to buying a home, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planner - Evanston, IL
The majority of people do not have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can offer 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 goals, but you only have Rs. 1,000 extra each and every year to achieve these targets, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you will have the reassurance of knowing that a specialist has reviewed your circumstances and that you are doing something beneficial for your financial situation. Financial planning provides a map with an action plan that - if implemented diligently - will take you where you want to go fiscally.
Missing the big picture is a problem seen too frequently with clients. If you are devoted to the near-term rather than on much wider long-term implications, then you might wind up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making rather than knowing that various kinds of investments are subject to differing tax rates might be damaging for your financial well-being. A Certified Financial Planner can make you understand that the kind of investment you choose impacts the after-tax return. Don't forget, it's not about the returns an investment generates; it comes down to the net income that comes in your hands. Lots of you do not realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you're worried about and you do not realize that there will be a drag on the ultimate amount of cash you'll have because of the tax liability which is awaiting you.
Impact of Financial Planning - Evanston, IL
The influence 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 one of the various aspects of your financial life - like buying a house, 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 are going to start to gain traction overall, and you will see your ability to understand your financial goals 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 families who have planned out a financial path appreciate greater well-being, worry less, sleep better and have vibrant relationships.
Financial Planning is really a life process. Preferably, you should meet a financial planner as early as possible in your life and set up a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on the right track.
For more details, please don't hesitate to contact us at any time and we will be glad to help you!
