Financial Planning – Evergreen Park, IL
The most common misunderstanding regarding financial planning is that it is centered on investing. Needless to say investing is a part of financial planning as you should make intelligent investment choices, but there is so much more to it. Financial Planning is the method of creating strategies to help you manage 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 guide for action. Having a financial plan - and sticking with it - will give you a true edge when it comes to planning your retirement along with other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Evergreen Park, IL
Often people say that they're saving for retirement or saving for their child's education. They sound like distinct goals, however they are really quite vague. Financial planning can discover the key numbers - How much must 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 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 choices.
Certified Financial Planner - Evergreen Park, IL
Most people don't have unlimited resources. In such a situation, Financial Planning through a Certified Financial Planner can offer advice on how best to make knowledgeable options and prudently use the restricted 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 goals, a Certified Financial Planner can help you choose among your priorities. Whatever you decide, you will have the secure feeling of knowing that a professional has reviewed your circumstances and that you are doing something beneficial for your financial situation. Financial planning provides a road map with an action plan that - if implemented faithfully - 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 could end up impairing the build up of wealth. For example, depending on pre-tax returns for financial decision-making rather than knowing that different types of investments are subject to differing tax rates might be harmful for your financial health. A Certified Financial Planner can make you understand that the kind of investment you choose impacts the after-tax return. Keep in mind, it's not about the returns an investment produces; it comes down to the net income that comes in your hand. Lots of you do not realize the delayed tax implications on the potential nest eggs. It is pre-tax returns you are worried 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 which is awaiting you.
Impact of Financial Planning - Evergreen Park, IL
The impact of sound financial planning on over-all financial well-being is multifold and multidimensional. In fact if you think of your financial life as a flywheel, with financial planning as the middle, each of the various components of your financial life - like purchasing a house, 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 are going to start to gain traction all round, and you'll see your ability to realize your financial targets really begin to take off. Further, we all know that one of the greatest causes of stress and conflict in relationships is cash. Individuals and families who have mapped out a financial path appreciate greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning is really a life process. Preferably, you should meet a financial planner as soon as possible in your life and generate a long-term relationship. Then meet regularly to review the Financial Plan to make sure you are on the right track.
For more details, please do not hesitate to contact us at any time and we'll be glad to help you!
