Financial Planning Services – Glencoe
The most popular 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 wise investment decisions, but there's much more to it. Financial Planning is the method of developing strategies to help you control your financial affairs efficiently and meet financial goals. It is a holistic process that can help you make better decisions by turning vague targets into concrete plans, giving a road map for action. Having a financial plan - and sticking with it - provides you with a true edge when it comes to planning your retirement along with other long-term financial and life goals.
Retirement Planning and Funding Your Child's Education - Glencoe
Frequently people say that they are saving for retirement or saving for their little one's education. They could be seen as distinct goals, however they are really quite vague. Financial planning can find the key numbers - How much do you need to save and also by when? If you aren't sure whether 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 offers peace of mind and self-assurance. When your situation changes from single to married, from renting to buying a house, having kids or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planners - Glencoe
Many people don't have limitless resources. In such a situation, Financial Planning through a Certified Financial Planner can provide advice on how best to make educated 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 every year to achieve these targets, a Certified Financial Planner will 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 positive 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 in financial terms.
Missing the big picture is a problem seen too frequently with clients. If you're devoted to the near-term rather than on broader long-term implications, then you might end up impairing the build up of wealth. For instance, relying on pre-tax returns for financial decision-making rather than understanding that different types of investments are susceptible to differing tax rates could be damaging for your financial health. A Certified Financial Planner can make you realize that the type of investment you choose affects the after-tax return. Keep in mind, it isn't about the returns an investment creates; it's about the net income that comes in your hands. A lot of you fail to realize the delayed tax implications on the future nest eggs. It is pre-tax returns you are concerned with and you fail to realize that there will be a drag on the ultimate amount of money you will have because of the tax liability that's waiting for you.
Influence of Financial Planning - Glencoe
The impact 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 middle, each one of the different aspects of your financial life - like purchasing a house, saving for retirement, planning for 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 start to gain traction overall, and you'll see your ability to understand your financial goals really start to take off. Further, everyone knows that one of the greatest sources of stress and conflict in relationships is cash. Individuals and also families who've planned out a financial path appreciate greater well-being, worry less, sleep much better and have strong relationships.
Financial Planning is a life process. Essentially, you need to meet a financial planner as early as possible in your life and begin a long-term relationship. Then meet frequently to review the Financial Plan to make sure you are on the right track.
For more info, please do not hesitate to contact us at any time and we'll be happy to help you!
